Tag: Advances in healthcare

medical devices

The US Medical Device Industry: How to devise a Market Entry Strategy

With an enormous market size of $156 billion, the medical device industry in the United States remains the largest in the world. Companies in the medical device industry consist of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health-related purpose. Although patients are the end-users of medical devices, manufacturers ideally focus their efforts towards selling their products to healthcare providers who in turn use them to serve the needs of patients.

Majority of the companies in the US medical device industry are concentrated in regions known for other high-technology industries, such as microelectronics and biotechnology. The states with the highest number of companies in the medical device industry include New York, California, Florida, Michigan, Pennsylvania, Massachusetts, Minnesota, Illinois, and Georgia. Compared to several other industries including telecommunications, automotive, and defense, the medical device industry invests a higher percentage of their yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement requirements of existing technologies.

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medical devices

The Medical Device Industry is Revamping Itself: Here’s Why!

The medical device industry is embarking on a new phase of change. In this blog, our industry experts discuss some of the key factors influencing transition in this sector.

The expectations of stakeholders in the medical device industry are changing over time. Patients expect superior service and care models, physicians require data from multiple sources to be brought together in one place, and payors seek lighter financial burdens and better real-world outcomes. Such mounting pressure is urging companies in the medical device industry to revamp their offerings and stand out in today’s increasingly crowded market.

The rapid technological growth rate in the medical device industry is undoubtedly the backbone of this sector. But not long ago, the industry was wrestling several challenges and struggling to implement and adopt advanced technologies. Some of the impediments leading up to this included the paucity of talent, incomprehensible technical complexities, constantly changing regulations, and limited leadership mind-share. In fact, just a decade ago, the integration of new and advanced technologies in the medical device industry was far behind when compared to other industries such as Telecom, Retail, and Automotive. The reality still remains that companies in the medical device industry still lag in tapping into customer and business model-led opportunities and adopting advanced technologies such as IoT, big data, artificial intelligence, augmented reality, and robotics. With only a handful of key players in this sector building sizeable businesses by leveraging the available opportunities and the upsurging competition from non-traditional players such as start-ups, players in the medical device industry are in the dire need to revamp their strategies.

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Change in customer expectations

Earlier, the delivery of digital healthcare had limited reach, was of low quality, and highly expensive. However, modern healthcare consumers are tech-savvy and expect the digital intervention to transform their healthcare experience. This shift in consumer behavior has elevated the focus on patient-centric health care and has become a major driver for the adoption of advanced technologies among OEMs. Players in the medical device industry are focusing on personalized healthcare solutions and devices to gain a bigger slice of the market.Get More Info

Shift in business models

The modern day medical device industry is going through a tectonic shift in business models. The increased connectivity between devices, physicians, and consumers are inflating the demand for high quality, personalized, and patient-centric care. Today, the volume-based fee-for-service models in the medical device industry are shifting to new incentive models that focus on value-based metrics. Though traditionally the OEMs have been able to compete with conventional business models without much differentiation, a long-term strategy would necessitate OEMs to create innovative and sustainable business models that will result in efficient healthcare delivery, reduced costs, and improved medical outcomes.

medical device industryRegulations regarding patient privacy and safety

There is a colossal amount of patient and healthcare data being generated each day. This spawns fundamental questions about patient privacy and safety. Albeit the incrementally, regulatory authorities are still evaluating out the implications of new technologies on patient security and care. In reality, apart from becoming heavy on the pockets for healthcare companies, data breaches also give rise to serious concerns regarding patient safety. Therefore, the need to strike a balance between advancements and protecting patient security and safety is, therefore, paramount.


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Supplement Market

Growth Factors for the Global Supplement Market

Health is wealth. Which is why people today are as concerned about their health as their wealth. People all over the world are realizing the value of good health, which is fueling the interest in all things that are concerned with it. Today, health is not just a goal but a lifestyle choice. This shift in the preferences of the populace is driving the growth of the global supplement market. It is so evident that the sales of vitamins, minerals, nutritional, and herbal Request Proposalsupplements have been on the rise in the last decade or so. Today, the global supplement market is worth billions of dollars and is growing about 5-6%, annually. So what is driving the growth of the global supplement market?

Aging population

One trend that is worrying the world is the rise of aging population and the declining birth rate. In the developing parts of the world, especially Scandinavian countries, the birth rate has been declining higher than expected. This will bring about a shift in spending in the healthcare sector. As a result, drug manufacturers are focusing on dietary supplements whose purchases have been growing annually.

Consumer awareness

The advertisements of dietary supplements have bombarded the media, be it TV commercials, magazine ads, or posters. The supplement companies have recruited celebrity doctors to endorse their products, making people believe that supplements are necessary to lead a healthy life. In addition to that, many online articles and forums like Livestrong, bodybuilding, Men’s Health, and Shape give diet and lifestyle advice demonstrating the importance of dietary supplements. Such an abundance of available information has been a key driver for consumer purchasing.

Self-care culture

“Ask your doctor to prescribe you x drug”. An advertising line that is popular across the American media has prompted consumers to be self-aware of the drugs. Today, consumers are no more relying on doctors for diagnosis, they are looking at alternative channels to identify health needs. This is also driven by the fact that insurers encourage customers to take preventive care measures. Also, many consumers validate the diagnosis of the doctor by cross-referencing the information available on the internet. This behavior has encouraged the manufacturers in the supplement market to educate customers of the product portfolio. This self-care culture is driving the demand in the global dietary supplement market.

Channel proliferation

The manufacturers in the global supplement market are highly fragmented and serve a diverse set of customers across the world. The leading manufacturer Living Essentials holds less than 10% market share globally. Additionally, there are many private label brands which account for 10% of the sales. The lack of brand awareness amongst the customers is the reason for such market fragmentation. It comes as no wonder that a majority of the sales happen in supermarkets and hypermarkets, followed by online stores and specialty retailers. Such channel proliferation has significantly driven the sales in the global supplement market.

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robotic surgery

3 Reasons Why Robotic Surgery is Here to Stay

Imagine surgical robots operating on patients lying on the surgery table. No, we are not talking about what it would be like in a parallel universe. Over the last decade, surgical robots have literally transformed the way doctors operate and how patients recover. Robotic surgery helps surgeons to be extremely accurate during complex surgical procedures. Wonder how surgical robots operate? In a robotic surgery procedure, three to four robotic arms are inserted into the patient through small incisions. Ideally, one arm has a camera on the end, two arms act as the surgeon’s hands, and a fourth may be used to eliminate any blockage out of the way. Robotic surgery is often referred to as ‘da Vinci surgery robotic system.’ The da Vinci system is robotic – it uses robotic arms and instruments to assist the surgeon. Surgeons carry out the procedure in the same sense as if wielding the tools of the trade in their own hands, the only difference, in this case, is that the instruments are in the form of robotic ‘hands.’ However, the surgeon is always and in every way in control of the entire surgery. The da Vinci system is not programmed to perform the procedures; it does not take any independent decisions and in fact, makes no movements that aren’t originated by the surgeon. Here are three reasons why robotic surgery is becoming highly popular among surgeons as well as the patients:Request Free Proposal

Minimally invasive

In case of robotic surgery, the surgeons need not use their hands to access the patient’s body directly. Therefore, the incisions are much smaller than in conventional surgery. The robotic arms also filter out the tremors in the surgeon’s hands to reduce the chance of accidental nicks or punctures that can cause bleeding or infections in the patient’s body. Using surgical robots is a great option for patients who require a procedure in hard-to-reach areas of the body. These areas might have major blood vessels or other vital organs located nearby, which can make the surgery extremely risky. Surgery on these areas would typically require a more substantial incision to have more room for the surgeon to get more clarity on what they’re doing. This can be clearly avoided, and the surgery can be carried out with greater precision using surgical robots.

Early recovery

Since robotic surgery is known to be minimally invasive, it will likely take a patient’s body less time to recover when compared to that of traditional surgery. It is true that everyone is different, and the healing time depends on the particular circumstances. However, most people can resume normal activities, including working, within several weeks after a robotic-assisted surgery. Furthermore, with potentially shorter recovery time, patients will save on the typically high costs that are associated with inpatient hospital stays and get back to normal life more quickly. Also, due to less trauma to the body, patients are also likely to experience less scarring as they recover.

Reduced pain and blood loss

Smaller incisions and better precision ensure less pain during and after the robotic surgery are carried out. Moreover, the patients will also be less dependent on painkillers during recovery, reducing the risk of addiction. Blood loss during robotic surgery is minimal, and they generally avoid the need for blood transfusions. In other operations, blood loss can cause complications and result in even longer recovery times.

 


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Patient monitoring devices

Top Patient Monitoring Trends – Aim for Better Patient Care

Patient monitoring systems are essential to provide quality care to the patients. Monitoring can be done by measuring different health parameters including vital signs, heart rate, blood glucose, and neurological indicators. A top-notch patient monitoring system helps healthcare facilities to reach the highest levels of clinical excellence. The goal of any healthcare system is not only limited to providing the highest level of patient care but also to limit the incidences of readmission. New patient monitoring devices can change the medical care landscape and streamline Request Free Proposalcosts by reducing such hospital readmission rates. So what are the trends in patient monitoring that are changing the landscape of the healthcare industry?

Top Trends in Patient Monitoring

Real-time and remote patient monitoring

Telemedicine is becoming more of a reality these days. The ability to remotely diagnose patients and provide a treatment plan drastically reduces the healthcare costs. It’s a win-win situation as the care is delivered to them as per their convenience. It also enables healthcare professionals to serve remote and less populated areas without having to be physically present in the location. Imagine a situation where cardiovascular patients blood pressure and heart rate are regularly measured, and the data is fed back to cardiologists. It can help the cardiologists to track all the vital metrics and make important suggestions to improve patient care.

Aging population vulnerable to chronic disease

The world population is aging, and people are living longer than ever before. Consequently, they require better healthcare attention than the general population. This tends to put a lot of strain on the healthcare system. It is estimated that by 2050, the population of people over the age of 65 is expected to reach nearly 1.5 billion.

Shift to value-based, outcome-based, and patient-centric care

Industry analysts frequently point out that the healthcare industry is moving towards value-based care. It is shifting the financial incentive to a healthcare model where healthcare facilities and providers are compensated based on how their patients fare. It means the healthcare industry has to figure out a way to only perform necessary amounts of tests, visits, or procedures. Patient monitoring solutions can give healthcare professionals real-time data on patients’ well-being and progress, which assists them in providing quality care.

The emergence of big data

Big data is shaking the healthcare industry. It is helping the industry progress in all fronts including precision medicine, predictive analytics, fraud detection, and clinical trials. It has affected all healthcare areas from oncology, neurology, genomics, to cardiology. Patient-specific data gathered from patient monitoring tools such as wearables, home monitors, and smartphones is boosting the patient experience and improving health outcomes. Big data allows healthcare professionals to analyze sizeable medical data sets across a vast population to explore research and treatment opportunities.

Role of IoT

The role of IoT has been deeply discussed in the manufacturing industry and home automation. However, it is also playing a big part in the medical industry. IoT will allow patients and providers to work together for deeper engagement, open communication, and chronic disease management. The Internet of Things will enable devices to connect to the internet and provide patient health information to the doctor who can assist with the treatment. It can also monitor patient behavior and notify doctors if patients missed their prescription.

 

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patient care

8 Easy Ways to Improve Patient Care in the Healthcare Industry

As the healthcare industry is moving towards a more patient-centric business model, positive patient experiences and patient satisfaction have become an integral part of patient care. To make this happen, healthcare providers must not only understand the constituents of patient experience but also have a clear understanding about how they can support positive patient experience. Patient experience includes elements of convenient care, healthcare quality, and patient satisfaction. Ideally, healthcare companies need to focus on delivering high-quality healthcare and fostering patient safety to create a positive patient experience. Healthcare industry players can reduce patient suffering by being more attentive to the latter’s needs. Checking in on-call buttons or determining if a patient needs help to get an item or for using the bathroom can help protect patients from falls or other harms, reducing preventable suffering. Here are some best practices that companies in the healthcare industry can follow to improve patient care :IR_Brochure

Train your staff

Staff support and training are essential to ensure that the workforce is not only focused on delivering services that are high in quality but also emphasizes on providing positive patient experience. This is one of the first steps in effective patient care as the staff is the face of the healthcare provider as they are in direct contact with the patients. Therefore, it becomes necessary to ensure that they understand what is expected of them. Also, since they interact with the patients on a regular basis, it is highly advisable to take suggestions from the staff on how patient care can be improved.

Patient education

In addition to good healthcare services, providing patients with the necessary information and tools to improve health and cultivate healthier behaviors is critical to creating an extraordinary patient experience. When a patient leaves the hospital with more knowledge than what they had before, it will make them feel that they have received more comprehensive care. Several surveys and studies have shown that a greater patient knowledge results in a higher rate of patient adherence, which simultaneously leads to improvements in patient satisfaction and health outcomes.

Cultivating a care-oriented environment

An environment in which the patient feels truly cared for can make considerable differences in terms of patient satisfaction. What can healthcare players do to inculcate a positive environment in patient care you wonder? They can make use of small gestures that go a long way, such as remembering the name of the patient, greeting them with a smile, genuinely listening to what the patient has to say and engaging with them, etc.

Keep tabs on medical supplies

Players in the healthcare industry must ensure that they are able to provide timely patient care in the right manner to avoid customer complaints and dissatisfaction. For patient care to take place smoothly, it is necessary to have adequate medical supplies on hand. If time is wasted unwantedly on activities like tracking down medical supplies in the middle of patient care, it could lead to severe frustration among the patients and the medical professionals.

Create a follow-up mechanism

Technological advancements in the field of healthcare have made patient care more accessible and a less complicated process for all the parties involved. Therefore, companies in the healthcare industry must be open to investing in these technologies to make patient-care a memorable and satisfying experience for the patients. These measures will also help foster long-term patient relationships and create better patient care and healthcare outcomes.

 


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Medical Device Market

What’s in Store for the Medical Device Market in 2018?

The healthcare industry is witnessing a radical shift in its operational mode due to technological advancements and evolution of various partnerships and relationship models. The growth of the medical device market is fueled by the aging population along with rising disposable income, which is compelling people to opt for better healthcare standards. Additionally, technological advancements are forcing players in the medical device market to emphasize on innovation. Today, hospitals are filled with medical devices that are used to perform minimally invasive surgeries, as they have a better outcome and faster healing rate than traditional measures. Companies such as Johnson & Johnson, GE Healthcare, Medtronic, Baxter, and Siemens are dominating this market and are making billions of IR_Brochuredollars in revenue for themselves by harboring constant innovations. So, what does the year 2018 hold for the medical device market?

Unique Device Identification (UDI)

The FDA has given a deadline that requires all medical device manufacturers to identify medical devices through their distribution and use adequately. In a bid to meet the FDA guidelines, manufacturers have placed a label to include unique device identifier in both human and machine-readable form. The identifier can provide detailed information on the medical device, including batch number, serial number, expiration date, manufacturing date, product version, and a distinct identification code for a human cell, tissue, or cellular and tissue-based product. Also, barcode, ERP, EDI, EHR, and RFID technologies are increasingly used to facilitate UDI.

3D printing

In previous years, 3D printing capabilities weren’t that advanced to be used widely in the medical device market. This year, the scenario looks entirely different, as wider applications of 3D printing and advancements in technology has transformed the ways medical devices are manufactured. Today, we have a 3D printer that can print implants and prostheses as per the need of the individuals. It also allows for samples to be printed much faster to hasten the process of regulatory approvals.

Going digital

In 2016, the FDA released the Digital Health Innovation Plan to make headway in the pursuit of digital health. The FDA plans to streamline regulation for mobile technologies with an aim to empower consumers, connect healthcare providers, and address public health crises. Technology giants like Apple and Google have been quick to put their foot on this revolution. Apple is still trying to overtake the fragmented medical applications market with platforms such as ResearchKit and CareKit. The most notable innovation comes in the form of an app to diagnose Parkinson’s disease. Similarly, Google is also aiming to transform the healthcare sector with DeepMind AI solutions.

Focus on security issues

The FDA’s push to pursue the world of digitally-connected medical devices will benefit physicians, medical personnel, and caretakers by providing unparalleled access to a patient and provide better care. Although such steps help the patients and healthcare providers significantly, it poses new security issues in the medical device market. Not only patient-related data but each and every activity of theirs can be monitored from wearable devices. As a result, medical device manufacturers are looking at their security infrastructure and tackling such issues as more and more data is being moved to the cloud.

Shift towards value-based reimbursement model

Historically, players in the medical device market weren’t worried about the effects of health insurance reimbursement paradigms. However, recently, that focus is rapidly shifting, as more and more OEM’s are redesigning their product lines to achieve better medical outcomes. The value-based reimbursement model is looking more likely to replace the fee-for-service model completely. This implies that the doctors will receive their payments based on the outcome of the treatment for patients. But how will it affect the product design of medical devices? The manufacturers have learned that by designing new devices that offer superior therapeutic results, they can influence the hospitals to make purchases to increase their value-based payments.

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healthcare industry

Let’s Rewind: Healthcare Industry 2017 In a Nutshell

With each passing year, the healthcare industry is developing multifold by embracing the latest innovation and technology. Looking back, 2017 was an eventful year for the medical sector given the most recent innovations that have been introduced and affordable healthcare becoming more popular among healthcare companies. Big data analytics and blockchain technology have become more prominent and widely accepted than ever in this sector over the last one year. We are all excited to see what 2018 will bring into to the healthcare industry, but before that let us take a quick look at the top trends and innovations that have dominated the healthcare sector through 2017:IR_Brochure

Blockchain moves from theory to practice

The buzz around blockchain in healthcare started doing the rounds by the end of 2016. However, there was a lot of skepticism surrounding its feasibility. But after a number of workshops and demos carried out across various healthcare companies, blockchain has slowly made a place for itself in the healthcare industry. Today, healthcare companies possess a large directory of the database that contains patients’ vital information. With the help of blockchain, players in the medical industry can ensure that patient data is securely maintained and accessible to authorized personnel only as per their requirement.

Going online and telehealth

With the rising popularity of the internet and related technology among people especially the millennials, a new channel for healthcare sector players to reach their customer have been created. Many players have already started to provide medical consultation online to their patients, eliminating the barriers of long waiting queues that they would otherwise have to go through for conventional consultation. According to the American Telemedicine Association, ‘The number of Americans receiving virtual medical care is expected to double in the coming years.’ In addition to making access to medical care simpler, telehealth services also help patients to get healthcare advice from the doctors during the course of the treatment or even after being discharged.

healthcare industry

Growing popularity of wearables

Today, people can easily keep track of their health status without regular medical checkups, thanks to wearable technology. 2017 saw a boom in the sale of smartwatches that help people track their health status in real-time. They not only help people to keep tabs on their health regularly but also help to avoid in-person doctor visits and check-ups.

Big data is becoming bigger       

Big data is without a doubt making our lives simpler and more convenient. Big data in healthcare not only helps to cut down on excess overhead costs but also helps to predict epidemics, avoid preventable death and cure diseases by analyzing various patterns from the available data. This technology also makes it easier for doctors to understand the patient’s past health records and prescribe the most appropriate treatment. 2017 has witnessed more and more players in healthcare becoming open to big data, and this trend is expected to continue in the flowing years as well.

Stay tuned for more updates on the trends, opportunities and challenges in various industries. Wishing all our readers a very happy and healthy 2018, Cheers!

 

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self service kiosk

Is Self Service Kiosk the Next Big Thing in Healthcare Technology?

“Self service” is becoming increasingly popular in the healthcare industry. Well, that does not mean that patients are picking up medical equipment and operating on themselves. It basically means that the patients can easily check into hospitals without the help of medical administrators. Self service kiosk is an advanced healthcare technology that makes administrative tasks like hospital registration and billing more streamlined and faster. What are some of the other prominent benefits that the healthcare industry players can reap with the help of a self service kiosk? Let’s find out:IR_Brochure

Easy on the Pocket

Implementing new healthcare technologies such as a self service kiosk can reduce the cost for hospitals. Electronic kiosks are a one-time investment that help hospitals cut down on the staff employed in administrative facilities. Also, self-check-ins help them to save paper, thus, avoiding any sort of paperwork to maintain patient records and helping the hospital staff to spend more time on patient care rather than the administrative duties.

Minimum Patient Waiting Time

Through self service kiosk, paper forms have been completely replaced by digital storage. Traditionally, the administrative staff manually filled out patient data and assigned them to the concerned department. However, with the help of this advanced healthcare technology, patients can save time by registering themselves on the kiosks, and the data verification is done by swiping the identity card, making the process much simpler and faster.

Lesser Scope for Errors

A self service kiosk helps to reduce the data entry errors that usually happens from the administrative staff. Since the patients themselves fill out the data, it is highly likely for them to give accurate data. Also since this system makes the recording of data electronic, any duplication of data can be easily retrieved from records and alerted to the hospital authorities.

Easier Payment Method

Payment becomes a much easier task for patients with the help of a self service kiosk. Patients can now make payments easily by swiping their card or entering their card details into the kiosk. The device also automatically informs the patient of any outstanding medical balance, print out payments and medical certificates, and also notifies the hospital in case the patient has already made payments for the treatment received.

Reduces Confusion

A self service kiosk makes things much easier for patients. In case of any confusion in appointments, accessing the hospital map, payment details, etc. the patients do not have to depend on or wait for help from a hospital staff as they can access all the information directly through the kiosk.

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