As global vaccinations continue, restrictions lift, and masks no longer remain mandatory, we can finally see the light at the end of the COVID-19 tunnel. Consequently, COVID-19 affected nearly every industry, including the medical device industry, which experienced mass declines in procedural and sales volume. But, as everything starts to look up, many find themselves daydreaming about what the future has in store. In an optimistic attempt to highlight what is to come, we have rounded up some of the top trends transforming the medical device industry for healthcare leaders to consider over the next few years.
3D printing is a rapidly evolving technology becoming a part of the digital workflow in many laboratories and healthcare settings. Fundamentally, 3D printing is a form of additive manufacturing. Photopolymers are built up layer-by-layer and cured by light to produce a final product. Additive manufacturing provides advantages in a variety of settings. First of all, waste significantly decreases through this method in comparison to other methods. Additionally, 3D printing systems produce a variety of products in large quantities and at low material costs.
Currently, 3D printing is revolutionizing the global dental industry. Significant innovations in materials, technology, and digital workflows have allowed dental 3D printing to become an increasingly viable solution for a wide variety of challenges within the dental space. Over the next six years, iData’s analysts predict that 3D printing will continue to grow and increase in popularity. Who’s to say that this technology won’t spread into other markets?
Another significant trend is the newfound adoption of telehealth. COVID-19 did its fair share of damage, but it also forced the adoption of telehealth technologies within healthcare facilities so patients could contact their doctors remotely. Particularly, telehealth refers to the remote monitoring and clinical management of vital signs through devices in the home environment. Monitoring solutions are custom and suit the individual patient, allowing them to manage their health. Moreover, data retrieved through these devices get sent to a central server to a clinician or the patient for review.
Currently, the U.K. and Germany boast the most mature telehealth markets with a diverse competitive landscape, attributable to the reimbursement implementation and deployment following successful pilot studies. In terms of future growth, increasing awareness of the benefits of remote monitoring and home healthcare will encourage other countries to utilize telehealth.
Apple watches, Fitbit’s, and other wearable technologies are all you see on people’s wrists these days. Similar devices are under development within the medical device industry and are expected to experience the same success. Wearable devices offer an effective and convenient way to monitor many varying physiological factors. These devices transmit real-time, accurate data to physicians and the patient’s mobile, tablet, and laptop devices.
Currently, within the medical device industry, continuous glucose monitors have been increasing in popularity. Continuous glucose monitoring (CGM) allows for a more accurate reading of how blood glucose levels fluctuate throughout the day. Essentially, these work by measuring interstitial glucose levels continuously and estimating blood glucose levels based on these readings. New technologies within this market, such as disposable products and pump-CGM integration, will continue to drive growth. Other wearable devices, such as those offering dialysis, water, and electrolyte loss, are all in progress and will be the future of patient monitoring.
Are you finding yourself excited for the innovations in the medical device industry surrounding 3D printing, telehealth, and wearable devices? iData’s market reports can provide deeper insights into the companies developing these products and the market’s projected growth. Follow the links below to continue exploring the future of the medical device industry.