5 Medical Device Trends That Will Help (or Hurt) Growth
Trends influence — and in some cases, dictate — medical device software development.
Some medical device trends are obvious. Devices need to comply with regulations. They need to be safe for patients to use. And they need to be profitable to produce.
Other trends are common across many industries. For instance, technology is constantly advancing. And medical devices are, too.
Keeping up with all of these trends is critical to growth in the medical device industry.
If you keep up, your company will have more opportunity to grow and be successful. But if you fall behind, it will hurt your growth potential.
Which medical device trends are on developers’ minds? Get the report >
Changes in Medical Device Regulations
Medical device manufacturers are bound by compliance regulations. Without achieving compliance and getting certified, there’s no way to be successful.
But medical device regulations change — and often tighten. Proving compliance is an ongoing activity.
For global medical device developers, there are many regulations to meet:
- FDA regulations in the U.S.
- ISO regulations (especially ISO 13485) for international markets.
- EU Medical Device Regulations (MDR) — which will be changing in 2020.
Meeting regulations across the globe is a challenge. And many manufacturers are frustrated by medical device regulations.
Consumer demand for medical devices is on the rise. Aging populations and the rise of chronic diseases are playing a role in this increase in demand.
As a result, the medical device market is expected to grow 4.5 percent annually for the next five years. It will reach $409.5 billion by 2023.
With more consumer demand, there’s more opportunity to grow. But meeting this demand will require innovative medical devices. Your company will need to offer the best devices to capture consumer attention.
Find out what would it take to innovate in the medical device industry.
Medical Device Technology Trends
Technology is constantly advancing. Wearables, the Internet of Things, and artificial intelligence impact every industry. At the same time, the risk of cybersecurity threats is on everyone’s minds.
These technology trends impact medical device development, too.
Allowing medical devices to connect to other systems is important to both consumers and healthcare practitioners. Delivering medical devices that can connect to other devices (or systems) can help your business grow.
But it’s also important that patient data remains safe. A hack that impacts one of your devices would hurt your reputation.
Political shifts can have a big impact on medical device development. After all, governments pass laws that can impact development. For instance, tax laws have financial ramifications.
In the U.S., the medical device tax caused concern for many manufacturers while in effect (2013–2015). This tax has been paused since 2015 — and it looks like it will stay that way until 2020. But this pause is only a pause — it could change.
Understanding how political shifts will impact your bottom line is important. It will help you make smart decisions about medical device software development.
Mergers and Partnerships
Several medical device developers have merged in recent years. And it’s not a surprise. These mergers help companies grow their offerings.
Mergers and partnerships also help developers stay competitive and advance the industry. After all, it’s a tougher marketplace for medical devices. Innovation requires the funds to do research and development. And merging or partnering with another developer might improve your ability to innovate.
Find out how medical device developers stay competitive.
What Medical Device Developers Have to Say…
In the 2018 State of Medical Device Development report, you’ll learn about the top trends and challenges facing organizations today. And you’ll get a look into the future of medical device software development.