Lord Kelvin’s famous quote – “If you can’t measure it, you can’t improve it” – is more relevant than ever in the medical device industry.
In the era of digitalization, the ability to collect, analyze and exploit data has become a critical factor for the success of med-tech companies. It is not just about improving diagnostic accuracy or operational efficiency, but about enabling a whole new healthcare ecosystem, more connected, personalized and predictive.
We are witnessing a paradigm shift: data is no longer used just to optimize existing processes, but to create new business opportunities, discover unexpressed needs and revolutionize patient care.
The Importance of Data in Medical Devices
Today, medical devices are no longer simple measurements or treatment tools, but intelligent systems capable of collecting enormous amounts of information.
This data, if exploited with the right technologies, allows us to:
- Predict and prevent diseases, instead of treating them only when they occur.
- Personalize therapies and treatments based on the patient’s profile.
- Optimize hospital resources and reduce healthcare costs.
- Create new business models based on data and not just on the sale of devices.
Companies that are able to exploit this information will have a huge competitive advantage in the market, which is experiencing unprecedented expansion.
A Growing Market: Numbers and Opportunities
The medical device sector is growing rapidly, and its future is increasingly linked to digitalization:
- Global market: It will grow from 637 billion dollars in 2024 to almost 900 billion by 2027, with a CAGR of 6.99%.
- European market: It is currently worth 160 billion euros, with Germany, France, the United Kingdom, Italy and Spain among the main players.
- Italy: Sector growing by 6.9% in the domestic market and 3.5% in exports, for a total value of 18.3 billion euros.
But the real change is not only quantitative. Companies that adopt data-driven strategies are achieving significantly superior performance compared to those that simply develop traditional hardware.
The adoption of telemedicine, artificial intelligence and predictive diagnostics is transforming the entire healthcare ecosystem, opening up unprecedented opportunities.
Data and AI: The Engine of Innovation in Electromedical Devices
Artificial intelligence (AI) and advanced data analytics are disrupting the industry in several ways. Let’s look at some concrete examples.
1. More accurate and timely diagnoses
Deep learning algorithms can analyze diagnostic images and vital signs with greater precision than humans.
Case study: An algorithm developed by Google Health has been shown to identify breast cancer with 94.5% accuracy, reducing the false negative rate by 9% compared to human radiologists.
Market outlook: The AI diagnostics industry will grow to $20 billion by 2028, with a CAGR of more than 30% annually.
2. Remote monitoring and personalized therapies
Connected devices allow patients to be monitored 24/7, collecting useful data to optimize treatments and prevent complications.
Market data:
70% of chronic patients would like remote monitoring to avoid frequent hospital visits.
The telemedicine market will grow to $251 billion by 2027, with a 15% annual growth rate.
Case study: The CardioMEMS device, implanted in heart failure patients, collects real-time data and prevents 40% of hospitalizations thanks to predictive analytics.
3. Predictive maintenance: more reliable devices, reduced costs
Medical device manufacturers can reduce operating costs and improve safety thanks to AI systems that anticipate failures.
Concrete benefits:
- Up to 30% reduction in maintenance costs.
- Improved reliability and operational life of devices.
- Reduced risk for patients, thanks to timely interventions on critical machines.
Case study: GE Healthcare developed predictive algorithms for MRI machines that reduce downtime by 40%, optimizing the use of hospital resources.
4. New data-driven business models
The industry is moving from a hardware sales model to business models based on subscriptions and digital services.
Market trends:
- 60% of medical companies are developing Software-as-a-Service (SaaS) solutions.
- Companies that adopt data-driven strategies see revenue growth of 15-20% higher than those that do not.
- Case study: Philips now offers subscription-based remote monitoring platforms, creating a recurring revenue stream and increasing customer value.
Business Strategies: How to Use Data to Grow
Integrating data and AI into electromedical devices is no longer an option, but a necessity. Here are some key strategies for companies in the sector:
- Adopt AI-based solutions → To improve diagnostic accuracy and optimize processes.
- Develop scalable business models → Moving from selling devices to digital services based on data.
- Invest in cybersecurity and regulatory compliance → Because managing healthcare data requires maximum security.
- Create partnerships with startups and technology companies → To accelerate innovation and improve access to new technologies.
Innovating Means Exploiting Data to Create Value
The future of the medical sector will be led by those who can transform data into concrete value for patients, healthcare professionals and companies.
Innovation is not just a technological issue, but a strategy to remain competitive and create solutions that improve the quality of life.
Are you developing a new medical device? Discover how Creanova can transform your idea into a revolutionary solution. The opportunities are enormous and the time to act is now.
Contact us or visit the Creanova website to find out how we can support you in every phase of your project.
Written by
Samuele Montorfano
Senior Industrial Designer
