Medical Device Industry Trends
The new year will be full of changes in the medical device industry, so here is your chance to take a look at what to expect.
Demographics Will Change
The demand for medical devices will undoubtedly increase in the future as the life expectancy of the general population rises. In fact, over the course of the past 40 years, babies that were born in 1980 are expected to live 7 years less than babies born in more recent years. To put all of this simply, people born today will be alive longer and need medical assistance more than those who have come before them. This means there will be an ongoing need for medical devices to market as being more durable, longer-lasting, and more accurate than ever before.
Medtech Companies Are Developing Differently
Medtech companies are moving with the times as well and shifting within the industry. For example, while Johnson & Johnson has previously been listed as the top medical device companies by market share in the past, it has recently taken a step back to Medtronic after experiencing a few losses within the last year. One of those losses being the negative impact of the sale of Lifescan glucose monitoring.
Medical device manufacturing giant, Medtronic, now holds the number one spot due to making smart moves in cardiac and vascular sales. With minimally or non-invasive heart procedures on the rise, the cardiology industry is looking at a heavy increase in the use of things like medical balloons used for procedures and graft systems. The Ireland-based medical device company sees just over $30 billion in revenue annually, with a large focus of sales directed towards cardiology, but also operates sales in imaging, neurology, restorative therapies for the spine, brain, and nerves, and diabetes-related therapies.
Increased Interest in Neurology
On top of cardiovascular and vascular interest, a rise in concern for diseases centralized in the brain such as Parkinson’s and Alzheimer’s make neurology another upcoming trend within the medical device market. Neurological disorders stand as the second leading cause of death next to heart disease, which makes it no surprise that it is also expected to be one of the fastest-growing fields for medical devices. However, healthcare systems are currently experiencing a shortage of neurologists available for patients who need them.
Neurological diseases are the world’s biggest influences causing disabilities in individuals. As neurological diseases and related disabilities continue to affect the general public, the rise of those who need to rely on extensive medical care continues to advance as well.
Wellness Apps & Technology
The medical industry has experienced immense change over the course of time. Today, digital health and technology play a huge role in educating future physicians and treating patients with all kinds of ailments. Technology has inspired some amazing inventions for the health industry including smart devices that can track diet and exercise, monitor salt and sugar intake, count steps, and so much more.
Among other inventions is the latest gear from Apple—Apple Watch Series 4—which is able to act as an ECG through an app to detect symptoms of atrial fibrillation, better known as an irregular heartbeat. A second element of the latest smartwatch comes in the form of a notification that alerts the patient to let them know if it detects any at-risk activity. What makes this device reach truly unique standards is the two De Novos given by the FDA for these two features, making it an FDA-cleared Class II device.
Medical device industry trends are certain to continuously change. However, technology made available to the public for a more reasonable price is bound to grow as well when driven by tech giants such as Apple. This could change the way other device makers produce and plan out their fiscal year in the future.
For more information on how to maintain your facility’s medical devices, contact us at Gray & Green BioMedical Services. No time to call? Simply fill out our Contact Form, and let us get back to you regarding equipment inspections and repairs, building maintenance, and so much more. With our 24/7 availability, we can help offer exceptional convenience and customer service all in one place.