Compiled by Cari Kraft, Jacobs Management Group, Inc
Projected global medical device sales by 2030
The medical device industry is poised for steady growth, with global annual sales forecast to rise by over 5 percent a year and reach nearly $800B by 2030. These projections reflect increasing demand for innovative new devices (like wearables) and services (like health data), as lifestyle diseases become more prevalent, and economic development unlocks the huge potential in emerging markets.
Source: Medical Devices 2030 KPMG, January 2019
Average number of new products launched in coming years
The past five years have seen an average of 46 new product launches per year in developed markets. This is expected to rise to an average of 54 from now through 2023, with an annual average of $45.8B spent to accomplish that.
Source: The Global Use of Medicine in 2019 and Outlook to 2023 IQVIA Institute Report, Jan 29, 2019
Americans currently on Medicare
The number of Americans on Medicare has been steadily rising, from 58.5M in 2017 to over 60M in 2019. Of these, over 45M also have Part D coverage.
Americans who are likely to use technology to manage health
Of all U.S. adults, how many use technology to manage their health? It’s estimated that 22%, or 53 million, are considered “health tech adopters.” Of these, 76% are under 50, 46% have a college degree, 40% are multicultural, and 35% are caregivers.
Source: Kantar MARS Consumer Health Study Database, May 2019
Medtech companies using sophisticated incentive methods
In a recent study, 80% of respondents measured the performance of their salespeople against using sophisticated quota-setting methods, such as a weighted index and time-series trending. Trips, contests and SPIFFs have been used as incentives for many years, but this year we saw a 50% increase in the use of longterm incentive grants, intended to promote consistent longer-term performance and loyalty. Also, non-cash rewards, such as points to spend on merchandise, are increasingly leveraged to promote longer-term, sustainable performance and loyalty.
Source: ZS Incentives Practice Research Study, October 2019
Family medicine is most sought-after specialty for physicians
The most-requested assignment for healthcare practitioners in 2018-19 was family medicine, continuing a 13-year trend. This was followed by psychiatry, nurse practitioner, OB/GYN, internal medicine, radiology and hospitalist.
Source: Merit Hawkins 2019 REVIEW OF PHYSICIAN AND ADVANCED PRACTITIONER RECRUITING INCENTIVES
Healthcare executives who are currently experimenting with one or more DARQ technologies
The next generation of technical products and services is going to be DARQ technologies: Distributed ledger, such as blockchain; AI, or artificial intelligence; XR, or extended reality, which allows machines to operate cognitively; and Quantum, which crunches complex data sets. Most healthcare companies are already investigating one or more of these.
Source: Accenture report on DARQ Power, June 2019