The medical device manufacturing industry plays an incredibly important role in society. It is because of this industry that we have amazing new medical technologies that save lives and improve our quality of life. There are a number of trends impacting medical device manufacturing as medical technology evolves with great speed. The medical device manufacturing industry has adapted to meet new clinical standards as well as respond to shifts in the economy.
Over the last two decades, there have been a number of trends in the medical device manufacturing industry that have consistently impacted the industry and will continue to do so in the future. These include the use of smaller devices, more specialized contractors, improved distribution processes, and more frequent and large-scale mergers. Let’s examine each of these in more detail.
Medical devices get smaller and smaller every year. It’s predicted that minimally invasive device technology will be worth $50 billion by the end of this decade. Medical procedures are making the move to more laparoscopic and catheter-based technology which means medical device designers and manufacturers are going to need to continue improving the functionality of the technology used in smaller devices as well as design new miniature technology.
The role of contract manufacturers in the medical device industry has shifted over the last ten years from simply being told what to produce and how much to acting more like a trusted partner in the medical device production process. This trend will continue with manufacturers broadening the scope of their work to include things like concept design and product delivery in addition to specialized manufacturing services.
With the increase in responsibility going to contract manufacturers, distribution of medical devices has become more sophisticated as well. Distributors are no longer just suppliers to hospitals. They have become all-encompassing, and this is another trend that will continue to impact the industry. Distributors are creating niches as supply chain and healthcare solutions providers.
The medical device manufacturing industry has seen plenty of mergers in the past. Companies merge in order to combine skills and gain market share. This allows them to offer a full range of services from concept design to product development, manufacturing, and distribution. Successful mergers allow companies that offer a wide array of skills to become fully integrated in order to provide a powerhouse of offerings to their customers.
This industry will continue to evolve as new discoveries are made and improved technologies are developed. The trends discussed above will only help improve the industry in order to bring the best technologies to the end user. Be prepared for more mergers, improved distribution offerings, more trusted partners that can help with all areas of medical device manufacturing, and smaller devices that can do more than their larger predecessors.
At Pivot International, we pride ourselves on designing, developing, and manufacturing the best medical devices possible which is why we are excited to have acquired Wide Blue, a Glasgow based firm designing Class 1 and Class 2 medical devices. To learn more about our medical device design and manufacturing services, contact us today.