The Global Medical Device Market
The Medical Device Market (globally) is a $350 billion dollar market already that is expected to grow at a compound annual growth rate of 4.9% from 2016 through 2020. However, the industry must adapt to the dynamic changes in the medical landscape in order to continue the trajectory of steady growth it has shown.
A push for more personalized treatment, increasing the availability of healthcare, and an aging population is just some of the factors pushing new markets and expanding the new for new technologies and more quantities of such.
Rapid changes in the industry require manufacturers to accelerate the design and production of innovative ideas. Not only that, but speedily getting the bugs out of design, testing, and getting them to market quickly and efficiently.
Companies must use new materials and advanced manufacturing technologies in order to deliver reliable devices that provide the monitoring, diagnostic, and therapeutic capabilities the medical device industry demands of them.
Growth of Medical Device Manufacturing for Developing Countries
One challenge, in particular, is designing and manufacturing new classes of medical diagnostic and therapeutic devices that enable low-cost but efficient health care to developing countries.
Addressing these countries require simpler devices to keep production costs low but yet have strong enough quality to have an impact.
Thankfully for us, we have had the honor and privilege to work with various companies in manufacturing life-changing and life-saving devices for the developing countries market:
7 Trends Impacting Medical Device Manufacturing:
1. Growth of emerging markets
2. Aging global population
3. Improved quality inspection
4. Miniaturization of implantable devices
5. Technology fusion
6. Wearable health monitoring devices
7. Slow regulatory approval processes
Manufacturers must be able to respond quickly to new FDA regulations. They must remain on a consistent updating pace to keep up with medical device manufacturing industry, especially as devices continue to increase in complexity and demand. It’s very vital that companies can push for more lean methodologies to keep cost low and be more efficient in productivity to keep quality high by establishing robust manufacturing processes that will lead to higher quality products and little if any DPPM.
Here At Eastek We…
- Strive consistently every day to improve our methodologies with the goal and emphasis of being leaner
- Are constantly learning new practices to stay on top of what’s going on in the industry
- Implementing new procedures to make us more efficient and attentive to our employees as well as our customers