The digital revolution is fundamentally affecting the relationship between medical technology companies and their customers, providing both sides with the information needed to make smarter and more rapid decisions.

Technology trends such as mobility, advanced analytics, big data, robotics, connectivity and device interaction, social media, augmented reality, and 3D printing are affecting medical technology with increasing speed. It’s a complex and sometimes uncertain equation. The key to winning in today’s digital economy lies in going beyond simply adopting the latest technology, and instead, capitalizing on the full potential of those trends to transform the products, as well as the business model—and ultimately, the bottom line.

An effective digital strategy can help streamline internal workflow, generate new product offers, improve customer experiences, and encourage more patient engagement. Successful firms are re-inventing products and services through more data-driven innovation, product development, and commercialization.

Health Goes Mobile

The rapid adoption of digital and mobile technology is revolutionizing the medtech landscape. Consider these developments:

  • There are more than 10,000 medical/healthcare apps available.
  • It’s the third fastest-growing app category.
  • 78% of US consumers are interested in mobile health solutions.
  • In 2012, 85% of US physicians own or use a smartphone professionally.
  • The number of digital health M&A deals quadrupled in four years.

Mobile Health by the Numbers

The emerging field of mobile health (mHealth) is having a significant impact on the medtech industry and the culture at large. Online physician-patient communication is growing, and consumers are now able to use smartphone technology to answer their own health-related questions with the tap of a touchscreen. Here’s a look at the developing mHealth trends:

Will Health Care Embrace Digital or Will We Die Waiting?

In this TED talk, Karalee Close, BCG’s global leader of digital, big data, and advanced analytics in health care, says that a closer marriage of technology, big data, and health care can improve today’s system—especially when it comes to mitigating human error.

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