The sudden onslaught of the pandemic overshadowed the industry’s creative strides in medical technology. With the success of worldwide immunisation efforts and the relief that comes with falling infection rates, however, this field is once again gaining cultural significance.
Companies producing medical devices are eagerly exploring the cutting edge, limitless potential of the Internet of Things (IoT) technology, device connectivity, and data-driven enhancements, among other areas.
The combination of an ageing population, rising costs everywhere, and the push for data-driven productivity are intriguing. As a result, several professionals have made forecasts about future developments, such as privacy concerns and diagnostic wearables.
In 2022, I see these seven themes as the most important to keep an eye on.
- Growth and Expansion
My customers in the medical equipment industry all share a comparable experience: they were all adversely affected by the pandemic. Many healthcare providers and solutions were pushed to the edge of what was achievable, and the sector as a whole is still reeling from that.
However, this upheaval has sparked the development of novel strategies and tools (more on that below). Public Medtech valuations in the US and EU are projected to increase by 55% in 2021, contributing to an overall increase in revenue. After we recover from COVID-19, I anticipate this expansion will persist until 2022.
2. New Technologies
Companies producing medical devices are increasingly turning to AI to perform routine physical labour, freeing up staff to focus on more strategic, people-centric activities.
The collection, curation, and analysis of patient data continue to advance at an exponential rate, which has resulted in the introduction of novel services and tangible value.
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More patients will be able to get the care they need, and healthcare systems will be able to handle the influx of new patients without breaking a sweat thanks to the widespread adoption of software and artificial intelligence/machine learning. Surgical robots like da Vinci and HUGO are awaiting FDA approval in the United States.
Wearable technology will also play a major role in lowering healthcare costs for patients. Pregnancy, ovulation, and menstrual cycles are likely to follow the lead of a recent Mount Sinai study showing wearables can forecast illnesses including flu and COVID-19.
3. Using the Blockchain for Heightened Security
Offering data-driven services naturally necessitates a very high level of safety. All that private, sensitive, and potentially lucrative information must be safeguarded as it moves from beginning to end within these cutting-edge breakthroughs, raising the bar for cybersecurity in the medical device and medtech industries. The usage of blockchain technology is favoured since it is secure.
To record and verify bitcoin transactions, the industry relies heavily on blockchain technology, which is both complex and decentralised. With the use of private keys, sensitive data is encrypted but always readily accessible. For these reasons, blockchain technology is a promising new tool for improving healthcare devices.
4. Regulatory Framework Will Become Even More Important
There is a significant deal of responsibility that comes with technological advancements (including the cloud storage of private patient information). The stakes get higher, and so does the need for oversight from the appropriate regulatory agencies.
Artificial intelligence (AI) and the Internet of Things (IoT) will receive a lot of attention from boards throughout the world, and this indicates a significant opportunity for businesses to arm themselves with top-tier personnel that has a thorough awareness of the applicable legalities.
5. Improved Supply Chain Resilience
Supply chains are another area with room for development and improvement. The pandemic’s disruption has underlined the critical importance of future supply chain resilience.
As a result of the current asset-heavy nature of medical device businesses, there is likely to be a need for consolidation and the development of more accurate methods of forecasting. Mobility is essential for the future.
6. Addressing the Waste Problem
Businesses in the medical device sector are beginning to recognise that reducing waste and emissions is a competitive advantage in the talent marketplace.
Biodegradable packaging, materials, and maybe the incorporation of sterilising technology to facilitate recycling are expected to become a primary consideration for business leaders around the world. However, this is probably balanced by the cost of eradicating all germs and the risk of disease transmission.
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7. A New Approach To NED And Board Roles
There will be more of an emphasis on diversity and inclusion and environmental, social, and governance (ESG) in new non-executive director and board posts at medical device companies.
Bringing in this level of knowledge, experience, and competence will have a ripple effect throughout your organisation, helping you keep your best employees and attract top new talent.
Equip Your Organisation for The Future
There is still a definite need for innovation, even though we are still in the midst of the pandemic’s gloomy and foreboding forests. Your company requires top-notch people at the crossroads of science and technology if it is to succeed in the race to develop ground-breaking medical device products, solutions, and services.
I am able to assist you in filling non-executive director and board member positions with highly qualified individuals. Additionally, I can assist you in your search for a NED position.
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