Before 2020, demand for telehealth services and home-care medical devices was already on the rise. But the global pandemic has driven exponential consumer adoption and skyrocketed market demand for these services and products, and Mckinsey & Company estimates the potential market for them at $250 billion in US healthcare spending.
With market opportunities for medtech companies exponentially increasing and the race for first-to-market advantage accelerating, the need for proven supply partners has perhaps never been so critical.
At Pivot International, our advanced supply chain solutions and extensive medtech expertise are behind some of the most successful consumer and clinical medtech on the market. Pivot’s portfolio of medtech products includes the N-Tidal Personal Capnometer, winner of the European Product Design Award, the Zibrio SmartScale, an Honoree of the CES Innovation Award, a state-of-the-art mobile phone ophthalmoscope, and much more.
As medtech leaders mobilize to capitalize on mounting market opportunities, here are some key considerations.
Be Aware of Regulatory Changes
COVID-19 and ongoing trade tensions have precipitated a trend toward regional protectionism, resulting in regulatory changes for security-sensitive and critical components. For many medtech companies, this will necessitate a move away from China-based manufacturing and a search for proven supply partners with cost-effective alternatives. Pivot’s company-owned facilities in the Philippines and global sourcing network can help companies reconfigure, optimize, and secure their supply chain to comply with new regulations. What’s more, Pivot’s integrative solutions ensure a seamless product development process and expedite time-to-market.
Innovate New Markets
The rising demand for telehealth and new medtech is not just about filling existing gaps with new products but also about the opportunity to innovate new markets. Medtech leaders need to think bigger and reconceive telehealth as more than just a replacement or at-home supplement to clinical visits.
Cast a wider net by envisioning possibilities for broader applications and deploy strategies to drive growth in new markets and diverse patient populations. Segment patient populations (for example, acute care, chronic care, drug and alcohol treatment, etc.) and identify opportunities to scale virtual interactions with IoT at-home medical devices.
Cast a Wider Net
When approaching medtech design, keep your ear to the ground for changing consumer trends and look for opportunities in adjacent markets. Not only has the global pandemic forever changed the face of healthcare, but it has also driven a dramatic spike in demand for remote solutions to wellness, personal fitness training, sports training, and more. Significant areas of overlap may exist between the consumer medtech market and other industries. Pivot’s expertise spans twelve industries, including sports and fitness, and our teams can help your company identify potential opportunities for product expansion into adjacent markets.
With nearly fifty years of expertise in integrative product development (including concept, prototyping, engineering, design, DFM, manufacturing, and distribution), Pivot helps companies worldwide defy disruption and bring medtech innovations to market. We provide more than 200,000 square feet of manufacturing capability across three continents to serve Asia, Europe, and US markets. Our FDA-registration and multiple ISE and ISO certifications (ISO 9001:2015, ISO 13485:2016, ISO 80079-34, and IEC 60601-1) ensure strict quality control and regulatory adherence. Contact us today and learn more about how a partnership with Pivot can help your company lead the way into a new future.