The medical device industry is thriving with innovation, with ongoing endeavours to improve efficiency, productivity and sustainability, as well as trends towards smarter and miniaturised devices.
In its Medical Device Predictions 2023 report, GlobalData identified the top themes that will impact the industry. Here, we take a look at the key takeaways.
Environmental, social, and governance (ESG)
Organisations are under growing pressure to act on environmental sustainability, and medical device manufacturers are no different. GlobalData predicts that the companies that thrive will be those that disclose ESG credentials.
Medical wire component manufacturer Alleima, is a prime example of a company committed to meeting ESG goals, and has recently committed to net zero by 2050 with support from the science-based targets initiative.
The AI industry will be worth $93 billion in 2023, up 12% from 2022 and the usage of AI in the medical sector is expected to continue to grow.
AI requires volume, variety, and quality of user data. Alleima manufactures medical wire components specifically designed for remote monitoring that enables patient data to be reliably transferred to a mobile device where it can be checked by patients and healthcare providers, as well as enabling preventative treatment, including automated alerts should a patient be in danger.
Robotics provide a solution to healthcare providers experiencing staff shortages, with surgical robots potentially helping to improve patient outcomes, reduce human error, and decrease the length of hospital stays.
Alleima plays a vital role in developing miniaturised medical devices and ultra-fine wire that can be used for these precise medical procedures, providing minimally invasive solutions and improving patients’ quality of life.
Remote patient monitoring
According to the GlobalData prediction report, the remote patient monitoring market will reach $760 million by 2030, with a compound annual growth rate (CAGR) of 3.3%.
Alleima are experts in producing components that are used for remote patient monitoring, with perfectly configured medical wire for accurate sensing within the human body, as well as reliable transmission of patient data. Alleima has worked with medical device manufacturers to develop components for devices including continuous glucose monitors and pulse oximeters, which are seeing growing usage across the globe.
The report predicts that wearable tech will grow to $54.4 billion to meet the need for remote patient care. Wearable technology devices in the healthcare industry are an effective way of capturing patient information for data-driven machine-learning algorithms to analyse users’ health conditions.
Regulations in medical devices
For the medical device industry, regulations have been notoriously stringent and challenging to navigate, to the point that they can hinder digital health innovation. Over the last decade, increased collaboration among stakeholders has overcome some of the initial hurdles that have historically prevented medical devices from reaching consumers and patients. Ultimately, innovative products require more reflexive regulations with assay methods that are customised and suitable to the device in question, thus streamlining regulatory and scientific evaluation.
In its ongoing endeavour to stay ahead of trends and drive innovation, Alleima keeps up with regulatory changes and ensures strong post-market surveillance. This means that partners can rely on Alleima to support them through design to final development.
To find out how Alleima can make an ideal partner for your medical device project, visit their website.