Future Of The Medical Device Industry And Technology Trends During The Digital Revolution – 2021
COVID-19 has led us towards a new era for telehealth and remote monitoring. The federal government made telehealth services easier to implement and access during the pandemic, by making optimum use of the technology. The growing trend toward digital technologies was already well on its way before COVID-19, but there have been drastic changes over the past nine months in the areas of telehealth, teleradiology, telepathology, and other remote workflows. It is vital for companies to embrace technology to deal with the changing environment while maintaining the high quality of standard of care expected of them.
COVID-19 AND HEALTHCARE
While the long-term effects of COVID-19 have introduced the world to a “new normal,” the greatest changes have been seen in healthcare. In the long term, it has forever shaped the future of healthcare delivery, while its immediate impact has been on medical technology — with emphasis on digital devices and a shift toward a more collaborative product development process. The health care system in the future will be consumer-centric, wellness-oriented, care everywhere, and digitally connected due to which healthcare stakeholders need to adopt more virtual and innovative health management tools and techniques to support patients at home.
While we acknowledge the adversities that the pandemic has caused in the world, we also recognize that it has raised growth opportunities to boost companies’ performance in this new normal. The growth in digital medical devices will only increase over the next five to ten years as the world becomes more connected and the potential to analyze all that data collected will provide better patient outcomes and hopefully, a healthier society. The medical device industry includes implants, instruments and equipment intended for therapeutics, monitoring and diagnostics.Home-use devices and testing tools are being viewed as critical to the provision of care, and as consumer confidence brings an appreciation for the convenience of these products, there will be a greater focus on their development.
COVID has accelerated efforts to bring diagnostic testing closer to the in-home user. There will continue to be a focus on making devices that perform with simplicity and that are both highly accessible and available to the consumer.
UPCOMING TRENDS THAT WILL TRANSFORM THE OUTLOOK OF THE MEDICAL DEVICE INDUSTRY
The purpose of medical devices is to provide medical services. In fact, they’re used for a wide variety of services throughout areas of healthcare to help address many of the challenges that the healthcare industry is facing. Some of the most commonly utilized medical devices include MRI machines, CT scanners, X-ray machines, LASIK surgical machines, infusion pumps, and PET scanners. The medical devices in hospitals, clinics, and other healthcare facilities are constantly changing. The objective is often to find better ways to identify, diagnose, and treat diseases in more efficient and effective ways. The following trends will transform the medical device industry outlook in 2021 :
INCREASING FOCUS ON CYBERSECURITY
As technology has advanced, so have the tactics of hackers. There is a new breed of cyberterrorism that’s daunting. It’s the reason why enhanced cybersecurity must be a priority in all areas of healthcare, including medical devices. There is an exchange of medical information between multiple stakeholders, such as manufacturers, healthcare providers, and suppliers. Robust security measures are required whenever data is exchanged through medical devices to mitigate breaches in security.
A current trend that’s accelerating is the use of robots in medicine. For instance, there is a surgical robot called the “da Vinci Surgical System” that’s currently used to assist in the operating room. It makes sense that this type of technology caters to a collaborative support role given the life or death situation that patients face. Because of the advancements in this area, medical robots are becoming more capable and able to perform procedures beyond standard programming. The types and extent of tasks performed are expected to increase. The COVID-19 pandemic is an opportunity for the Indian medical devices manufacturing industry and investments, and the Indian government is working to integrate more robotics into the industrial manufacturing process.
WEARABLE FITNESS TECH
Wearable fitness technology often referred to as “wearables,” started out simply by tracking the number of steps a person took each day. Now, this technology offers much more advanced data. There are many people who wear fitness technology and an even greater number that wants to wear it. The technology is used to help medical professionals optimize the quality of care provided to patients, and this trend will continue in 2021. For instance, doctors can monitor a patient’s blood pressure and heart rate. Even if a person doesn’t have a medical condition, wearables can be used to promote overall health and wellness.
GROWTH OF MEDICAL DEVICE MARKET IN INDIA
India is fast growing as the primary market for medical devices is outsourcing. The industry has seen unbelievable growth over the last decade and the current development trends indicate even greater potential in the coming years. Several joint ventures, agreements, and loan licensing procedures have impacted the market. The government has also taken several reforms to develop the market by regulating it to bring out more transparency and by allowing foreign investments in the industry.
The global size of the medical devices sector is predicted to reach US $400 billion this year. However, India being a key player in the global pharmaceuticals industry, of which medical devices is also a primary unit – has underperformed so far. However, various researches have predicted that the medical devices industry in India – comprising both large multinationals and small and medium enterprises (SMEs) will continue to grow and improve at an unprecedented scale. The current market size of the medical devices industry is estimated to be $11 billion but it’s predicted to take a significant leap in the next five years to reach $50 billion.