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Medical device outsourcing

Weighing the Challenges and Benefits of Medical Device Outsourcing

Owing to constant cost pressures coupled with rising expectations to reduce time to market, medical device manufacturers are increasingly engaging in outsourcing their device manufacturing and assembly in full or partially. This creates room for medical device companies to focus more on their core competencies and also capitalize on opportunities for cost reduction and speed to market. But are these the only factors that companies must consider before committing to a medical device outsourcing partner? Experts at Infiniti Research believe that there is much more to evaluate and measure when it comes to medical device outsourcing, especially in terms of adhering to the required quality standards. From the common pitfalls to assessing an outsourcing partners’ vertical integration capabilities, this article encapsulates the core benefits and the many factors to consider before engaging in medical device outsourcing.

Not sure if your business is ready for manufacturing outsourcing? Let us help you evaluate and make sound investments to rise in agility and adaptability.

Medical device outsourcingBenefits of medical device outsourcing

Capitalize on resources

Medical device outsourcing facilitates OEMs to take advantage of the third-party resources without having to source and store them locally or train personnel. This will ultimately result in more cost-effective production. Countries including Taiwan, China, and Korea are top medical device manufacturers. Therefore, it is more viable for a US medical device company to outsource production operation entirely overseas rather than bringing in equipment to manufacture medical devices, both in terms of cost and maintaining quality standards.  

Focus on core activities

Relying on medical device outsourcing companies gives the opportunity to give more attention to other core activities such as R&D of new medical devices and marketing and promotion of existing products. By doing so, medical device companies can also eliminate challenges relating to recruiting and training new employees in the manufacturing process.

Better cost savings and service delivery

Improved cost savings and service delivery are the key features that have fueled the growth of the medical device outsourcing market over the last couple of years. By outsourcing to manufacturers who are solely focused on production, MedTech companies can ensure that their delivery schedules are met without having to worry about resource (human and materials) related issues.

This is just one side of the coin of medical device outsourcing. Let’s delve into some of the key challenges that companies face in the process of outsourcing.

Challenges of Medical device outsourcing

Data and information security

One of the most pressing challenges in outsourcing medical device manufacturing is the threat of loss of private information. In the medical device outsourcing process, it is vital to share technical proprietary information with the manufacturer, increasing the chances of losing private information. This adversity of such risks is more in the case of information being shared with manufacturers in international locations.

Choosing the right outsourcing partner could be challenging, unless you have a strong market intelligence partner to guide your outsourcing decisions. Connect with us to learn why we are the trusted market intelligence partner for 70+ Fortune 500 companies.

Reimbursement policies

The incessant pressure on medical device companies to reduce the product pricing coupled with cost reduction measures taken several market players are hampering the medical device market. Although there is a protuberant increase in healthcare expenditure, many healthcare providers are still reluctant to reimburse medical devices. If this situation prevails, it could affect the medical device outsourcing market at large.

Delay in contractual obligations 

Another major challenge faced by MedTech companies while outsourcing is the delay by manufacturers in meeting contractual obligations. As in most cases, medical device outsourcing is done with manufacturers overseas, there may be several communications gaps and challenges to getting work done faster within the expected time frame. Also, quality check in case of materials used and production process becomes difficult to monitor.

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Gaining Ground in China’s Medical Device Market

The developments in China’s medical device market is taking place at a breakneck speed. This makes the Chinese medical device sector a highly lucrative market that top medical device companies cannot afford to ignore. The medical device market in the region consists of several tiers, ranging from high-end to mass-market equipment. High-end equipment consists of the latest diagnostic and treatment technologies, which are usually contained only in imported products, while mass-market equipment incorporates older technology used for basic screening and treatment. The ongoing healthcare reform in China is expected to reform and reshape the market in fundamental ways. The medical device industry will largely be dominated by three significant changes over the next couple of years. This includes:

  • Rising importance of the midmarket
  • Growth of local companies
  • Revamping ways in which medical device products are sold

Although these changes will create huge opportunities for medical device companies, they also come with a set of challenges that could affect both MNCs and local players in the medical device market. In order to thrive, international medical device manufacturers must defend their leadership position at the premium end of the market against stronger local rivals while expanding their reach in the fast-growing midmarket. On the other hand, local companies in China’s medical device market must focus on developing the products, skills, and talent required to succeed at the upper end of the midmarket and some premium segments as well.

In this article, our healthcare industry experts reveal some key strategies to survive in China’s medical device market.

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Strategies for MNCs’ in China’s medical device market

Focus more on midmarket

To be in head to head competition with local medical device companies, it is vital for MNCs’ to capture share in the midmarket. To achieve this, companies must start by developing a mid-market portfolio that meets the demands of patients and healthcare providers in China. They can choose to opt for an organic new product development, joint ventures, or acquisitions. Furthermore, building a go-to-market model that is not only sufficient but is also highly efficient can also prove to be helpful. Making changes to the go-to-market model, manufacturing, and sourcing, with a focus to lower costs is paramount for winning in the midmarket.

Stronger skills and strategies in government affairs

Although some top medical device companies have established strong relationships with central and local government agencies in China, it is not so across the board. Stronger skills sets and well-defined strategies in government affairs is paramount to shape regulatory policies on product registration, pricing, and compliance.

The changing landscape in China’s medical device market will create immense opportunities for companies in the sector. Get in touch with our industry experts to gain detailed insights on how we have helped top companies across industries to improve their key capabilities and capitalize on the right opportunities.

Strategies for local companies in China’s medical device market

Make strategic investments

Companies in China’s local medical device market that want to establish their position in the middle and premium ends of the market must upgrade the quality of their existing products and emphasize on developing new and innovative offerings. Local players can also consider partnering with R&D centers or setting up joint ventures with MNCs’ in the medical device industry to gain access to advanced technologies.

Enhance skills and processes

Venturing into the premium products market will require local medical device companies to have a more sophisticated sales and marketing operation than the existing ones in place. The excessive reliance on distributors in many cases must be reduced, instead, direct relationships can be built with key accounts through their own salesforce.

Want to know more about venturing and investing into new markets? Learn more about how our market entry solutions can help your business.

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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.

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Navigating Through the Present and Future of Medical Device Industry: In Conversation with an Infiniti Research Thought Leader

Abhishek Kumar, Manager – Custom Research (Market and Competitive Intelligence) at Infiniti Research has over 7+ years of cumulative experience. He is a thought leader in strategy consulting, market intelligence, and competitive insights. He has extensively worked with Infiniti’s clients in the healthcare and medical devices domain, specifically on topics relating to market entry, market potential, and emerging opportunities assessment. 

The medical device industry is characterized by its heterogeneous, innovative, and dynamic nature. As digital technologies are majorly transforming the healthcare sector, a revolution is underway to disrupt the future of medical device industry. However, introducing a new medical device technology in the market can be highly complex, requiring a clear understanding of premarket preparation and approval to the Food and Drug Administration (FDA). Furthermore, with the advent of various micro and macro medical device industry trends including enhanced buying power of payers or providers, complex regulatory scrutiny, and the introduction of new healthcare delivery models, medical device manufacturers are now struggling to develop effective market entry strategies. The key to dealing with the dynamism of the medical device industry and thrive in the future of medical device industry is to become agile innovators.

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What are the market dynamics affecting the medical devices marketplace?

Abhishek: Several market dynamics affect the performance of companies in the medical device industry. Let me list out a few, which according to me, have the biggest impact on companies in the sector. The level of scrutiny in regulations is seen to be increasing with each passing year. This often restricts the full flight of medical device companies. Also, emerging delivery models or business models introduced by competitors make the marketplace even more complex. For companies in the medical device industry, changing patient preferences and the emergence of new markets can undoubtedly create attractive opportunities, but they give birth to new market challenges. The future of companies in the medical device industry will largely depend on their ability to engage in constant innovations.

Although these dynamics often differ from one segment to another, collectively they lay the foundation of every medical device company’s strategy. It’s a no-brainer that every healthcare company needs to be on top of these developments so that they can better participate in this ever-changing market space. However, in my opinion, the biggest challenge is that it is not particularly easy to control or even respond to most of these factors that I have just mentioned. At a macro level, it appears that new product development is the most common response across companies and regions to deal with the market changes. No wonder R&D and new product development are top strategic priorities for most companies. Although innovations have made the medical space interesting, it has also made it extremely crowded. Several technologies are now being touted as the next best thing to hit the market and make it big in the future of medical device industry, but we will have to wait and see which of them will hit the mark.

Medical device companies that adapt to new market innovations will find enormous opportunities to grow and thrive. RFP to know how Infiniti’s solutions can help your business stay updated with the latest market trends and identify market opportunities before it’s too late!

Is it important for medical device manufacturers to track emerging technologies?

Abhishek: Absolutely. I think it is vital for forward-thinking medical device companies to keep a keen watch on the developments in the sector. Tracking new or emerging technologies can aid in decision-making relating to organic expansion of existing markets, opening up of new markets, and can even help you identify M&A opportunities. Sometimes, promoters of smaller companies are often looking for cash outs because they lack the setup needed for blockbuster success. On the other hand, sometimes large companies own important innovations but in the areas that are not really important for them. Competitors are often on the hunt to grab such opportunities and the first mover wins. So, it is important to keep track of emerging technologies in the medical devices industry. It is also a fantastic way to identify adjacent categories in the market where you can operate and even supplement the current product lines. Moreover, analyzing emerging technologies can open up a completely new market where you are not present right now.

Many companies in the medical device industry rely heavily on market research reports to study an innovative technology in the market. How reliable is it as a source of data and decision-making?

Abhishek: As rightly pointed out, most companies tend to rely on published information, market research reports or internal market intelligence data to gather information on new products or technologies in the medical device industry.

There is nothing wrong in this approach, but mostly, the information attained through these sources can prove to be insufficient and misleading. Often published resources are voiced out to what the technology owner chooses to publish outside mandatory filing. Here, the information is often scattered in bits and pieces and insufficient to deliver a complete picture. Furthermore, this data often fails to provide a country level data distillation. A common misconception is that market research reports cover all the info relating to most of the tech innovations but if u dig slightly deeper, it appears that quality of data is sometimes questionable. As we are part of the market research industry, we are aware that a lot of these reports are an outcome of market models that aim to cover several things at the same time.

Get in touch with our experts to know how we help the C-suite to keep track of emerging opportunities and secure additional revenue growth for their business.

webinar (2)In that case, what is the best way to study the market for a new technology in the medical device industry?

Abhishek: When starting the study of the market for an innovative technology that has the potential to disrupt the future of the medical device industry, the very first step should be to understand the lifecycle stage of the technology. It could be a very new technology that has been just been commercialized, or a more mature but recent technology which off late has started seeing some tailwinds. This categorization is important to plan the analysis, methodology, and information sources. It also helps understand the different variables that need to be studied, the kind of questions that need to be answered, and several more other areas. In the case of a new product that has only been partially commercialized, real data that has been reported in public or private domains must be collected. This data can be in the form of patient/disease data from public registries, data from physicians’ practices, or even microdata published by global health ministries. Inputs from MedTech companies can also be collected to get supply-side information.

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How Medical Device Manufacturers Can Improve Product Quality

The medical device industry continues to innovate aggressively and record stronger growth with each passing year. The key growth enablers for medical device manufacturers include the underlying demographics and the innovation and expansion in clinical applications of medical devices. Against this backdrop, it has become more important than ever before for medical device manufacturers to ensure improved quality in the design, manufacture, and distribution of devices. Furthermore, the rising regulatory compliance requirements imposed by FDA is further putting pressure of companies in the medical device market to prevent themselves from the risks of non-compliance.

Why quality compliance is paramount for medical device manufacturers

As a single error caused by a medical device can have severe consequences not only for the patient but also for stakeholders of the medical device company. One major quality related issue can significantly reduce the share price of medical device manufacturers. As most medical device manufacturers are aware of this risk, they give increased emphasis on quality.

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Improving quality can bring costs down significantly for medical device manufacturers. Request a free proposal to know how Infiniti’s experts in the medical device industry can help you identify and curtail both direct and indirect cost that you may incur.

How to ensure medical device quality

Some recent high-profile device failures have led to major product recalls that are costly and impact significantly patient care. To avoid such mishaps medical device manufacturers can undertake some of the following strategies to ensure and maintain medical device quality:

Quality assurance through regulations

Since there is increasing focus being given to value-based patient care, regulatory bodies have tightened the compliance requirements to increase transparency and ensure medical device quality and efficacy. There is also intensified compliance requirements for post-market surveillance, device submissions, quality systems, cyber security directives. With such stricter norms and greater emphasis being given to patient safety, medical device manufacturers must establish processes to achieve compliance through device identification, clinical data collation, and labeling improvements. Using a unique device identification (UDI) system backed by a centralized database will promote the traceability of each device and in turn maintain quality standards.

Maintaining quality is not the only challenge faced by medical device manufacturers. Get in touch with our experts to gain an overview of how our solutions can help you identify challenges that are most likely to affect your organization and strategize an action plan to overcome them.

Creating culture of quality in the organization

Quality begins with every employee in a medical device company and includes every process and procedure ranging from development to delivery. This involves implementing robust quality standard processes across the business. By Improving quality across operations and establishing a comprehensive control mechanism, encompassing people, process, product, and assets, medical device manufacturers can cultivate a culture of quality.

Embracing quality management best practices

The need to curtail losses due to device failure and to comply with government mandates, medical device manufacturers must give more focus on quality management. The help of innovative technologies can be used to develop high-quality products. This includes additive manufacturing for producing customized implants, lasers to facilitate precision manufacturing, micro molding of silicone to manufacture accurate minimally-invasive surgical devices, and low-friction fluoropolymer coatings to efficiently lubricate the guide wire that is used in cardio-vascular surgeries. Furthermore, a risk-based approach would be more effective in ensuring design and manufacturing accuracy for life-critical machines. For instance, in blood line tubing, higher control over cooling water temperatures after extrusion is required compared to PVC tubing to reduced low microscopic defects.

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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.

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Debunking Three Common Myths About Medical Device Packaging

The lifecycle of launching a new medical device into the market includes a significant number of milestones that can either facilitate or hinder the launch date of the product. One of these milestones that has a critical impact on the time-to-market strategy is medical device packaging. Although it may seem that medical device packaging is the last thing on the mind of manufacturers, this is not the case. Packaging is a highly crucial element of the final output of medical devices. This is largely because the packaging not only ensures that the medical device is protected from any external damage, but it also plays a vital role in upholding the quality standard of the product till the time they are put to use.

In this article, we put some common misconceptions about medical device packaging to rest and also explain the key best practices involved in an ideal medical device packaging.

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Medical device packaging only needs to be tested once

If a particular medical device packaging pouch or box is already in use, there are chances that you tend to ignore testing this packaging again. Although it might be possible to leverage the previous testing results partly, it is important to re-perform these tests. This is because there is more to testing medical device packaging than merely testing whether the pouch seals meet a minimum peel strength requirement.  It is also vital to test the chances of the device puncturing the pouch or whether the packaging can damage the medical device. In addition, while undertaking transit testing, if your device is sterile, it must be proved that the device packaging will maintain sterility for the shelf-life of the device.

Medical device packaging is easy

It is a common misconception that medical device packaging is easy and does not require a lot of thought. But the truth is, if medical device companies wait till the end to decide on their packaging strategy, chances are that their time-to-market is going to be delayed. Medical device manufacturers must understand that packaging it is critical to keep the device sterile and functional, and packaging plays the most important role here. The first design drafted for the medical device packaging might not pass testing or may be cost-prohibitive. It may require several complex iterations.

Medical device packaging decisions can wait until the end

It is a common misconception that since packaging is one of the last stages before launching the product, the decisions relating to packaging can wait till the end. However, as mentioned earlier, medical device packaging decisions might not be as easy as you expect it to be. Pushing these decisions to the last minute could delay the product launch. Furthermore, for the US as well as the European market it is imperative for medical device packaging to adhere to ISO 11607-1 and ISO 11607-2 standards.

Facing difficulties in identifying a good packaging strategy and meeting packaging standards in the industry? Request a free proposal to know how our solutions can help you solve such roadblocks.

Medical device packaging best practices

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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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3 Key Medical Device Reimbursement Challenges Manufacturers face Globally

Medical device reimbursement is the payment made by a third party private or public insurer to a health care provider in exchange for the costs or payments incurred by the provider for performing the required procedure or using a medical device. There are three goals for any medical device reimbursement strategy, universal coverage from all insurers in all patient care settings, adequate physician and institutional reimbursement, and unambiguous coding. Reimbursement is the primary issue on every investor’s mind, and it is one of the first things healthcare companies think about when developing new products or medical devices. If the coverage under medical device reimbursement has no certainties, it becomes very difficult for companies to analyze the return on investment. This obstructs venture funding and also limits innovation. Consequently, it pulls back the patients from leveraging the benefits of advanced and new technologies. Thus, medical device reimbursement and coverage of payers play a very important role in making or breaking a medical device. There are several challenges associated with medical device reimbursement for manufacturers, which varies from countries to countries. In this article, we hGet More Infoave listed down some of the most common challenges that every manufacturer faces in medical device reimbursement. Also, we have suggested a few solutions to deal with those challenges.

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Future of Medical Devices – Technological Advances in Healthcare

With the rapid pace of technological advancements in the healthcare industry, the future of medical devices looks promising.

The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are allAsk an analyst signs of the gradual shift from traditional methods to smart medical devices. The future of medical devices is influenced by technological trends and opportunities that promise to revolutionize the operations of the healthcare providers and the medical technology companies. The medical device market space is driven by innovation, and the development of state-of-the-art medical devices and technologies has shown an unparalleled growth and advancement in the healthcare services industry.

The Future of Medical Devices Impacted by the Changing Market Dynamics

A medical device is an apparatus that helps prevent, diagnose, detect, restore, or treat diseases. According to our specialists, the future of medical devices is affected and influenced by the ever-changing market dynamics and other factors such as innovation, growth of emerging markets, advent of new business models, evolving healthcare delivery models, health information technology (HIT), and rapidly changing regulations and compliance standards.

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Today, the medical device market is driven by innovation, which has coerced the medical device manufacturers to invest in research and development. As a result, the medical device manufacturing companies are contemplating new business models and market expansion strategies in emerging markets such as the APAC, Africa, and LATAM. With the technological advancements and revolutionary changes in the medical device market, manufacturers and healthcare service providers have started offering personalized patient care and access to complete end-to-end medical device products and services. Med-tech companies are also focusing on new medical device development and are expected to invest a significant amount of the organization’s revenue on research and development. However, the future of medical devices looks interesting but crowded as manufacturers and med-tech companies are launching several new technologies and products.

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Medical Device Manufacturers and Emerging Technologies

Medical device manufacturers are seeking to develop and enhance product prototyping, minimize operation costs, and be responsive to product developments and latest market trends. Emerging technologies in the medical device space have revolutionized the way surgical tools and medical equipment is formulated, improved, and manufactured to cater to the demands of the healthcare service industry. Why should medical device manufacturers track the development of emerging technologies, you ask? Here’s why:

  • By tracking the development of emerging technologies, med-device manufacturers can enhance existing product lines or create adjacent product categories, thereby offsetting the potential impact on existing product lines and categoriesmedical device manufacturers
  • Targeting new markets is the future of medical devices and manufacturing that allows companies to expand market and devise market entry strategies for emerging markets. A medical device manufacturer can either enter a new product category or a new region. Companies can leverage the benefits of low-cost country sourcing and manufacturing, thereby reducing operational costs and providing the highest quality products at the best possible price
  • The emerging technology market space has witnessed a surge in M&A activities over the past years. Med-tech companies are participating in mergers and acquisitions to gain market shares and acquire patented medical technology. This allows companies to gain the first mover advantage and operate in new areas.

Emerging medical device technologies are driven by the internet of things (IoT) and are equipped with wireless communication technologies such as the Bluetooth and internet connectivity to facilitate machine-to-machine communication. Interconnectivity between these tools and equipment with cloud-based platforms that capture, store, and analyze patient data and health information is the next step in the future of medical devices. These systems will enable remote patient monitoring, tracking of previous medical prescriptions and patient locations, monitoring patient progress, and providing access to caregivers.

Tracking The Potential of Emerging Technologies

To stay ahead in the market, it is essential for med-tech companies to track the potential of emerging technologies at an early stage. Traditionally, medical device companies relied on internal intelligence and syndicated research reports that provide insufficient data, invalid assumption, and offer findings that often misleads the organization. Besides these, companies scan the web and media such as magazines, trade journals, industry published reports and brochures that provide limited, outdated, and biased information. Organizations who follow the traditional way of assessing emerging technologies and their potential face the following three issues,

future of medical devices

Assessing The Future of Medical Devices, The Infiniti Way

Infiniti’s team of expert analysts understand the shortfalls of the traditional method of assessing the potential of emerging technologies and present new market models that are fine-tuned to track the latest developments and emerging technologies in the medical device market space. The Infiniti market assessment model categorizes product into three categories namely very new, moderately new, and existing products. The process entails extracting real time data, building realistic market models, and validating the models, framework, and assumption with physicians, patients and others in the med-tech industry to provide accurate and relevant actionable insights.

future of medical devices

We assist healthcare service providers and med-tech companies by providing actionable insights that help them in strategic decision making and assess the future of medical devices. These insights enable the companies to answer the following questions,

future of medical devices

 

Read this success story to know how our competitive intelligence solution will help companies in the medical device industry.

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

 

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