‘MedTech’ is one of Europe’s most diverse and innovative sectors that witnessed a high number of patents filed by emerging Medtech companies over the past few years. The rise in market entrants can also be witnessed in the influx of data sets from trade flows and employment statistics obtained from the Medtech companies in Europe. As the European MedTech market evolves, emerging medical device manufacturers and Medtech companies will need to adopt a flexible and evolving approach to launch new equipment and drive maximum value for patients and key stakeholders.
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Today, it’s increasingly clear that the MedTech industry is going through an unprecedented level of change across key markets. In Europe, the challenges revolve around budget pressures that are impacting market access and reimbursement. To tackle the growing challenges, payers and providers require evidence of value at the clinical and socio-economic levels to combat price changes and fluctuations in demands.
Amid these challenges, emerging Medtech companies must proactively address the issues curtailing profitability and growth. In such a scenario- How must the MedTech operating model change across the value chain from re-thinking business strategy, to operational efficiency, to distribution and support to ensure the future success of the industry in Europe?
Having worked with leading Medtech companies from various geographies, our analytics experts have witnessed a running battle between distributors and manufacturers for managing and controlling supply chain costs in the European market. As emerging MedTech companies consider how to be successful in the European markets, they must address two key questions:
- How will we bring high-quality equipment to patients wherever in the world they may live?
- How do we effectively manage the transformation of the traditional business models to one that meets the diverse needs of the emerging markets?
Looking for comprehensive insights on the European Medtech market? Get in touch with our analytics experts.
Our analytics experts have listed a few examples of how Medtech companies can drive measurable growth and incremental revenue by leveraging the power of analytics.
- Traditional outcome-driven business models no longer suffice when it comes to supporting the evolving needs of Medtech companies that revolve around improving revenues and preserving margins. New analytical approaches are quickly evolving across the industry to optimize everything from inventory to sales, minimize supply chain disruptions, attract new customers and retain existing customers, and expand market footprint based on outcomes and economic value.
- To sustain a competitive edge in a competitive marketplace, Medtech companies must invest in the right analytics tools and solutions to bring about an organization-wide impact. The developments in this industry have paved the way for major transformations that have impacted every aspect of conducting business, as such it is no more a question of when, but how businesses can drive outcomes using advanced analytics.
- Medtech companies can also use predictive modeling and advanced analytics techniques to foresee threats and identify factors that impact business performance. Collaborating with analytics service providers can help Medtech companies to leverage data science and advanced analytics to improvise business models and jump-start the internal skill-building journey.