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The past few years have challenged the norm for medical device industries across the world.
In our third annual medical device benchmark survey, we gathered data from over 500 medical device professionals to better understand the industry’s growing market, opportunities for startups, and challenges that come with commercialization and supplier management. Read on to discover the latest insights on the challenges, strategies, and best practices that shape the medical device industry.
519 professionals in the medical device industry.
Predicted growth in the industry is based on a few key drivers: A rebound in elective procedures as the pandemic wanes, an increased need for diagnostics in non-clinical settings (i.e., “anytime, anywhere” healthcare), and demand for products that integrate AI and machine learning.
Expectations for growth are high as markets are improving but there are roadblocks and uncertainty to achieving them. However, there are disproportionate efforts going towards product development vs. quality objectives as shown by the year over year data.
Understanding where your medical device falls in relation to the rest of the market is a factor to success. Being realistic about funding, timelines, and time to market can help drive success for startups.
Pre-market and commercialized medical device companies recognize a need for quality improvement related to product management. While the two critical processes go hand in hand, there are often disconnects seen between them that can ultimately lead to costly downstream impacts.
Measuring quality initiatives is still a developing skill in 75% of pre-market companies. This brings to light a need for more professional education around those topics.
Competence with CAPA is critical in being able to deal with systemic problems found during manufacturing.
Finding, addressing, and managing those problems long-term and understanding what documentation is required to overcome them is easier said than done.
The medical device industry is evolving faster than ever and it can be difficult to keep up. This report brings the secrets of success to light.
So, what are the 5 things that leaders in the medical device industry doing differently?
