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.
The medical device value chain is rapidly evolving:
- Medical device technologies offer a huge opportunity to reinvent traditional business and operations models by better leveraging business intelligence, creating value beyond the utility of a device, and creating a potent means to invest in life-saving medical innovations.
- Repivot to position your healthcare organization to take advantage of the opportunities of the future and emerging market opportunities coming about through today’s rapid digital transformation.
- 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.
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 article learn more about 10 key medical device technology trends transforming patient care in 2023.
10 Key Medical Device Technology Trends Transforming Patient Care in 2023
- WearablesElectrical engineering advancement in the area of circuit miniaturization is allowing companies to place heart rate monitors, biopatches, smart glasses, and other remote monitoring devices into wearable solutions whether as actual pieces of clothing, specialized equipment, or consumer products.These devices provide an important touch point linking patients with the medical internet of things and provider networks in the community health matrix. Wearable technologies also play a leading role in ensuring that patients’ real-time health data is consistently being shared with their physicians.
- Medical RobotsThe 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.
- Immersive TechnologiesVirtual 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 MedTech solutions.
- 3D Printing
One of the most exciting areas of medical device technology innovation is in the area of using 3D printing 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 interesting areas of the evolution of medical device technologies is the area of 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 medical internet of things.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
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.AI is also playing a critical role in driving automation and ensuring that operations are carried out as efficiently as they can be. - Cybersecurity
Healthcare decision-makers have been forced to make cybersecurity 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 smarter 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, composable, and reusable solutions ahead of single-use applications. - 5G
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.
Deliver the Medical Innovation Solutions of Tomorrow: Our Team Can Help
All around the world, medical device manufacturers are working to deliver the medical innovations of tomorrow through smart and considered investments today. Asahi Technologies is proud to be a custom healthcare software development partner passionate about helping the world’s most advanced medical providers deliver life-saving medical interventions.
Ready to discuss a custom healthcare project? Our healthcare technology solution architects are standing by and looking forward to hearing from you.
