From the March 2022 issue of HealthCare Business News magazine
The need to ensure the quality of patient care is forefront with most healthcare providers, subsequently the demand for solutions that enhance care provision are in highest demand. A more comprehensive offering that can be obtained from a sole supplier is attractive to purchasers to not only enable smooth integration but also to simplify processes and subsequent training. This will become even more important as healthcare resource becomes increasingly strained and more junior healthcare professionals enter the industry.
Although the pandemic has temporarily increased growth in several clinical markets, the longevity of market growth is expected to be limited by restricted healthcare budgets. As such, those companies that make strategic approaches to enhance their offering are expected to maintain share overall in the longer term.
Closing remarks
Competition in both the clinical device and associated IT solutions markets is expected to intensify in future years, with all vendors attempting to capture growth from the development of markets following on from the learnings of the pandemic. Strategic considerations will need to be made by all vendors to assess how they can maintain their piece of the pie. Product bundling on devices, IT solutions and consumables is expected to increase to help manage increasing healthcare costs. As such, the vendors with the most comprehensive offering are expected to succeed.
About the author: Kelly Patrick is a principal analyst at Signify Research, an independent supplier of market intelligence and consultancy to the global healthcare technology industry. Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. Our clients include technology vendors, healthcare providers and payers, management consultants and investors. Signify Research is headquartered in Cranfield, UK.
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