To stay on the edge of innovation, today’s medical device manufacturers must stay up to date on emerging trends and technologies.
FREMONT, CA: Medical devices are used for the purpose of providing improved medical services. The medical devices in healthcare facilities are constantly evolving. The goal is often to find better ways to identify, diagnose, and treat diseases in methods that are more efficient. In recent years, medical device manufacturing is witnessing a torrent of technological advancements, regulatory disruption, and emerging market opportunities. Here is more about the trends that are driving the industry forward.
• Wearable Technology Innovations
Wearable technology started out simply by tracking the steps a person took each day. Now, this technology offers more advanced data. There are many people that wear fitness technology and an even greater number that wants to use it. The technology is used to help medical professionals optimize the quality of care, and this trend will continue in 2020. For instance, doctors can monitor a patient’s blood pressure and heart rate. Also, wearables can be used to promote overall health and wellness.
• Increased Reliance on Contract Manufacturing Organizations
Due to rising concerns about diseases, higher life expectancies, and expanding markets, the requirement for medical devices is spiking. But the higher manufacturing costs, coupled with the technical and regulatory nature of the complex device, means that more medtech companies are turning to outsourcing. Analysts say that the need for contract manufacturing organizations (CMOs) will continue to grow between 2019-2030. Recent studies showed that 91% of life sciences industries plan to increase their use of CMOs.
• Personalized Healthcare Through Additive Manufacturing
Additive manufacturing, also known as 3D printing, is now a permanent part of the healthcare industry. A market analysis estimates that close to 3.2 million 3D-printed medical implants may be in use throughout the world by 2026. The expanded accessibility of additive manufacturing means medical device companies have a multitude of opportunities to tap into for growth and expansion.
The opportunities unlocked by 3D printers go beyond the manufacturing and delivery of customized medicines. This sector is now set for accelerated growth, reaching $278 million in 2020 and $522 million in 2030.