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Perspectives
AI readiness in medtech
Unlocking new dimensions of efficiency and innovation
Dive into the transformative impacts of artificial intelligence (AI) and Generative Artificial Intelligence (GenAI) in the evolving medtech landscape. Our report takes an in-depth look at how these technologies are reshaping the industry, delivering value, and setting the stage for further advancements.
Tapping into value to get ahead of medtech competition
Across industries, AI and GenAI discussions are moving from potential to value realization. For medtech companies, this value can be in the form of cost efficiencies and new revenue generation.
To assess where medtech companies have realized value from AI and GenAI and what could be next, the Deloitte Center for Health Solutions surveyed 85 leaders from medtech organizations during the summer of 2024 and conducted follow-up interviews. We found that:
- AI and GenAI have begun to deliver value across functions, with 42% of surveyed executives reporting benefits in product development and 35% in IT and cybersecurity functions.
- GenAI could enable medtech companies to achieve cost efficiencies of 6% to 12% of their total revenue in the next two to three years.
However, using AI and GenAI in isolation may not drive this transformative value. Adopting a string-of-pearls approach—integrating multiple GenAI use cases with other AI technologies, data, and digital tools—is important for achieving cost efficiencies and other benefits. This requires appropriate “building blocks” to scale AI and GenAI, including creating an enterprise ambition for AI use and operating structures such as a center of excellence (COE).
Is Generative AI changing the game for medtech?
Foundations for AI readiness in medtech
Explore six key building blocks that can help medtech companies scale AI and GenAI to maximize value. Download our comprehensive report for actionable steps forward.
Prepare your organization to make a bold play
The medtech industry appears to be at an inflection point—scaling AI and GenAI for transformation could be important. Organizations should consider making “bold plays” that integrate these technologies into their operations.
Our targeted transformation approach goes beyond mere adoption, helping you align GenAI capabilities with your core business strategies, determining that innovation is both practical and impactful. As you embark on your AI-readiness journey, reach out to us to learn how we might help fine-tune your strategy to better amplify value and accelerate outcomes.
Get in touch
Sheryl Jacobson |
Mukund Lal |
Aditya Kudumala |
Srivathson Chennakesavan |
Dr. Asif Dhar |
Dr. Jay Bhatt |
Wendell Miranda |
Apoorva Singh |
Leena Gupta |
