Medical device industry trends for 2018 are reflective of the breakneck pace of discovery and innovation that’s arisen in the life sciences industry over the past few years. As manufacturers begin to actualize the benefits of big data and analytics, artificial intelligence, and new digital tools, the medical device industry faces a new wave of unprecedented opportunities for increased growth and market share.
Barely a few days into the new year and we’re already seeing changes in the industry. Most notably, the 2.3% medical device sales tax that’s been paused since 2015 will be in effect, pending no regulatory intervention. The long-term effects of this tax, combined with the newly-passed and massive tax overhaul, remain to be seen.
In this year’s medical device industry trends, we’re covering some of the most poignant and relevant trends impacting strategy and operations for medical device businesses particularly this year but also, for years to come, including:
UNIQUE DEVICE IDENTIFICATION
While some manufacturers have already addressed UDI regulations, the upcoming 2020 deadline will require nearly all manufacturers to define and execute a regulatory strategy now to meet the requirements in time.
In previous years, 3D printing capabilities have not advanced to a position for widespread use in the medical device industry. This year, however, with rapid innovation and advancement, the technology is poised to transform the ways medical devices are manufactured.
END-OF-LIFE AND PALLIATIVE CARE
With enormous advances in medicine and healthcare over the past few decades, the percentage of the world’s population over the age of 65 is increasing and will continue to increase for the foreseeable future. As such, medical device companies, particularly those focused on or offering end-of-life or palliative care products will see a growth in market opportunities. How do you take advantage of these new opportunities in a strategic and sustainable way?
VOLUME TO VALUE
A concept that has been dominating strategy discussions for years in pharma, the volume-to-value transformation is increasingly expected of medical device makers. The implications of this transition will impact the breadth of the business, starting with finances. How will this impact pricing strategy and reimbursements?
Digitally-connected medical devices afford physicians, caretakers, and medical personnel unparalleled access to a patient, enabling greater responsiveness and ultimately, better care. While the increase in data offers a new world of benefit, the inherent security issues give both patients and regulators cause for concern. How is your organization working to improve cybersecurity as more and more data takes to the cloud?
In 2016, the FDA started making headway in their oversight of digital health. With the release of the Digital Health Innovation Plan, the FDA made public their areas of focus and concern for the industry. As digitalized devices become more prevalent, navigating the regulations and leveraging the resulting data will become paramount to success for the modern medical device business.
Download our latest medical device industry trends report by downloading the PDF below. How is your business navigating these trends? Are there other trends impacting your business? Feel free to contact me using the contact information above to discuss this piece or anything else medical device.
Contributions by: Eric Gardner, Kaci Crawford, and Brandon Regnerus