2022 Medical Device Industry Outlook
2022 Medical Device Industry Outlook – Medical Coatings – Cheersonic
Future growth will depend on longer-term trend investments beyond the pandemic response. Diagnostic revenue from Covid-19 will decrease as the outbreak subsides. However, five key trends will reshape the industry and create new revenue opportunities, especially for medical technologists, who have the potential to drive the future of personalized, data-driven and flexible healthcare.
Below we describe these five key trends:
1. Patient-Centered Medicine
People-oriented, making care more accessible, convenient, and fully user-centric. This shift to patient-centred care has been anticipated by life sciences industry stakeholders over the past few years, however, the pandemic has limited the usual brick-and-mortar channels to deliver care, pushing patients and providers to move to more remote, flexible pattern (the fast-evolving telehealth visit being one of the key events), has accelerated this pace considerably. Remote care and personalized medicine are emerging as a new focus, and medical technology is well-positioned to drive this shift; sensors, telemonitoring, and connected devices that can provide remote personalized care will all be key tools for delivering healthcare beyond.
2. Data advantage
Leverage data and digital technologies to make products smarter and more connected. Another key issue with telemedicine is data capture and analysis for personalization. For years we have predicted that data will be a major advantage for medtech, but now there is more concrete evidence that businesses are embracing the approach. For example, the development of smart implants in orthopaedics (medical technology in this therapeutic area) has moved beyond the product itself and towards product data capture and data-driven personalization.
Data strategies can support evidence-based medicine, have the potential to improve care, and may even benefit medical device manufacturers.
3. Data-driven medical technology requires new regulations
Promote regulatory reforms to support the continued development of the industry. The pandemic has dramatically changed the regulatory landscape for medical technology, from emergency use authorizations to telehealth reimbursements to lower barriers to entry for digital therapeutics. This human-centred, data-driven approach is relatively new to medical technology, so new regulations are needed to support and enable it. There is now an opportunity for the industry to lock in these changes and explore some additional recommendations from the FDA and other regulators. These include product life-cycle assessment (which may be a necessary mechanism for successfully regulating “software for medical devices” (SaMD) – artificial intelligence algorithms) and an emphasis on cybersecurity, a necessary foundation for a future connected medical technology ecosystem.
The FDA is undergoing a digital transformation and developing regulations for digital health development.
4. Evaluate supply chains to better support people-centred healthcare
Confirm the resilience and flexibility of future supply chains. As with regulation, the outbreak has sparked intense scrutiny of the health sector supply chain, including medical technology. More regulatory intervention or oversight is widely predicted to increase the resilience and adequacy of supply chains. Additionally, medtech companies have an opportunity to rethink their supply chain approach; industry supply chains in many areas are suboptimal and will need to be redesigned if they want to achieve a more flexible, human-centered healthcare model. Regardless of the care setting, improving transparency and visibility across the supply chain all the way to the patient is critical. Therefore, the post-pandemic era presents an excellent opportunity to make this transition possible.
Contract manufacturers provide solutions to supply chain challenges and more.
5. Environmental, social and governance measures
Improve environmental, social and governance (ESG) measures. As with other trends, ESG measures have received increasing attention in recent years, but the pandemic has increased its focus. During the COVID-19 pandemic, survey data showed the public’s confidence in medtech and other life sciences companies. The industry is much appreciated for its work on the front lines of the pandemic, as well as building solid partnerships with policymakers and companies outside the industry. It’s also an excellent opportunity to lock in those gains and deliver on the ESG commitment that more consumers and investors are seeking. For example, some medical technologists are taking significant steps to mitigate the negative environmental impact of their supply chains, and in some cases even become carbon neutral. Businesses face increased scrutiny, so it is important for those working to improve human health to demonstrate that they are avoiding, as much as possible, environmental damage that negatively impacts global public health.
The good news is that manufacturers have ways to incorporate sustainability into their designs, processes and supply chains, and ways to reduce waste.
Article source: Medtec Medical Device Design and Manufacturing
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Cheersonic is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
