Across the globe –whether evaluating an emerging market or a highly industrialized economy – one principle driving factor of healthcare administration and commercial markets is consistently the same. In a nutshell, growing numbers of patients, paired with financial constraints, growing healthcare costs and patient demand/expectations, all intertwined with the challenge of rising chronic illnesses and an ageing population.
Trends illustrate a not-so-distant future hospital landscape where hospitals are turning into complete ICUs, where all simple care has been re-located and removed, to other settings, such as home, or to other specialized institutions.
Medtech’s role in healthcare affordability
Medtech’s objective for a long time was to improve techniques and outcomes, now it is often simply maintaining quality outcomes; allowing existing procedures and or new ones to be accomplished safely and effectively helping to fasttrack the patient out of the acute hospital, or simply “somewhere else, at a lower cost”.
Medtech is continuously seeking new ways to reduce healthcare risks, recuperation times, and increase efficiency in clinical/medical procedures. Innovative, cost and time saving devices shall differentiate themselves in this highly competitive market since they provide tangible value for the hospital.
Minimally Invasive Procedures, as opposed to Open procedures, are part of this wave.
Paired with this trend, due to the increased usage of new (often minimally invasive) techniques, patients are no longer required to stay overnight in hospitals, and day patients and outpatient cases are growing steadily.
A worldwide unsustainable demand upon inpatient hospital care
Hospitals are seeking ways to relocate routine procedures to out-of-hospital facilities, in order to free up budgets, operating rooms and highly specialized staff, so that these can deal faster and better with the more complex cases.
The care setting evolution is clear: there is a systematic preference to perform patient care and interventions in such a way that patients can return home as soon as possible. And, outpatient markets in certain EU nations are growing to over 50% of overall expenditure on healthcare. In Sweden, for example, outpatient costs are close to 62%, 52% in Germany, and 43% in France.
The competitive advantage available through myToolsforGrowth from TforG
It is a competitive advantage to medtech providers to know which markets are trending with which medical procedures, in order to know what medtech is being used and demanded.
Patient Care Tracks help to identify WHERE what procedures are being performed, and to learn what the preference is of a given sector/setting. When you can see statistically whether a procedure is performed in-hospital, ambulatory, or out-of-hospital (typically private clinics) – you can identify market/product opportunities, gaps in provision, bottlenecks, overall trends, declines, etc., and gear your sales teams and appropriate your product offer accordingly.
The TforG business intelligence platform myToolsforGrowth now offers a filtered view, showing which surgical procedures are being performed by MIS vs. Open, and in which setting they are performed.
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About Bart Van den Mooter
Bart is the founder of TforG and works closely together with over 50 global companies such as Abbott, Baxter, GE, J&J, Medtronic, Philips, Stryker and Covidien. In this function, he spends a lot time with Key Opinion Leaders and Health Policy makers in Europe and in Emerging Markets. He graduated at the Polytechnic University of Leuven with a Master of Engineering and has an MBA (Flanders Business School).