While previously the focus of smaller firms and startups, industry giants like DePuy Synthes are putting forth a vision that more closely reflects those of its less influential peers. The implementation of strategies that involve cloud-based solutions, connectivity, and patient data tracking software is a significant step forward in the evolution of 21st-century healthcare. DePuy dipped its toe in this growing digital pool with the 2015 debut of two software systems that track and analyze patient data in real-time, and aim to improve patients’ experience with joint replacement surgery.
“The emerging field of health tech marries traditional medtech (e.g., medical devices) with state-of-the-art consumer electronics technology, digital marketing, e-commerce, and social media tools to create an entirely new class of products and solutions. Where traditional medtech catered exclusively to physicians and hospital systems, health tech is more likely to be consumer-facing, bringing new tools and technologies directly to patients. It’s also more focused on preventive care, enabling patients to better manage their health before their physical problems advance to a state that can only be treated via an intervention such as surgery,” Josh Makower, M.D., a general partner with venture capital firm New Enterprise Associates, said in EY’s 2015 Pulse of the Industry report.
The digital health trend is joined by more traditional actions that have been reflected in past Top 10 reports—primarily mergers and acquisitions, company splits into separate entities, and a focus on global markets. All of these strategies comprise an overall effort among medtech firms to become one-stop healthcare solutions for doctors and their patients, while ultimately increasing revenue.
By Sean Fenske, Michael Barbella, & Sam Brusco | Orthopedic Design & Technology