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medical device companies in Germany

Implications Of COVID-19 On Pharmaceutical and Medical Device Companies in Germany

Pharmaceutical and medical device companies in Germany have shifted into overdrive to help combat the coronavirus outbreak. While the pandemic continues to wreak havoc across the country, large and small corporations alike are engaged in developing strategic solutions to curb the spread of the virus. One of the key concerns that remain to be addressed is will COVID-19 exacerbate the existing drug shortage in Germany? In Germany, the supply chain for drugs is highly vulnerable. The situation has been such even before the breakout of the pandemic. Apart from this, Germany’s pharma and medical device industry are also battling with other major roadblocks including delays in clinical trials, barriers to accelerated digital transformation, and lengthy procedures for market access.  

 In this article, industry experts at Infiniti Research address a number of key issues that could specifically impact the pharmaceutical and medical device companies in Germany.

 Delay in clinical trials

Ongoing clinical trials and studies in Germany are undergoing considerable delays due to the coronavirus outbreak. This could eventually result in deviations from the existing study plan. The German Federal Institute for Drugs and Medical Devices is expected to soon publish harmonized recommendations pan EU. According to the initial guidance on the management of clinical trials during the COVID-19 pandemic that was published during mid-March by the European Medicines Agency (EMA) and European Commission and the Heads of Medicines Agencies (HMA), sponsors must critically evaluate their need to start a new clinical study or include new study participants in an ongoing study. In the case of ongoing clinical studies, sponsors are expected to consider the extent to which they can temporarily suspend the study in certain facilities and/or extend the intended overall duration of the study. Pharmaceutical companies must analyze the probable impact of the pandemic on their upcoming or on-going clinical trials and notify BfArM or EMA at an early stage to submit amendments or clarify uncertainties.

Barriers to accelerated digital transformation

Pharmaceutical and medical device companies in Germany are being expected to expedite their digital transformation process. This comes in the wake of the increasing need to enable remote consultations for medical professionals and also to enable sales and advertising outside healthcare premises. However, the digital approach raises several concerns, especially related to data protection. As pharmaceutical and medical device companies in Germany adopt new digital approaches that relate to cooperation with healthcare professionals, they must also be checked for compliance with existing applicable drug advertising, social, and professional laws and regulations.

Lengthy market entry regulations for PPE

Personal protective equipment (PPE) includes medical equipment such as protective goggles, masks, gloves, and protective clothing. Products that qualify in this category often require lengthy conformity assessment before their medical device market entry. In an attempt to adapt the supply of these products to the rising market demand, the EU has now sought to simplify the market entry process for PPE to a considerable extent. They have also requested market surveillance authorities and notified bodies to take all available measures to provide immediate access to PPE and medical devices for healthcare professionals during the prevailing healthcare crisis. As such, medical device companies in Germany must carefully evaluate and coordinate with the competent supervisory authorities and notified bodies to determine whether their products are eligible for healthcare market access facilitation in line with the commission’s recommendation.

Gain more insights on how our market intelligence solutions can help pharmaceutical and medical device companies in Germany can measure the impact of coronavirus on their business and strategize to meet the changing market needs.

Surgical consumables

A Surgical consumable Manufacturing Company Successfully Expanded Their Business Operations Across 5 Countries in the EMEA Region

Surgical Consumables Market Overview

Increasing sophistication in medical procedures and improved success rate, owing to the rising use of advanced consumables and services provided in hospitals are projected to drive the global surgical consumables market. In addition, the presence of advanced healthcare infrastructure is playing a pivotal role in the growth of the surgical consumables market. Moreover, the increase in robot-assisted surgeries are expected to create numerous opportunities for companies in the surgical consumables market. However, the rising concerns regarding hospital-acquired infections (HAIs) are impelling governments to encourage the use of disposable hospital consumables in the US. As such, companies in the surgical consumable market will need to focus on developing reusable or disposable surgical consumables.

Top Markets: North America holds the largest share in the surgical consumables market and is expected to retain its dominance for the next five years. The experts at Infiniti Research predict that Europe, Asia-Pacific, and LAMEA will witness steady growth over the next two years.

Top Segments: Diagnostic supplies, dialysis consumables, radiology consumables, infusion products, intubation & ventilation supplies, hypodermic products, sterilization consumables, nonwoven medical supplies, and wound care consumables.

As the healthcare industry becomes more competitive, surgical consumables manufacturing companies will need to devise products that yield higher reimbursements and greater profit margins. Our market opportunity analysis can help you to identify growth opportunities and maximize profitability. Request a FREE proposal today!

Key Surgical Consumables Market Challenges Faced by the Client

Our client, a surgical consumables manufacturing firm based out of the United States, wanted to expand their business operations across 5 countries in the EMEA region. Before investing a huge sum into their new expansion project, they wanted to thoroughly analyze the current market scenario and growth opportunities for surgical consumables manufacturers across the 5 target countries in the EMEA region. The sought to partner with Infiniti Research to leverage their expertise in offering market opportunity analysis.

Other major challenges faced by the surgical consumables market client included:

Challenge #1: The client was facing difficulties due to lack of up-to-date data about risk factors involved in the manufacturing of surgical consumables

Challenge #2: To support the manufacturing strategy upgradation plan, the client needed robust insights about competitors and their in-house vs outsourcing vs hybrid models

Challenge #3: Lack of insights into profitable market opportunities and industry developments was a major challenge for the client as this data was vital to stay up-to-date with the latest technologies and processes.

Challenge #4: Understanding the exact opportunity in the market was a challenge considering limited data around Reimbursement/payment structure and current offers provided by competitors.

Our Integrated Approach

The experts at Infiniti Research carried out exhaustive secondary research from proprietary and open source information sources to develop insights and hypothesis specific to the target countries.

As a part of the market opportunity analysis engagement, the experts also provided the client with:

  • Recommendations on the emerging market trends and opportunities in the surgical consumables market
  • Key performance indicators (KPIs) to enable understanding of the focus areas. All the obtained information was evaluated on the KPIs, to generate recommendations for the client to re-align its business strategies for competitive advantage.
  • Market forecast and opportunity model to recommend critical success factors for business expansion

Besides, Infiniti’s market opportunity analysis also involved:

  • Detailed analysis of profiles and pipeline of major players in the surgical consumables market
  • Analysis of unmet needs for a profound understanding on potential opportunities
  • Validation of gathered data through an additional set of open-ended discussions with industry experts to ensure accuracy
  • Complete algorithm and setup for Reimbursement and Pricing Approval Process across 5 countries in the EMEA region

Along with the flourishing healthcare sector, the surgical consumables market is growing rapidly, witnessing the increasing demand in treatment and surgical procedures. Want to learn more about the growth opportunities in the surgical consumables industry? Contact us and our experts will get in touch with you with comprehensive insights.

Results Obtained

By leveraging Infiniti’s market opportunity analysis engagement, the surgical consumables market client was able to:

  • Easily adopt new/innovative manufacturing processes
  • Identify and shortlist most relevant stakeholders in each country, responsible for pricing, coverage, and reimbursement decisions
  • Assess and evaluate the most compelling attributes in each country that impact HTA and Reimbursement Decisions
  • Assess competitors’ offerings, new business strategies and market position
  • Understand their customers, their sources of the market access strategy, and Concerns for healthcare providers
  • Identify the total addressable market and make a robust sales strategy
  • Develop actionable strategies for targeted advertising
  • Enhanced product efficiency and quality
  • Realized profits of over 23% by successfully establishing operations across the target regions

Want to learn more about our services for companies in the surgical consumables market? Request more info here!

Wearable medical device

Analyzing the Profitable Markets in Asia for a Wearable Medical Devices Company Using Target Market Analysis

Wearable Medical Device Market Overview

The global market for wearable medical device is projected to experience positive growth over the coming years, driven by the growth in the medical devices, pharmaceutical, and biotechnology industries. In addition, technological advancements and increasing integration of technology and healthcare are accelerating the acceptance of wearable medical device across the globe. However, the rising costs of wearable devices and risks regarding the access and security of data collected by third-party healthcare service providers are expected to restrain the wearable medical device market growth. To counter these rising challenges, leading companies in the wearable medical devices market are focusing on improving data security, reducing costs, and enhancing quality.

Top Markets: The United States holds the largest share in the global wearable medical device market, followed by Europe. The experts at Infiniti Research predict that Asia-Pacific regions, including China, Austria, and South Korea will witness steady growth over the next two years.

Top Segments: Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, and Rehabilitation Devices.

The advancement of wearable technology and growing demand from consumers have highly influenced the medical industry, including technology companies to develop advanced wearable medical devices. Want to gather comprehensive insights into the latest technologies and innovations in the wearable medical device market? Request a FREE proposal!

Key Wearable Medical Device Market Challenges Faced by the Client

Our client, a wearable medical device manufacturer in the US, was looking to expand their business operations to Asia. Rather than targeting the entire Asian region, they wanted to focus on select Asian countries. To do so, they wanted to understand the prevailing market dynamics in the wearable medical device segment to devise an informed expansion strategy. They partnered with Infiniti Research to leverage their expertise in offering target market analysis.

Other major challenges faced by the wearable medical device market client were:

1Challenge #1: Advanced information technologies in medical devices have transformed the wearable medical device industry. However, advanced wearable medical devices increased cyber threats. The client, therefore, wanted to identify the market risks in target regions and understand their severity before making expansion plans.

Challenge #2: As succeeding in a highly saturated marketplace was becoming tough, they wanted to know the existing players in their target markets and thoroughly analyze their future strategies.

Challenge #3: To evaluate the company’s long-term success rate, the client wanted to estimate the potential for wearable medical devices across various target regions.

Our Integrated Approach

The experts at Infiniti Research conducted 100+ interviews with market access experts, business executives, medical device companies, and financial analysts.

As a part of the target market analysis engagement, the experts also provided the client with:

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  • Detailed insights into customers across various channels with our consumer research expertise
  • Detailed insights into various risks facing companies in the wearable medical device market across various target regions
  • Market potential assessment to help the client estimate the potential for their wearable medical devices across the new regions
  • Target market segmentation to focus on niche customer segments
  • Market opportunity assessment to identify the growth opportunities across various regions

Besides, Infiniti’s target market analysis engagement involved:

  • Development of an actionable market expansion strategy to select Asian countries
  • Assessment of leading wearable medical device companies’ offerings
  • Recommendation on physicians needs and requirements regarding medical devices
  • Validation of gathered data through an additional set of open- ended discussions with industry experts to ensure accuracy
  • Generating recommendations for the client to re-align its business strategies for competitive advantage

Want to explore the profitable business opportunities in the wearable medical device market? CONTACT US and our experts will get in touch with you with detailed insights.

Results Obtained

By leveraging Infiniti’s target market analysis engagement, the wearable medical device market client was able to:

  • Identify the Asian countries to target on to generate maximum profitability
  • Analyze and prioritize the market risks facing companies in the wearable medical device market. Our experts also helped the client to devise a robust risk management plan to safeguard the company’s data
  • Identify the cost-effective technologies leveraged by their competitors and advance wearable medical devices
  • Identify the niche customer segments to focus on to market their products
  • Successfully establish their business presence in Asian regions, including South Korea, Indonesia, Turkey, and China.
  • Enhance overall profits by 39%

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Infiniti’s market intelligence solutions are designed to cater to the needs of companies across regional and global markets. Learn how we help global players with superior leadership strategies, technological innovation insights, customer service best practices, and strategic product development knowledge.

medical equipment manufacturing market

How CEOs Can Navigate Digital Disruption in the Future of Medical Devices

The medical device landscape is fast evolving. Quality remains paramount in the medical devices industry despite external pressures changing market dynamics. Apart from the ease of use, clinical efficacy, and safety of medical devices, healthcare providers are now looking for better outcomes, lower costs, and patient satisfaction. The future of medical devices will largely revolve around strategies to meet these changing demands. Designers and usability experts in the medical device industry are already trying to reduce device complexity and variability to attain improved reliability, better patient outcomes, and enhanced overall performance. Recognizing its importance in order to survive in the long run, CEOs of companies in the healthcare industry have declared innovation as a top priority in the future of medical devices. Based on their expertise in working with medical device companies across geographies, experts at Infiniti Research examine how medical device companies can define a winning strategy and design an at-scale digital transformation.

How can medical device companies get started on building better customer experiences and succeed in the future of medical devices? Request a free proposal from our medical devices industry experts to know how our solutions can help.

medical devices (1)Understand stakeholder actions

CEOs of medical device companies have started acknowledging the power of digital and advanced analytics in revamping the future of the medical devices industry. As a result, they are increasingly investing into related capabilities. However, it is important to note in order to execute big changes and for it to deliver the desired results, it needs to be woven into the DNA of the organization. Digital health companies can help provide consistently delightful experiences to key stakeholders including patients, clinicians, providers, and caregivers. This means that in the future of medical devices, creating intelligent and personalized products can deliver improved clinical value. Furthermore, this can also help to reimagine processes and dramatically reduce costs and accelerate the decision-making process. To achieve this, companies in the sector must continuously evaluate stakeholder actions and across the value chain to define the pace and direction of their responses.

Build customer relationships

Customer experience and satisfaction are now vital for the success of any organization. Hospitals and other healthcare organizations are the key customers of medical device companies. To thrive in the future of medical devices industry, it is important to fine-tune commercial engines and optimize the cost-to-serve and cost-to-market models. Companies in the medical device organization can also optimize their microtargeting to reach the right physicians and providers based on volumes, outcomes, risk profiles, and purchasing behavior.

As global companies seek to make their products stand out in an increasingly crowded marketplace, innovation has earned a place on the CEO agenda. Gain more insights on how you can innovate your existing strategies and process to be in line with the changing market demands.

Create risk-sharing relationships

Risk-sharing is a way for medical device companies to build better relationships with providers. Some companies have already begun to embrace contracting, risk-sharing, and subscription-based solutions for providers. This requires robust approaches to measure, track, and underwrite outcomes in the real world.

Reimagine processes

To achieve success in the future of medical devices industry, companies can reimagine and automate end-to-end processes to unlock new insights and achieve greater efficiency. For instance, resorting to a digital supply chain can optimize supply chain costs and help medical device organizations to enhance customer service.

Learn more about our solutions for the medical devices industry.

Medical device packaging

Enhancing Sales Rate by 33% for a Company in the Medical Device Industry | Infiniti’s Latest Success Story on Competitive Intelligence Solution

Competitive Intelligence Engagement for the Medical Device Industry

Although the medical device industry has experienced unprecedented growth over the past few years, the constantly evolving regulations, healthcare dynamism, and changes in global healthcare market are bringing up huge challenges for companies operating in this sector. Owing to such challenges, medical device companies are finding it difficult to compete with other major players in the market. Therefore, companies are approaching firms like Infiniti Research to leverage their expertise in offering competitive intelligence solution to gain detailed insights into their competitors and devise strategies to gain a leading edge in the market.

Are you facing difficulties in gaining a competitive edge over other companies in your industry? If yes, our experts can help you identify where your company is lagging compared with your competitors. Request a FREE proposal today!

Business Challenge

The client is a medical device company based out of Central Europe. The company is well-known for manufacturing a wide range of healthcare devices. The client was losing ground to their competitors due to their inability to adapt to the latest market changes and demands. With this, the company faced a huge decline in their market position and this subsequently affected their sales rate. The client, therefore, approached Infiniti Research to leverage their expertise in offering competitive intelligence solution. With Infiniti’s competitive intelligence solution, they wanted to understand their competitors’ business strategies and needed to adapt faster to their initiatives.

With Infiniti’s competitive intelligence solution, the company in the medical device industry also wanted to:

  • Keep track of their key competitors’ and change their business strategies accordingly
  • Understand their competitors’ pricing strategies, product portfolio, and marketing activities
  • Minimize vulnerability to market risk and enhance performance

Solutions Offered and Value Delivered

The experts at Infiniti Research followed a three-phased approach to competitive intelligence. The initial phase involved conducting a thorough analysis of the European medical device industry. In the second phase of the engagement, the experts filtered out top medical device companies in Europe based on factors such as market share, market position, average sales rate per year, and profits. The third phase of the engagement involved comparing the performance of the client with these top medical device companies.

The insights obtained from Infiniti’s competitive intelligence solution helped the client to understand the initiatives and marketing approaches adopted by their competitors. Furthermore, by comparing the client’s business performance with the top competitors, the experts helped the client to understand their shortcomings and strengths in the market. This helped the company in the medical device industry to understand customers’ requirements regarding medical devices. This further helped them make changes in their product developments and marketing initiatives.

Furthermore, by identifying their strengths compared with other companies, they were able to utilize them to maximum advantage to boost profitability. With Infiniti’s competitive intelligence solution, the company in the medical device industry was able to surpass the competition in the European medical device industry. This helped them enhance their sales rate by 33%.

medical device industry

Still wondering how our competitive intelligence solution can help companies in the medical device industry to identify competitors’ initiatives and develop intelligent business strategies to gain a competitive edge in the market? CONTACT US today!

Top trends that will shape the medical device industry in 2019

Top trends that will shape the medical device industry in 2019

Request more information to gain more insights into our services for the medical device industry.

Want to gain more insights into the future of medical device industry? Read the article below.

Future of Medical Devices – Technological Advances in Healthcare

medical device packaging

Trend Watch: What’s New in Medical Device Packaging?

Medical device packaging is certainly not easy. Poor medical device packaging can result in a host of problems for both customers as well as medical device companies. It must be ensured that every package that holds a sterile medical device not only arrives at the hospital or clinic free of wear and tear or broken seals, the packaging must also ensure a longer shelf-life, possibly for years, without breaking down. Furthermore, following the packaging guidelines and strict regulatory standards of the FDA is another hurdle faced by companies in the medical device market.

Learn more about the opportunities, trends, and challenges in the medical device packaging market.

As a result of such increasing complexities, players in the medical device packaging market are looking at the latest innovations and trends that meet their requirements while adhering to the FDA regulations. Our experts in the medical device packaging industry have listed some of the top trends that are shaping the future of medical device packaging.

Medical device packaging trends 2019

Green designs

Involving a medical device packaging partner at the earlier stages of product development allows to create a packaging that is innovative, serves the purpose, and is highly sustainable. Designers of medical device packaging are formulating new ways to reduce the material and energy required. In addition, they are aiming to reduce the number of components required in the overall package. The advent of tools such as design and package integrity simulation allows medical device packaging providers to make a well-informed prediction at the concept stage about how design choices such as downgauging materials or reducing the overall footprint will have an impact on the performance of the package. This gives higher confidence and ensures greater efficiency before moving into the prototyping and manufacturing stages.

Is your business equipped to meet the dynamic market trends and challenges? We have helped several healthcare and pharma companies around the world to stay abreast of the changes in their market and formulate strategies to adapt. Submit an RFP o know how our tailor-made solutions can help your business.

Recycling programs

There is a growing awareness around the recovery and reuse of materials. Several medical device packaging companies and OEMs are working with healthcare providers and recyclers to recover and use existing plastics. Once the most sustainable materials are chosen, the end-users are informed on how to reuse and later recycle the packaging. Furthermore, research and evaluations are being continuously conducted around new medical device packaging innovation that can offer better sustainability benefits.

Efficient and cost-saving transportation

Companies can perfect their transportation strategies via simulation tools in order to lower energy and cost. Several players take advantages of software that helps to optimize planning, maximize load, and minimize costs. This allows manufacturers to prevent obstacles by learning the outcomes and solutions ahead of time. Companies commonly focus on sustainability through bulk freight shipments that reduce packaging, impact on the environment, and transport/inventory expenses. Moreover, medical device manufacturers are working with CMOs (contract manufacturing organizations) that provide end-to-end services. Choosing a medical devices packaging partner that can perform everything from design and development, to prototyping, to tool building to manufacturing under one roof means components don’t need to be transported between various phases of the process.

Learn more about Infiniti’s portfolio of services and know how our business intelligence solutions can help your business.

Market Intelligence

Medical Devices Competitor Analysis: An Infiniti Research Success Story

Competitor Analysis for Medical Device Manufacturers 

About the Client 

The client is a leading player in the US medical device industry. The company is well-known for developing innovative medical devices and drugs.

The Business Challenge                                         

Medical devices manufacturing companies are set to witness growth opportunities in emerging markets. Moreover, as the new standards and regulations are emerging, and healthcare dynamics are evolving, the medical devices companies are facing an increasingly competitive scenario. This challenging environment compels medical devices companies to reduce costs, streamline their operations, and innovate more quickly. Thus, it has become extremely difficult for traditional medical device companies to compete with other firms in their areas of specialization, in terms of cost, quality and capability.

Companies in the medical device industry are exploring ways to stay competitive in the market by distinguishing market disruptions, analyzing competitive activity, and developing intelligent business strategies.

Business Case: The rising number of medical devices manufacturing companies have drastically increased the level of competition in the market, making sustainability a key challenge for companies. Thus, the client wanted to devise a competitor analysis framework to develop robust marketing strategies that would help them gain a competitive advantage over other market players. Additionally, the medical devices manufacturer wanted to profile major competitors in the industry and understand their current marketing initiatives to make the required changes in their business plan.

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Top Challenges Faced by the Medical Devices Manufacturer 

Problem Statement 1

With the recent technological advancements in the medical device industry, the client was facing difficulties to propel their business forward. Hence, the medical devices manufacturer wanted to assess the performance and capabilities of their peer groups to make better business decisions.

Problem Statement 2

The medical devices company faced increasing demand to adapt to a fast-evolving marketplace by efficiently catering to the needs of the growing population.

Problem Statement 3

Medical devices manufacturer faced significant challenges in identifying long-term savings opportunities and areas for cost reduction to facilitate product design and development.

Problem Statement 4

They needed to achieve comprehensive insights into their competitors’ strengths and weaknesses to develop effective plans to become market leaders in the US region.

Mastering these challenges are easier than you think with Infiniti’s customized competitor analysis solutions. Want to know how? Request for more info!

Solutions Offered and Value Delivered 

To address the client’ challenges, our competitive intelligence experts developed a competitor analysis framework to measure competitiveness in the global landscape.

Phase 1: Identifying competitors within the medical devices sector

The initial phase of the competitor analysis solution involved conducting extensive researches to gain an understanding of the key competitors of the client.

Phase 2: Categorizing competitors

The second phase involved categorizing the key competitors of the medical devices firm based on competition –Their competitors were categorized into direct, indirect, and substitute competitors.

Phase 3: Analyzing competitors’ strengths and weaknesses

The next phase included analyzing common marketing patterns and the competitors’ strengths and weaknesses. This helped the medical devices firm to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed.

Phase 4: Devising a competitor analysis framework

By leveraging market information and data obtained from competitors, a competitor analysis framework was devised. This included the detailed company profiles, competitors list, their current activities and future industry developments.

With Infiniti’s competitor analysis, the medical devices firm was able to analyze competitors in terms of market penetration and product developments. This helped them gain a better picture of the current market space and build new business strategies. The medical devices company was also able to identify profitable markets and offer a differentiated set of products. Also, they dynamically fine-tuned their marketing efforts to gain a competitive advantage over their competitors.

Researching a new medical devices market segment? Our experts can help you understand the competitors' and market landscape. Request a FREE proposal!

 

Future of Medical Device Industry

The future of medical devices industry is largely influenced by technological advancements and opportunities that promise to revolutionize the operations of medical companies. The development of state-of-the-art medical devices and technologies has shown unparalleled growth and advancement in the healthcare industry. Furthermore, the emerging technologies in the industry space have revolutionized the way medical devices are formulated and manufactured to cater to the demands of the healthcare industry. Hence, companies in the medical devices industry are seeking to enhance product prototyping, minimize operation costs, and be responsive to product developments to stay competitive in the market.

Why Partner with Infiniti Research? 

With a team of highly skilled market research professionals, we offer customized solutions that will help medical devices companies to magnify their competitive advantage by improving their speed-to-market. Our solutions have been proven to deliver insight-driven outcomes at scale, to help businesses improve their business performance.

CONTACT US to know more about our services!

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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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.

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.


Know more about Infiniti’s market intelligence solutions for the medical device industry and how our solutions can help businesses in proactive decision-making.

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