In recent years, the medical device sector has experienced a rollercoaster of change, growth, and challenges. As the 6th Annual Digital Marketing for Medical Devices conference draws near, we at ARTEMIA thought we’d highlight a few important market developments, most notably in the realm of technology.
With the $390+ billion medical device market projected to grow steadily this year (driven increasingly by advancements in technology), exciting medical advances are expected to take place in 2017. As we enter the second quarter of the year, here are some trends to keep in mind to stay ahead of the curve.
The Rise of Wearables
Wearable technologies that track and monitor specific health cues are on the rise. According to Kalorama Information, the global wearables market reached a total value of over $13 billion dollars in 2016. While that’s an impressive figure, it’s a blip on the radar compared to the technological surge that industry leaders are expecting.
Current projections show that in 2017, the overall wearables market is due to undergo an average growth rate double that of the overall medical market. And while the wearable device market is still in its relative infancy, the top players are already carving out innovative new solutions aimed at improving slow, costly, and outdated processes.
According to Joel Goldsmith, a Senior Director of New Product Innovation at Abbott Laboratories, “The introduction of wearables as a category (plus the startups fueled by the growing awareness of mobile and consumer health technology) has changed the game. A lot of what we do looks more similar to a mobile app company than a traditional medical device company.”
Associated with the topic of wearables, recent trends show a boost in de-centralized medical care that coincides with the development and manufacture of at-home diagnostic products and devices.
As smaller and smarter technologies offer incredible advances in treatment with an added benefit of cost savings, the medical device industry (as well as a more tech-savvy populous) is more apt to incorporate smart devices year-on–year.
Many burgeoning companies like that of medical innovator, Biotricity, offer health and lifestyle solutions that monitor an array of health attributes including pulse/EKG, respiration rate, calories, temperature, glucose levels, blood pressure, hydration levels, brain activity, and more.
The benefit of these products and services is not just being seen by patients. According to Investing News, “Doctors are literally distancing themselves from patients, and are feeling more comfortable discharging patients from the hospital and monitoring them using take-home medical devices. The mobile revolution is just beginning, and it’s set to transform the entire healthcare field.”
Emerging Technologies: Virtual Reality, AI, and 3-D Printing
Like in so many other industries and market sectors, technology is driving innovation, improving accuracy, and testing the bounds of what is possible. PriceWaterhouseCoopers notes that “medical device OEM’s (both large and small) are investing in the testing and development of digital technologies like artificial intelligence, virtual reality, and drones.”
While the ROI is not yet viable for some of these new technological applications, companies are evaluating how they impact their business models, needs.
Additionally, 3D medical printing is commanding a larger presence each year. According to the US International Trade Administration, in 2017, 3D medical printing technology is expected play a larger role in the development of innovative new devices, including applications for surgical planning and biomaterials.
Taking all of the aforementioned technological advancements into account, the future of medical devices appears to be more accessible and cost effective for professionals and patients alike. What are your thoughts? We’d love to hear from you.
To share your thoughts about this blog, or to speak to us about full service global communications for your medical device or healthcare solution, please reach out.