This report reveals that medical device companies need to embrace more inclusive innovation models, collaborate more frequently and with a broader range of partners, and pursue greater integration with suppliers, development partners and healthcare providers. While there are signs that many companies are moving in this direction, those that lag behind stand to miss out on the rewards that the next wave of innovation will bring.

This report is based on the results from the Global Manufacturing Outlook survey. A survey of 386 senior executives conducted by Forbes on behalf of KPMG International. Completed in early 2015, this year’s survey included 55 executives in the medical device sector. Over fifty percent of respondents held C-level positions and a third represented organizations with more than US$5 billion in annual revenue. Respondents were distributed evenly between the Americas, Europe and Asia.

To shed more light on the survey’s findings and its implications for medical device companies, we interviewed senior KPMG life sciences leaders across our network of member firms for further insights.