Read our updated trends report here: 2023 Medical Device Industry Trends
The medical device industry continues to face challenges presented during the coronavirus pandemic. While fighting to overcome these hurdles, the industry is seeing revolutionary trends emerge. The industry is still combating supply chain challenges, like raw material shortages and transport delays. While working to increase supply chain resilience, the ageing of the U.S. population is shaping and accelerating at-home care devices. Accessibility and product diversity is essential, along with personalized medicine. Wearables, specifically, heavily saturate the market as a must-have in healthcare. Along with wearables, new and innovative technology consumes the industry. From artificial intelligence (AI) to virtual reality (VR) devices, medical professionals are taking steps to advance their methods and treatment. As digitalization expands, the medical device industry must place a greater focus on risk management, cybersecurity, and data privacy to protect its consumers. Looking at these trends, the medical device industry will evolve immensely in the coming year.
2022 Medical Device Industry Trends
Here are five medical device industry trends that companies should be aware of in 2022:
#1: Supply Chain Challenges
The novel coronavirus pandemic has disrupted the supply chain across all industries and sectors, with the medical device industry hit especially hard. The medical device industry fought to combat transportation delays, limited inventory, labor shortages, and more. Supply chain resilience and agility have been essential to overcome these hurdles. To combat medical device shortages, the Food and Drug Administration announced a $21.6 million budget for 2022 as part of its Resilient Supply Chain and Shortages Prevention Program. The program will not only provide resources for the industry but will work to strengthen the overall supply chain.
#2: Demographic Changes
The continued ageing of the U.S. population, coupled with increasing life expectancy, is on an upward trajectory. On a global scale, the United Nations predicts that the global elderly population will reach 2.15 million by 2080. The rising age of the global population is shaping the medical device industry, especially when it comes to at-home care. The at-home medical device market is expected to grow, and to meet the needs of ageing consumers, the medical device industry must expand its products and reach.
#3: A Greater Focus on Personalized Medicine
Personalized medicine, with a focus on wearables, enables medical professionals to better understand different medical conditions. Access to constant and advanced patient data allows medical professionals to optimize quality, with this deeper understanding leading to faster, more effective, and even preventative treatment options. New and innovative features across wearable devices arise each year, leading to higher consumer expectations, such as greater accessibility and ease in medical device products. Wearables, such as health trackers and remote patient monitoring devices, will be a must-have in healthcare delivery. According to Juniper Research, there is a projected annual spend of $20 billion on these gadgets by 2023. This rise in spending would also support the linkage of content to probable personalized medicine trends in other life sciences industries. Continue reading by downloading the full report below …
Read last year’s Medical Device Industry Trends Report here.
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Contributions by Rachel Ruth