Trends Dominating the Medical Equipment Suppliers Industry in 2018
The medical equipment suppliers witnessed phenomenal growth in 2017. The existing market value is estimated to be $389 billion as MedTech mergers and acquisitions increased steeply by a whopping 178%. It is apparent that technology will play an instrumental role in the incremental growth and evolution of the medical equipment suppliers.
According to Evaluate Research, the MedTech market alone is estimated to grow at a CAGR of 5.2% and hit $ 529 billion marks by 2022. Report Linker estimates that the wearable medical devices industry, that has seen a commendable rise in the first eight months of the last year, will reach $ 19.5 billion in 2021. It will be no different for all other technologies driving medical supplies today. There are some trends that have been a major factor behind the evolution of the medical equipment supplier industry and will continue to play and a dominant role in 2018.
Let’s have a look at a few of these trends that will drive the medical equipment suppliers industry.
3D printing has not had a widespread impact in the medical supplies industry till now but is rapidly picking us pace. 3D will transform how medical supplies are manufactured. It will integrate complex structures in the medical equipment suppliers industry to overcome regulatory challenges. 3D printing will also help in controlling design iterations and printing samples to expedite the process of regulatory approvals.
Volume-to-value transformations had been an oft-discussed topic in the pharmaceutical industry for several years. 2018 is expected to be the year when the medical suppliers industry will embrace the concept that will impact its financial aspects in terms of pricing strategy and reimbursements.
End-of-life and Palliative Care
Since a sizable population of the world are senior citizens, it is time that the medical equipment suppliers industry innovates with medical supplies. It will equip them to improve the quality of treatment in terms of end-of-life and palliative care to patients who need it.
Cyber security & Blockchain
Digitalization of medical supplies has brought physicians and other medical professionals better access to their patients, enhancing the effectiveness of medical treatments. Though the greater exposure to data has improved the flexibility and responsiveness of medical supplies, it has also increased the risk of data misuse. Hence, cyber security is indispensable to prevent data from compromising the privacy of patients and medical equipment suppliers alike.
Blockchain will overcome data exchange issues, explaining the reason why an increasing number of medical equipment suppliers will integrate it in their medical devices.
Digitalized medical supplies
Cloud computing, powered by big data analytics, converts available data into actionable insights. This ensures real-time reach even during emergency situations, enabling medical practitioners and caretakers to follow a flexible approach and take decisions accordingly. Further, medical equipment suppliers can strategize on sustainable approaches to medical treatments.
Artificial Intelligence-driven technology will make it easier for medical equipment suppliers to manage data, prescribe medicines with precision, improve processes in pharma, enabling patients to follow a healthy lifestyle. The Forrester Research report, Predictions 2018: Digital Will Disrupt Siloed Healthcare Ecosystems predicts that these will boost supply chain management, clinical insights, efficiency in operations, and customer service and security. Digital healthcare will receive a further push with the Internet of Things (IoT) being integrated into medical supplies in 2018.