The introduction of advanced technology in the medical device industry has revolutionized and improved health care services globally. With health information technology (HIT) playing a key role in the developments, manufacturers have started developing new and innovative medical equipment, surgical tools, and innovative devices. The medical device industry itself is a highly competitive and complex market space with never-ending regulatory compliances, minimum entry-exit barriers, and several players striving to retain their market share. In order to overcome such challenges, the manufacturers must stay abreast of the latest trends and recent developments.
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#Trending Now: What’s New in The Medical Device Industry?
Recent developments are set to transform the current market scenario in the medical device industry. Such developments can be attributed to the sudden surge in the demand for medical devices and surgical equipment from emerging countries such as India and China as compared to the demand from developed markets such as Europe and the US. As the global healthcare industry has shifted its focus from diagnosis to prevention, manufacturers have directed their efforts and monetary resources towards inventing solutions and products that facilitate home care/ remote monitoring, provide patient access, and promote telehealth, and mobile health services. Infiniti’s industry analysts have identified four major trends that are revolutionizing the medical industry, which is as follows:
Increasing Mergers and Acquisitions in the medical device manufacturing landscape by prime OEMs to boost growth and drive profitability.
The rising popularity of wearable devices such as fitness trackers and glucose monitors all across the globe is projected to impact healthcare revenue positively. Request a free proposal to learn more about the top trends impacting growth in the medical device industry.
With recent cyber-attacks and security threats, medical device manufacturers must put a higher emphasis on ensuring cyber-security as the devices are connected to the cloud and are prone to hacking and data theft.
The latest trend in additive manufacturing, more commonly referred to as 3D printing, has forayed into the medical device industry, as manufacturers are exploring the role of 3D medical printing, developing new and innovative devices, and its role in biomaterials and surgical planning.
But in this fast-paced world how do we equip ourselves and adapt to the latest trends, you ask? The answer may seem complex but is very simple; manufacturers must leverage market intelligence and competitive intelligence solutions that offer actionable insights to facilitate strategic decision-making and positively impact the organizational bottom line.
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