In our annual deep-dive into the medical device industry, and how market and technology changes drive marketing, product launch, sales and service models, Novatek and Launch Team take a look at the industry outlook for the coming year and how the medical device companies we work with are responding.
With slowing top-line growth in the US medical device market, many medical device manufacturers are turning their attention to developing the products required to enable telemedicine. Already a major emphasis in Europe, the US also sees telemedicine as a means to reduce healthcare costs and improve patients’ access to treatment.
350k—number of online consults in 2013
7M—patients treated via telemedicine in 2017
$6B—anticipated employer savings with telemedicine
$20B—health IT market by 2019
Personalized medicine is another major opportunity, and as Baby Boomers age, ensuring medication compliance is opening the opportunity to custom vitamin and medication pouches and other delivery systems. This growing shift toward personalization could present various implications on process control within medical device companies.
Baby Boomers are also bringing the importance of knowledge transfer to the attention of manufacturers who have overlooked it. While processes and procedures may change, the foundation will remain the same and there is a high risk of losing critical process knowledge when Baby Boomer employees retire. Implementing knowledge capture programs will climb the priority list for companies as they look to maintain their process efficiency and competitive edge.
As process control changes and medical device companies move toward personalization, the approaches for physician and user training will have to evolve. The user's role will expand in terms of environment variables, meaning documentation and training will need to cover this new level of engagement. For physicians, they will need to manage patient care differently as they transition into personalization.
With the election looming, some of the slowdown may also be a result of the direction of healthcare reform hanging in the balance.
To review the state of the industry at the beginning of 2016 and compare it to the current outlook...
Download our free industry report:
State of Knowledge 2016
Be sure to check back each week for Novatek and Launch Team's in-depth exploration of innovation and drivers for medical device companies and their supply chains.