The medical device value chain is evolving rapidly
The medical device technology industry is experiencing a period of optimism and rapid expansion—global annual sales are expected to exceed 5% growth year over year to reach a value of $800 billion by 2030. All across the globe, medical device manufacturers are leveraging the world’s most advanced technologies to transform the way patients and providers connect with the digital health ecosystem. Here is why:
- Medical device technologies area huge opportunity to reinvent traditional business and operations models by leveraging business intelligence, creating value beyond the utility of a device, and creating a potent means to invest in life-saving medical innovations.
- Medical device technologies allow you to pivot to reposition your healthcare organization to take advantage of the opportunities of the future and emerging market opportunities through today’s rapid digital transformation.
- You can reconfigure your organization to take on a greater piece of the pie by offering more comprehensive solutions for patients and their providers (B2C) as well as seeking to vertically integrate them into community health networks, payment systems (B2B), and government programs (B2G) with digital services perfectly complimenting your hardware devices.
Medical innovations need better supply chain management
All around the world, medical device manufacturers are working to deliver the medical innovations of tomorrow through smart and considered investments today. To overcome supply chain challenges that sent ripples across the healthcare industry in recent years, medical device technology firms are focused on:
- Multi-sourcing at the component level: While many medical manufacturers believe single-source components reduce manufacturing complexity, that doesn’t always hold when critical supply chains are disrupted.
- Reshoring and nearshoring: Medical device producers are forced to have much deeper visibility into their supply chains to be able to counter the new normal of uncertainty.
- Design for supply chain: Medical device manufacturers have learned the hard way just how critical it is to ensure stable supply chains of mission-critical components. That means the best executions down the line hinge on strategic designs today that consider the way supply chain dynamics can shape medical device success.
In this blog, learn more about the 10 medical device technology trends transforming patient care in 2023.
Top medical device technology trends
Electrical engineering advancement in the area of circuit miniaturization is allowing companies to place heart rate monitors, bio-patches, smart glasses, and other remote monitoring devices into wearable solutions, be they actual pieces of clothing, specialized equipment, or consumer products. These devices equipped with healthcare mobile applications provide an essential touch point linking patients with the medical internet of things and provider networks in the community health matrix. Wearable app development also plays a leading role in ensuring that patients’ real-time health data is consistently being shared with their physicians.
The usage of medical robots can refer to both smart process automation solutions as well as robot-assisted hardware solutions. As an example, consider laparoscopic surgical tools that lead to smaller incisions, reduced patient blood loss, and quicker recovery times thanks to increased efficiency. Hospital systems are deploying micro and nanobot treatments to deliver laser-focused medical interventions on the cutting edge of innovative possibility.
Virtual reality, extended reality, and augmented reality solutions are examples of immersive technologies that are transforming the way physicians interpret medical data to uncover new insights about their patients. Immersive technologies extend the reach of human senses to deliver a more robust foundation for evidence-based decision-making. On the cutting edge of medical innovation, physicians are partnering with healthcare software development companies to uncover the true value of immersive med-tech solutions.
One of the most exciting areas of medical device technology innovation is in the area of 3D printing. It is used to better integrate medical devices into patients using anatomical and pathological structures built on human design principles. Right now, many new types of implantable medical devices are being tested that can be custom-created as needed by surgical teams using additive manufacturing processes.
Internet of medical things
One of the most exciting areas of the evolution of medical device technologies is the internet of medical things (MIoT). Soon, data will flow directly from sensors around a patient’s home, clothing, and other consumer products directly into hardware linked to the MIoT. Being able to move vast amounts of data in real-time will lead to major cost savings and much more accurate and laser-focused medical diagnoses.
Artificial intelligence is empowering more robust data sharing and analysis than has ever been possible before. As technology advances, providers can employ predictive and prescriptive analytics, accelerate medical diagnosis, and empower smarter and more surgical medical interventions. It is also playing a critical role in driving AI-enabled automation and ensuring that operations are carried out as efficiently as they can be.
Healthcare decision-makers have been forced to make cyber security a front-of-mind concern due to the immense firepower being directed against the industry from adversarial groups. Maintaining HIPAA compliance and protecting against the negative fallout of data breaches are forcing medical device manufacturers to work closely to enhance security protocols to protect organizational data.
Minimally invasive devices
The wave of minimally invasive procedures, processes, and devices has come about seeking to make smaller incisions, less trauma for patients, and speedier recovery times thanks to delivering more focused and precise medical interventions. From laser-guided robotics to nanotechnology drug delivery systems, many researchers are focused on delivering next-generation medical device technologies that are minimally invasive but maximally effective.
Medical waste management
The increased use of specialized medical device technologies in care environments has dramatically increased the need for extra smart medical waste management solutions both at the infrastructure level of planning new facilities as well as through the way different components are used and processed through medical supply chains. As healthcare organizations continue to embrace environmental social and governance (ESG) standards, there will be increased investment in sustainable solutions to counter the age-old problems of managing medical waste and seeking to implement more recyclable, compostable, and reusable solutions ahead of single-use applications.
One of the most important innovative technologies driving the future of medical device technology in 2023 and beyond is the use of 5G. Advances in 5G are allowing the medical internet of things to connect more reliably across the full range of connected solutions. Increases in processing power and the ability to transmit higher-resolution images are leading to measurable improvements that are saving lives and helping healthcare providers reduce costs.
Value creation needs strategies to overcome challenges
The development of software plays a crucial role in the use of the latest medical device technologies. The market space in this segment is turning increasingly competitive, exerting pressure on prices. Unless companies constantly innovate to differentiate their products, market access will be denied. New standards are being set while regulations are constantly evolving, and there is a need to stay abreast of changes.
Software helps in monitoring health, capturing data, and remotely diagnosing patients. It also allows interoperability, sets standards, and promotes preventative practices in addition to compliance.
To leverage the technologies completely, the healthcare industry has to shift from a transaction-based approach to a value-creating proposition while tackling challenges. The infographic below illustrates the challenges faced by the industry.
A value-based approach to medical device technologies can overcome challenges
Deliver next-generation medical device technologies
Rapid digital transformation is transforming the entire healthcare and medical practice landscape. Healthcare enterprises are securing their positions by completing strategic investments to deliver next-generation medical device technologies to their patients and providers.
Staying ahead of the competition means integrating the right mix of software and hardware integrations to drive your organization’s modern healthcare technology stack.