Medtech companies can learn from Pharma’s evidence-based success to evolve their business strategies, expand market access and thrive.

The landscape of life sciences is profoundly shaped by the strategies companies use to gain market access. Pharma and Medtech, two principal sectors within this space, pursue markedly different paths due to their distinct business models and industry demands. Despite the differences, Medtech companies can potentially leverage strategies from Pharma to enhance their own market penetration and product success. In this article, guest writers Brad Maruca, managing director at Deloitte and former divisional vice president at Abbott Neuromodulation, along with John Jaeger, managing director at Deloitte and expert in commercial strategy, delve into the differences between these two sectors and provide a narrative outlining potential lessons Medtech might draw from Pharma's well-established market access strategies.

Among the many topics covered in detail in the complete downloadable article are:

• Business Models and Market Strategies
  • At the core of Pharma's strategy lies a comprehensive engagement model that encompasses policy, payers, patients and clinical guidelines. This sector not only focuses on the initial market entry, but emphasizes the lifetime value of a patient, adopting an annuity model where continuous patient engagement plays a critical role in sustaining revenue. In contrast, Medtech tends to focus on innovation and physician engagement, primarily driving growth through product and procedural innovations. (read more)
• Research & Development and Clinical Approaches
  • Pharma's approach to market access is heavily evidence-driven, relying on long-term, structured, and high-risk clinical trials to build a robust case for insurance coverage. This rigorous evidence generation ensures that once a pharmaceutical hits the market, it is backed by indisputable data that secures its place in treatment protocols. Medtech, however, often relies on shorter, iterative development cycles and may not prioritize extensive evidence generation, sometimes leading to challenges in justifying the product's efficacy and value to payers. (read more)
• Utilizing Data and Analytics
  • While Pharma has long harnessed the power of big data and advanced analytics to inform everything from drug discovery to market penetration strategies, Medtech has been slower in adopting these resources to their full potential. (read more)
• Collaboration and Pricing Strategies
  • Pharma's widespread collaborations with stakeholders across the spectrum—from healthcare providers to research institutions—have fortified its market access strategies. Medtech’s collaborations, though robust with hospitals and clinicians, often miss the broader stakeholder engagement that could drive policy and guideline development. (read more)

Click the button below to download and read the complete "Market Access: What Medtech Can Learn from Pharma" perspective article written by guest writers Brad Maruca, managing director at Deloitte and former divisional VP at Abbott Neuromodulation, and John Jaeger, managing director at Deloitte and an expert in commercial strategy, 

Technological advances, new market entrants and novel technology continue to make waves at NASS 2024.

SmartTRAK attended this year’s 39th Annual North American Spine Society (NASS) meeting in Chicago, IL, which took place September 25-28, 2024. With the attendance of industry professionals rivaling that of surgeons at this year’s meeting, enabling technology continued to make waves on the exhibit floor yet again. The ongoing focus on enabling tech is not surprising given that robotics and navigation platforms have continued to support Spine Hardware Market growth in recent years. To date in 2024, SmartTRAK estimates that the Enabling Tech Market for Robotics and Navigation has increased at near double-digits (+9.6% growth) YoY through Q224, according to SmartTRAK Financial Dashboard. 

Among the many topics discussed in this article are:

• Robot Wars Heating Up in Spine
  • Robotics were on display from market leaders Medtronic (MDT) and Globus Medical (GMED) at NASS 2024. MDT announced new advancements in its AiBLE ecosystem including ... (read more)
• Augmented/Mixed Reality on Display
  • Augmented reality-based navigation solutions were also showcased at the meeting. At NASS 2024, SmartTRAK learned that the Augmedics xvision augmented-reality based intraoperative navigation system has been used to treat ... (read more)
• Novel Handheld Navigation Designed to Overcome Challenges
  • In a NASS 2024 Symposium entitled “The Symbiosis of Robotics, Enabling Technology and Minimally Invasive Surgery,” panelists mentioned that one limitation of many robotic and navigation systems is ... (read more)
• Ongoing Technological Advances
  • With increasing adoption of enabling technologies and a growing level of experience in using them in spine procedures comes a better understanding of the advantages and limitations of current assistive technology solutions. Companies across the industry from large strategics to small start-ups are continuing to make ... (read more)

Click the button below to download and read the complete "NASS 2024: Enabling Tech Still Making Waves" market perspective article by Elise Wolf, GM & VP, SmartTRAK Orthopedics & Quality.

SmartTRAK reports on the latest research and product trends that could potentially impact the market at PSTM 2024.

Advancements in the US Breast Matrices Market continue to unfold as companies work to build the knowledge base about recently introduced biosynthetic breast matrices to help surgeons optimize long-term outcomes and improve the standard of care. At this year’s Plastic Surgery The Meeting (PSTM 24), held September 26-29 in San Diego, California, SmartTRAK identified several research and product trends that could potentially impact the US Breast Matrices Market, particularly in biosynthetic breast matrices. This includes a growing interest in new biosynthetic materials, focusing on long-term aesthetic results, expanding into new indications and using biosynthetics in breast reconstruction.

Among the topics discussed in this informative perspective article are:

• New Materials and Products Driving Growth in Biosynthetics
  • According to SmartTRAK, the US Breast Matrices Market will achieve a projected CAGR of +3.5%. However, resorbable biosynthetic matrices are projected to grow ... (read more)
• Focusing on Long-Term Results, Expanded Indications
  • At the meeting, several presenters focused on improving the reliability of long-term aesthetic results for cosmetic and reconstructive breast surgery and using biosynthetics in expanded indications ... (read more)
• Using Biosynthetics in Breast Reconstruction
  • Making the transition from use in cosmetic surgeries to breast reconstruction is the goal of Integra and BD. Breast reconstruction accounts for 93% of the US Breast Matrices market, primarily because insurance reimbursements remove ... (read more)

Click the button below to download and read the complete "PSTM 2024 Annual Meeting Highlights" perspective article by Doug Devens. SmartTRAK Sr. Product Director/Sr. Analyst - Wound.

New products and clinical data continue to grow the spinal hardware and bone replacement markets.

The North American Spine Society (NASS) was buzzing with new technologies at its 39th annual meeting in Chicago, September 25-28. Over 4,000 medical registrants and industry personnel attended this year’s meeting. This is the largest spine-focused meeting in the US, and it supports the spinal hardware and bone replacement markets. SmartTRAK estimates the spinal hardware market is poised to post a 5-yr CAGR of +4.7%, and the bone replacement market in spine is expected to reach a 5-year CAGR of +3.5%.

In this market perspective article, SmartTRAK highlights ...

• Spine Hardware Refreshed-The Latest Product Innovations
  
  • Pedicle Screws
  • Disc Prep
• Bone Replacement Market - New Products for DBM
  
  • The Data Race Continues
  • Product Innovations
• A Strong Showing from Korean Manufacturers
  • New this year at NASS was the Korean SpineTech Pavilion, sponsored by the Korean Ministry of Health and Welfare and the Korean Health Industry Development Institute. This pavilion housed smaller companies at one booth to showcase ...

Click the button below to download and read the complete "NASS 2024 Annual Meeting Highlights" market perspective article by Erin Dorgan, SmartTRAK Senior Analyst, Spine.

SmartTRAK takes a look at trends impacting the MIS Spine market.

In this article, SmartTRAK highlights key presentations and the latest trends from SMISS 2024 affecting the Spine Market. This includes what challenges still exist for MIS transforaminal lumbar interbody fusion (TLIF) procedures, considerations for surgeons learning the prone transpsoas (PTP) approach, indication expansion opportunities for cervical disc replacement (CDR) and factors that could disrupt the market for spine surgeons. SmartTRAK estimates these trends will contribute to the US MIS market 5-year CAGR of +7.0% by 2028. 

The topics covered include:

• New Technologies Help Advance MIS TLIF Procedures
  • SmartTRAK estimates that MIS posterior procedures will reach 88K in 2028E, and over half of the interbody procedures are ... (read more)
• Lateral Lumbar Interbody Procedures Growing in Mid-Single Digits
  • One of the fastest growing segments of the MIS Spine Market is Lateral Lumbar Interbody Fusion, which SmartTRAK estimates is growing with a 5-year CAGR of ... (read more)
• Cervical Disc Replacement Indications Poised to Expand
  • SmartTRAK estimates that the CDR market is one of the fastest growth markets in Spine, with a projected 5-year revenue ... (read more)
• ‘Innovator’s Dilemma’ Could Disrupt the Spine Market for Surgeons
  
  • Concluding the meeting with his presidential address, Sheeraz Qureshi, MD, MBA, Co-Chief of Hospital of Special Surgery Spine and an Attending Orthopedic Surgeon at HSS, shared his vision of the future of the Spine Market with ... (read more)

Click the button below to download and read the complete "SMISS 2024 - MIS Spine Continues to Grow" perspective article by Erin Dorgan, SmartTRAK Sr Analyst, Spine and Orthobiologics.

Spinal Cord Stimulation

• Correlating Neurophysiological Data to Pain and Treatment Success
• FAST US Real-World Data
• Remote SCS Management
• Data Supporting Expanded Indications
  • Nonsurgical Back Pain
  • Painful Diabetic Neuropathy
  • Nociceptive Pain

Peripheral Nerve Stimulation

• Craniofacial, Head/Neck Pain
• Comfort PNS Devices
• Next Generation PNS Devices
  

Minimally Invasive Spine

• Basivertebral Nerve Ablation (BVNA)
• Minimally Invasive SI Joint Fusion
• Lumbar Decompression for Lumbar Spinal Stenosis
  

Regenerative and Restorative Medicine

• Intradiscal Therapy

Click the button below to download and read the complete "ASPN 2024: Research and Innovation in Interventional Pain" Market Outlook article by Anne Staylor, SmartTRAK Executive Editor, VP & GM of Neuro Therapies.