The medical device market continues to grow steadily, estimated at 2.8% annually for the next five years, despite reform uncertainty and regulatory changes. According to PwC’s 2017 study, major trends in medical device in 2017 include:
- Wearables—predicted at 2x revenue growth of the industry as a whole
- Consolidation—continued aggressive M&A activity
- R&D—increased spend on innovation, averaging 7% of revenue
- Infrastructure changes—hospital consolidation means increase in clinics
- Technology adoption—technology like robotics, artificial intelligence (AI) and drones already in use in other markets will help to reduce treatment costs and further telemedicine in healthcare
Underlying all of these changes is an increased demand for cyber security. Ten years after the initial move to electronic health records (EHR), 90% of hospitals now have basic EHRs in place. Emerging technology, a broadening web of stakeholders, and the move to interconnected consumers and providers now mean that the healthcare system’s cyber security measures may be outdated and insufficient to protect sensitive information.
In fact, 45% of healthcare providers and payers are investing in a security strategy for the Internet of Things, according to PwC’s Global State of Information Security Survey 2017. Records management from wearables to telemedicine, AI interactions in telemedicine and other means of interacting with and treating patients will demand well-documented policies and procedures for cyber security.
More than 20 million insured patients are using smartphones for medical consultations, making the move to telemedicine beneficial for physicians but raising security concerns at the same time. Well-written and implemented training programs make the transition to telemedicine smoother for all parties.
Our previous blogs share customer experiences with telemedicine and how medical sectors are transforming in the digital age:
- Medical Device Product Launch: Barriers & Pathways to Telemedicine Adoption
- Today’s Medical Device Environment: Using Virtual and Outsourced Documentation Teams
- Medical Device Product Launch: Ensuring Customer Engagement in Telemedicine
- Medical Device Product Launch Series: Industry Trends & Challenges Outlook
To make sure your company is successful in the digital age…