What are the trends shaping the medical devices industry?

As we progress into the future, the medical device industry continues to evolve against a backdrop of innovation. This is mostly due to the advances in technology and the opportunities it has created. With this digital transformation, medical companies can improve device quality while reducing costs and improving efficiencies that comply with global regulations.

According to a HIMMS report, 80% of healthcare providers will increase investment in technology and digital solutions over the next five years. To prepare for a medical sales job in 2022 and beyond, it’s important that you stay on top of trends and move with the flow of transformation. This will help you secure the best medical device roles so that you can make a significant impact on the sector. Below is a list of current developments that are shaping the medical device industry. Brush up on these trends and you’ll improve your next medical sales pitch and more.

3D printing

The medical industry quickly recognised the benefits of 3D printing and adopted the technique to prolong and save lives in the most extraordinary of ways. Today, 3D technology is used to reproduce customised organs, surgical tools, dentures, and even prosthetics. This practice is expected to expand with analysts predicting the market to grow from $2.76 billion in 2022 to $4.49 billion by 2026.

Internet of Medical Things (IoMT)

IoMT poses limitless possibilities in the medical device field. New applications of the technology are being developed and introduced daily, with outstanding results. Referred to as “smart healthcare,” IoMT relies on the communication between computers to collect and analyse data. This data enables healthcare professionals to make informed decisions so that they can reach the best patient outcomes. IoMT apps and devices also help to reduce the costs of drugs and treatments while optimising operational efficiency. Over the years, IoMT will improve. However, the medical device market’s current priority is to gauge the applicability of IoMT in healthcare to further improve efficiency.

Artificial intelligence (AI)

Another trend that’s accelerating is the use of AI in medicine, with a strong focus on robots. We can use the da Vinci Surgical System as an example. This robotic device is currently used as an assistant in operating rooms and is an indication of just how capable medical robots are becoming. The types and levels of AI performance are predicted to increase, with the sector expecting to reach $20 billion in just a few years. One remarkable way in which AI devices are anticipated to help is by conducting exams in rural locations using telepresence.

Wearable devices

Wearable devices or “wearables” were first introduced as basic devices that would track the number of steps a person would take each day. Today, this technology offers more detailed data. Wearable devices are helping medical professionals improve patient outcomes by monitoring vital signs such as blood pressure, heart rate, and glucose levels. Even individuals who don’t have medical conditions are using wearables to promote overall health and wellness. Examples of trending wearable devices include smart jewellery, smart clothing, and AI hearing aids.

Stay on top of your medical device career with IQVIA

Part of our mission at IQVIA is to stay on top of medical trends so that we can continue to positively contribute to the health sector. We provide commercial solutions to our healthcare clients and we have an unwavering commitment to delivering the best results.

If that sounds like you and you want to advance as a medical device sales rep, then we invite you to browse through our current list of medical device careers.

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