In recent years, medical technology (MedTech) has made great progress in improving patient treatments and outcomes. In this highly regulated medical market, designing and developing advanced MedTech products is increasingly challenging, however. As products become more complex, they take longer to bring to market. Device approvals hit a nine-year low in 2022, falling 20 per cent on the 2019 level.
Digital twins have the potential to help enable MedTech companies to gain long-lasting competitive advantage, with faster time to market, lower cost, and better products. Those benefits are likely to be enjoyed most by organizations that invest early in the development of digital twin platforms and the capabilities to use them. Leaders in this space may shape the future of MedTech innovation, while late adopters may face an uphill battle to catch up.
The best way to start? Four key steps have been shown to kickstart and significantly accelerate this journey.
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