The innovation and variety of medical devices has hit all-time highs recently with 2016 medical device sales setting all types of records never witnessed before. The advent of new and developing technologies makes the future of the industry look hopeful and exciting. Industry experts predict that medical device technology sales will surpass the $500 billion mark by the year 2022. In order to reach this estimation, sales are estimated to grow 5.2 percent each year.
This unprecedented growth has been a result of several factors, some of which include the following:
We are Living Longer
As the baby boomer generation gets older there is a growing concern to meet the aging needs of a large senior population. With nearly 10 percent of people worldwide being above the age of 65, there is a need for medical devices that focus on prevent diseases and long-term illness. Whether it be wearable heart rate and health monitors or more advanced preventive software and testing, expect the increased senior population to be a driving force in the years to come.
Some wearable technologies monitor blood pressure, blood sugar and a variety of other health readings. As time and technology carries on the demand for these devices will continue to grow if the industry can continue to prove its preventive technologies are truly effective in making people live longer and healthier. However, up until now the technology of wearables have been geared solely towards young people. Expect the marketing focus to shift to older demographics. It’s an untapped market that can benefit from this growing technology. In 2016 $6.5 billion was spent on digital health technology startup companies.
Cybersecurity Still Lingers
With each new innovation comes the growing threat of cybersecurity. If industry professionals expect to have people invest personal details about themselves into these devices, then they must find ways to keep their data secure. Most data is being pushed towards cloud—based storage solutions which still lie vulnerable to cyber hacks. With this known fact medical device companies are expected to shift more focus to cyber security by placing a higher emphasis on keeping customers safe and preserving their trust.
On the economic side of developments, companies, as it stands now are forced to pay $200,000 under the Medical Device User Fee Agreement set forth by the federal government. Under a new presidency, a potential change in policy has the chance to dictate the pace of development of new products. If fees are waived or lowered in some way, companies will be more likely to take chances on new products. Medical device professionals are also hoping to improve relationships with FDA processing regulations. This administration has the ability to set the tone and directly influence the growth of the medical device market.
Medical device technology is creeping into the behavioral health arena and is expected to make significant process in the next several years. By working with the Collaborative Care Movement medical device managers are expecting to make significant progress in tools designed to diagnose and help patient self-treatment symptoms of depression, anxiety, stress disorder and other mental help symptoms. Couple this with advancements in artificial intelligence and the market’s potential can reach unprecedented heights. Large scale companies have been investing big in the development and further exploration of the capabilities of artificial intelligence. It continues to evolve and develop ways to extend advanced artificial intelligence into the medical device community. With this said, expect many companies to expand their product’s range by testing out different artificial intelligence capabilities in the coming years.
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