Trends To Monitor in the Med Tech Industry
The implementation of digital and remote technologies in healthcare hit its stride well before COVID-19 began, but the pandemic still greatly amplified consumer needs and propelled technology advancements. Not many fields have been as innovative and beneficial as the Medical Device arena over the past few years, and many analysts project continued improvements in the industry. Within continued technological developments, healthcare organizations across the country are streamlining their clinical and workflow management to improve efficiency and safety regularly.
“We need this [rapid technology advancement] to continue beyond COVID-19 and foster the emergence of more essential healthcare solutions, governed by a regulatory establishment that welcomes and supports continuous innovation.” -Claudio Hanna, Web Industries.
From the developments in Cybersecurity, IoMT, AI, and Robotics to the rapidly increasing hiring needs and remote work shift, we have constructed the ultimate compilation of the latest Medical Device industry trends and statistics of 2022.
*Research & statistics are courtesy of the industry professionals at ProMed, Penrod, Demigos, ATL Technology, LinchPin, Medical Design Briefs, & more!
Tech Trends Continue To Climb
1. Increased Cybersecurity
The necessity of enhanced cybersecurity is being prioritized in the healthcare sector, especially Medical Devices. Within the shift towards digital healthcare, strengthened security infrastructure is only natural. With the information exchanged between manufacturers, suppliers, and stakeholders, companies must put forth strong security measures to push back against the continually advancing tactics from hackers.
Cybersecurity firm Carbon Black reported 239.4 million attempted attacks against their healthcare customers in 2020, with “an average of 816 attempted attacks per endpoint in 2020, a 9,851% increase from 2019″ (Demigos). Stemming from this data and the reported attacks on vaccine data across the country, the FDA holds Medical Device manufacturers directly responsible for any consequences that arise due to a breach in security.
2. Expansion of IoMT (Internet of Medical Things)
Connecting I.T. with Healthcare – A large part of digital healthcare’s successful integration would not be possible without the continued advancements in connective devices. These devices are used to monitor blood pressure, blood sugar, body temperature, and more. Utilized in healthcare prevention, diagnosis, and therapy, IoMT analyzes complex data that allows sound decision-making and improves operational efficiency. Despite high costs in hardware maintenance and installation software, ProMed projects continued evolvement of IoT towards telehealth and telemedicine technologies. This shift steadily improves remote patient care through applications such as insulin and glucose meters for diabetes and electrocardiogram monitors detecting irregular heartbeats. Digitalized workflows make way for further automation and optimization, allowing healthcare expansion into areas lacking full-time hospitals.
“Healthcare providers are increasingly growing to not just accept but to truly value patient-collected data as an important piece of what goes into shaping their clinical decisions.” -Russ Johannesson, CEO of Glooko.
Hitting a value of $44.5 billion in 2018, ATR projects the global IoMT market to reach $254.2 billion by 2026. Medical Device companies are continually looking to get the upper edge in IoMT technologies, which is an encouraged competition considering improved health is the beneficiary.
3. Wearables, Sensors & Remote Patient Monitoring
Hospitals and patients alike are becoming increasingly comfortable with the use of mobile devices and technology to monitor their health. With the analytical potential of biosensors and wearables through the IoMT emergence, companies can put continued remote health procedures for patients into action. Incorporating A.I. into remote patient monitoring allows healthcare organizations to expand their treatment capabilities by linking live data to real-time decision-making. “Wearables are also in high demand for individuals that do not have a given medical condition and simply wish to improve overall wellness. As demand for more personalized wearables increases, tech companies are busy developing new innovations.” (ProMed)
Biosensors can analyze a patient’s blood and sweat, predict worsening conditions and prescribe clinical interventions. From smartwatches to digital blood pressure cuffs and heart/glucose monitors, these devices provide key benefits from reduced hospital stays, prevention of medical emergencies, and increased freedom for patients and doctors. For example, Demigos revealed a recent example of growing investments in wearables being proven to produce valuable data: “Apple Watch’s ECG feature was cleared by the U.S. Food and Drug Administration (FDA) to detect a condition called atrial fibrillation.”
Global end-user spending on wearable devices totaled $81.5 billion in 2021, an 18.1% increase from $69 billion in 2020. (Gartner, Inc.)
4. V.R. (Virtual Reality) & A.R. (Augmented Reality)
Revolutionizing the Healthcare Industry – Within the developments of V.R. & A.R., healthcare organizations are stepping up medical training and capabilities in patient care. Virtual and augmented reality offer simulated ‘real-life’ experiences for medical practitioners to master their skills and for patient therapy treatments in vision, depression, anxiety, PTSD, and physical recovery. Medical Device manufacturers across the country utilize these technologies to collaborate in real-time from remote locations and improve knowledge retention through visuality. Revealing proven results in medical training and patient rehabilitation, V.R. & A.R. are can “reduce ‘skill fade’ by 52% and improve retention by up to 75%, compared with 10% for traditional methods.” (Demigos)
According to BIS Research, the global market for augmented and virtual reality in healthcare is expected to grow to $11.4 billion by 2025.
Accelerating physician and patient assistance in surgery, rehabilitation, sanitization, and automated research, non-invasive and minimally invasive robotic systems have become a key component in healthcare. Key examples include the da Vinci Surgical Robot, the Xenex Germ-Zapping Robot, the Paro Therapeutic robot, and the Gamma and Cyber knife. At the same time, developers are making considerable progress in robotic radiation therapy. Robotic surgeries have gained preference from hospitals and patients alike. “While surgeons enjoy the precision, efficiency, control, and better ergonomics robotics provide, patients favor the smaller incisions, shorter recovery period, decreased blood loss, and reduced hospital stay that these minimally invasive procedures offer.” (Columbus Global)
After reaching $5.5 billion in 2018, the market of robotic delivery systems is expected to reach $24 billion by 2025. (Columbus Global)
The latest addition in medical robotics, nanotechnology, consists of 1-millimeter microbots utilized to “repair damaged tissue or attack dangerous bacteria or diseases, including cancer” (Penrod). Clinical researchers are making significant strides in developing these programmable microbots into a self-servicing pill for patients needing treatment.
Remote Work Shift – A Spike in Job Openings
Being locked down to one location due to a job is a thing of the past. COVID-19 has forced employees from all lines of work into temporary or permanent remote working environments. With all the resources and technologies to virtually connect a nationwide workforce, expectations have dramatically shifted for the future of remote work. As a result, employers and their human resource departments are tasked with the heavy responsibility of staying aware of the latest tech and trends to support their employees. A strong H.R. team is required in these times as it is their role to offer benefits and keep the policies in place that will bolster success and limit burnout, thus ensuring employee retention.
Demand is high within the Medical Device industry, which has led to a wide variety of career professionals looking to ‘get in on the action.’ Despite the plethora of job seekers, employers are admittingly finding it difficult to fill their open positions with the ‘right fit.’ Employers’ ability to adapt to the times plays a significant role in keeping up with competitors and constructing a healthy recruitment marketing model. New technology has allowed many employers to open opportunities to fully remote and semi-remote positions and reach a higher quality of talent recruitment.
The Medical Device industry includes nearly 2 million jobs in the U.S., with Medical Technology directly accounting for approximately 519,000 of these jobs. (AdvaMed)
Courtesy of Talent Culture, here are three tech-based systems easily accessible to employers to streamline the remote work process in H.R.
Statistics & Growth Projections via Linchpin & AdvaMed
- The amount of medical data obtained increases by 100% about every 73 days.
- When collecting data for medical research, studies show that only 40% of patients are willing to share their personal information.
- By 2025, the use of extended reality devices is expected to reach $5.1 billion.
- It’s anticipated that growth in the IoMT market will continue by 30.8% annually, reaching $159.1 billion by 2022.
- The total economic output by the industry in the U.S. amounts to $381 billion annually. The market growth rate is expected to reach 5.6%-6.1% per year from 2021 onwards.
- Every $1 billion in advanced medical technology revenue in the U.S. generates an additional $1.69 billion in national economic output, almost 13,000 new jobs, and $778 million in personal income.
Research & Analysis in Medical Sales via Zippia:
- There are over 137,653 medical sales representatives currently employed in the United States.
- 46.9% of all medical sales representatives are women, while only 49.5% are men.
- The average age of an employed medical sales representative is 46 years old.
- The most common ethnicity of medical sales representatives is White (76.5%), followed by Hispanic or Latino (13.3%) and Asian (4.6%).
- Most medical sales representatives are located in New York, New York, and Chicago, Illinois.
- Medical sales representatives are most in-demand in Atlanta, GA.
- Medical sales representatives are paid an average annual salary of $89,071.
- The pharmaceutical industry is the highest-paying for medical sales representatives.
- Seattle, Washington pays an annual average wage of $92,306, the highest in the U.S.
- A medical sales representative’s average starting salary is $59,000.
- In 2021, women earned 95% of what men earned.
- Vermont is the best state for medical sales representatives to live.
- Medical sales representatives are more likely to work at private companies in comparison to public companies.
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