The medical device industry is a fast-growing and complex industry. During the last decade, this industry saw unprecedented growth due to the innovation of state-of-the-art equipment and an innovation mindset. In fact, according to BCC Research, the North American medical device market employs 356,000 individuals at 5,800 companies and is set to reach $344.9 billion by 2027. As medical professionals, it’s important to understand this industry and how it can affect your practice. Here are a few key points you should know about the medical device industry.
Interoperability refers to technological advances that make it possible for devices to share data within the healthcare setting. This is a key factor in increasing functionality, efficiency, and accuracy in medical care. When devices such as those used for synthetic bone grafts have interoperability features, providers can ensure more precise care and data for each patient. This feature is also crucial to integrating medical devices into IT systems. It’s hoped that interoperability will be made standard practice across all types of health care.
As society grows more concerned about health care affordability, it is becoming more and more of a responsibility of the medical device manufacturers to find ways to make necessary medical devices cost-efficient. When new technology is used, it should make systems and devices more efficient. When things are more efficient, they should cost less in the long run.
Another way that the medical device industry can make products more affordable is by creating multifunctional devices. Highly specialized single-objective devices are in large part a thing of the past, as more medical device manufacturers look for ways to create multi-use equipment. When a device can be used to treat or diagnose multiple conditions, it’s more effective and efficient. This can be seen with tools for synthetic bone grafts, as they can be used for different types of bone grafts. Multifunctionality also helps with limited space issues within clinics and hospitals.
Sustainability
The medical device industry is making strides to create a sustainable industry landscape. Users can rest assured they are utilizing products and manufacturers that prioritize sustainable manufacturing practices.
Would you like to learn more about synthetic bone grafts and other medical devices? Contact our team at SurGenTec today. We look forward to assisting you!