Medical Devices are Trending! Here is your Trend Guide
The Pandemic of COVID19 gave a big-time ‘spark’ to the global digital revolution. Since then, the demand for medical devices has increased. Companies like Stryker, Medtronic and other giants played a vital role during the oxygen crisis (and others) of the Pandemic.
Keeping this in mind, here are the top 3 medical device trends that will be seen in 2021 and continue over until the foreseeable future.
- Wireless technology - Making a medical device SMART!
AI and IoMT (Internet of Medical Things) have reshaped the healthcare sector. These devices are providing enhanced features to hospitals as well as to the recipient of care. In this scenario, smaller devices with high computing powers will strengthen the functioning of interconnected devices. Smart sensors, lightweight communication devices and other components are increasing the data collection and analysis efficiency. Various manufacturers are revisiting the design of medical devices in the hunt for an opportunity to integrate IoMT or SaMD (Software as Medical Device).
Over a long time, cyberspace is under attack by data breach and hacking activities. These activities can cause long term harm to various stakeholders. The communication between the smart medical devices transmits essential data, and breach of this data remains a significant threat to the industry. Certain experts predict 15% growth in the MedTech Cybersecurity space. The need for safe MedTech has increased over the years as this sensitive data can harm patients and care providers. Patient information can be exploited, manipulated or be attacked for ransom. Defensive measures need to be taken to protect this highly sensitive data. Various SaMD companies are investing considerable efforts to reduce exposure to cyber threats.
- Synchronization and Easy Monitoring to total Data
Master data/ Big Data is the new ‘oil’. This data gives rise to novel insights. With the increased application of IoMT, creating a strong, consistent, and a unified link between data is important. Many devices have real-time output, and the historical data can serve as a base of enhanced diagnostics. Any error in the master data can significantly impact diagnostics and analysis. The MedTech, Medical Device industry will see a sharp rise in these data collection and storing mechanisms with various dashboards on common platforms.
The expansion of the digital space is a great market mover for the MedTech industry. These advancements will see enhanced regulation practices, which could act as a restraint to the innovation process.
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