Data-Enabled Growth Strategies Counterbalance Competitive Intensity
With the advent of digitization in healthcare, all industry efforts are geared toward better leveraging this stream of digital data to achieve the goals of precision medicine and precision health. The amount of health data that is becoming available is increasing exponentially each year, with new sources, such as wearable devices and social determinants of health, making such data accessible for care delivery improvement. It is estimated that the healthcare industry generated over 2,000 exabytes (1 exabyte = 10,002 Terabytes) of data in 2020. The question is how can we monetize this data?
For data monetization, healthcare is a unique industry due to two reasons. First, the issues of privacy are more complex in healthcare, governed by an increasingly complicated set of regulations. Second, the source of the data is almost always a patient, but where it is generated (care delivery location, a clinical trial, or academic research), who uses it (physicians, nurses, hospitals, payers, pharmaceutical companies, or MedTech companies), and for what use case (improving care delivery, personalizing medicine, drug/device R&D, or lowering costs) are completely different from other industries.
In this study, we explain the difference between direct and indirect data monetization, how it applies to the healthcare industry and specifically the MedTech sector, provide a framework for MedTech companies to assess the data monetization potential for each of their products, and give examples of monetization for medical devices, surgical equipment, imaging equipment, prostheses and implants, and consumables, along with a final strategic decision-making checklist for MedTech companies to monetize their own data.
Key Issues Addressed
- Why is healthcare data important, and increasing in volume?
- What is data monetization, and what are healthcare use cases and examples?
- How does the MedTech industry leverage data monetization?
- How can MedTech companies assess the data monetization potential for each of their products?
- What are the considerations for MedTech companies before choosing data monetization as a growth strategy?
Table of Contents
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8™
- The Impact of the Top Three Strategic Imperatives on Data Monetization for MedTech Industry
- Growth Opportunities Fuel the Growth Pipeline Engine™
- Healthcare Data Sources, Types, and Usage Across Silos
- Exponential Growth in Data Volumes is Expected by 2025, but Several Challenges Prevent Healthcare Industry from Leveraging IT
- Data is the Critical Element for Achieving Precision Health Goals
- Data is the Digital Age Healthcare’s New Currency
- Two Types of Data Monetization
- Routes to Data Monetization - Industry-Agnostic View
- Healthcare Examples for Data Monetization
- Growth Models with Data Monetization
- Growth Drivers and Restraints
- Existing Examples of Data Monetization in the MedTech Industry
- Growth Models with Data Monetization - Healthcare Examples
- Digital Data is Vital due to the Changing Role of Medical Devices in Care Paradigms
- Opportunity to Serve in the Digital Age is Not Equal for All MedTech Companies
- Additional Variable Factors Impacting the Data Monetization Opportunity Potential for MedTech Companies
- Data Monetization Potential with Existing MedTech Products and Services
- Data Monetization Despite Low Potential
- Traditional MedTech Industry’s 5 Representative Product Categories
- MedTech Data Monetization Case Study for Medical Devices
- MedTech Data Monetization Case Study for Imaging Equipment
- MedTech Data Monetization Case Study for Surgical Equipment
- MedTech Data Monetization Case Study for Prostheses and Implants
- MedTech Data Monetization Case Study for Consumables
- Data Monetization Considerations
- Healthcare Stakeholders Face Specific Challenges in Data Monetization
- Strategic Decision-Making Checklist
- Growth Opportunity Universe, Data Monetization in the MedTech Industry
- Growth Opportunity 1 - Risk Prediction & Prevention for Surgical Equipment Vendors, 2020
- Growth Opportunity 2 - Operational Insights for Clinical Department & Hospital Efficiency, 2020
- Growth Opportunity 3 - Connectivity for Data Integration, 2020
- List of Exhibits