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Trends in the Medical Device Industry – The next four years

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Some members of our firm attended the 4th Annual Healthcare Medical Device and Life Sciences Conference hosted by McGuireWoods, LLP on Thursday. There were some excellent panels and discussions regarding the medical device industry.

A panel titled ‘Medical Device – the Next Four Years’  included Ross Gordon, Director at Lincoln International and Jay Istvan, Director at Bain & Company.  They outlined some major medical device trends, including:

Patient trends:

1. Greater patient engagement

2. Higher prevalence of chronic disease

Provider trends:

3. Increased profit and loss focus in medical technology and supply purchasing

4. Integration of care and protocol standardization

5. Physician shortage

Payer trends:

6. Increased pressure to measure speed

7. Integrated care as a lever to improve outcomes and lower cost

Providers will focus on 2 primary strategies that include; consolidation and reduction of cost of care on site (e.g. teleservices and the home). Growth in medical technologies will occur in the following areas; point of care cost, remote patent monitoring, tele-consultation and consumer devices and tracking apps.

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