Before the start of the Covid-19 pandemic, remote patient monitoring (RPM) and telehealth services were already on the rise but in the spring of 2020, the need for RPM technology and virtual physician visits became an unavoidable necessity. Now, even with the pandemic seemingly more under control, many healthcare providers plan to continue to offer virtual solutions and increase their adoption of remote technology making the demand for RPM devices and services one of the biggest trends in medical device manufacturing of 2021, moving into 2022.
Given today’s consumers’ demand for convenience, it’s no surprise that the digital healthcare movement is sticking around. According to a June 2021 MSI International survey, 80% of Americans are in favor of using remote patient monitoring, and 25% would switch to a new healthcare provider to access telehealth. The use of RPM devices and telehealth services are increasing patient satisfaction too – the University of Pittsburgh Medical Center reports that their readmission rates were reduced by 76% and their satisfaction rates rose to over 90% after adoption. On the provider side, 57% of medical professionals view telehealth more favorably than pre-pandemic and 64% are more comfortable using it. (1)
For medical device manufacturers, this enthusiasm for virtual healthcare technology means a growing demand for new opportunities and improvement – like smaller, less invasive designs, improved data integration and data flows, and tighter security measures. And with a reported venture capital investment of $14.7 billion in just the first half of 2021 (double that of 2019’s full-year investment) the pressure is on the companies to innovate.
More demand for RPM devices and other remote technology means more competition with new players emerging in this quickly evolving space. To succeed in this growing marketplace, you’ll need to clearly understand what physicians are looking for when making the decision to invest in new equipment and programs - and see how you measure up against the competition. Armed with these insights you’ll be on your way to forming a winning growth strategy, but without them, you are taking an expensive risk in developing new products that your customers don’t want or need.
It’s crucial to ask medical providers, your customers, how they perceive your value AND the value of your competitors so that your strategies build your unique competitive advantage. Vennli can help you gather fast, actionable data and insights that increase success rates of new products, better differentiate against the competition, optimize go-to-market strategies, and grow your distributor sales in a competitive marketplace.
By doing the proper research in advance of product development, going to market, or a new campaign, you will know exactly what improvements, solutions, and messaging your customers need to buy– eliminating the guesswork that many of your competitors build upon in their rush to move ahead in this exploding market. With Vennli, you can still get these insights AND move quickly – but you’ll be better prepared for what healthcare professionals are looking for, setting your company up for the win.
Sources: (1) McKinsey, May 2020