Medical technology is in the midst of a digital revolution. It is shaping healthcare through innovative technologies such as advanced imaging, robotics, and artificial intelligence. Medtech companies also play a key role in the promotion of telemedicine, data-driven analytics, and the minimization of devices. This makes the industry crucial for the further development of the healthcare system. The digitalization and networking of medical devices and the increasing importance of personalized medicine are trends that are shaping and challenging the industry. The successful future for medical technology companies will be characterized by the acceptance of new technologies, coping with increasingly complex regulations and fragile supply chains, as well as patient involvement and the need for efficient, cost-effective solutions in the healthcare sector.
msg industry advisors support the medtech industry in the compliant digitalization of central business processes. Our focus is on improving operational performance, specialized validation solutions, increased transparency and resilience as well as the selection and implementation of suitable software and tools. We prepare you for the requirements of the digital health sector and support you in the development of patient-centered digital solutions. In doing so, we not only consider current challenges but also the future digitalization of the sector.
Challenges in the industry
Over the next ten years, the number of networked medical devices in the “Internet of Medical Things (IoMT)” will more than double. These devices and digital health applications have the potential to improve treatment outcomes, reduce costs and increase efficiency. They can also enable innovative patient engagement and empowerment. However, the development poses new challenges in terms of product development, testing, validation and market launch. To survive in the dynamic healthcare market, medtech companies must adapt their methods without neglecting regulatory requirements.
In the medtech industry, business models and product innovations are increasingly aligned with the use of patient-related data. However, the growing number and functionality of networked medical devices pose additional risks to data security. Medical technology manufacturers must therefore define effective measures to deal with these threats and establish clear guidelines for the secure handling of data. This also requires the development of principles for data management and patient consent to give patients control over their data.
Growth forecasts for the use of AI are particularly high in the healthcare sector. The fields of application for medtech companies span the entire value chain – from R&D to products, marketing and sales to corporate planning. To exploit this potential, companies need to design their systems and processes consistently, break down silos and optimize the flow of information.
In the highly dynamic and increasingly digital medtech environment, the rapid implementation of new software tools and applications is crucial. Companies must adapt flexibly to changing framework conditions in their system landscape and establish robust validation frameworks (e.g. CSA, GAMP 5). These must also reflect new technologies, such as cloud or AI, to ensure successful audit results.
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