The evolution of the medical device industry has seen substantial growth in recent years and has faced many obstacles along the way. Advancements in IoT and AI continue to change the healthcare game bringing forth more capabilities and competition within the MedTech space. One thing is for sure, even through challenges, the medical device market will continue to evolve and transform the landscape of healthcare whether your business is ready for it or not.
2022 left businesses scrambling to adapt and meet the technological needs for medical device development and digital health during a pandemic. This impact left many at a crossroads between overcoming obstacles and capitalizing on new opportunities.
Current Challenges Faced by the MedTech Industry
MedTech Cyber Threats
As technology advances in the health tech world, the need for more cybersecurity increases. As we saw in 2017, when the National Healthcare Services UK experienced a cyber attack disabling healthcare computer systems around the country, cyber threats continue to circulate concern. Cyber threats pose a serious challenge for medical device companies making it imperative to have the proper security. How do you proceed to stay ahead of your competitors, offering value to patients while ensuring their personal information is safe? A proactive approach starting with the right design and the right team of experts is crucial. Implementing secure platforms will promise patients and MedTech companies a brighter, safer future.
MedTech Regulation Challenges
If you are unfamiliar with MedTech and digital healthcare regulations, don’t approach this complex world alone. Safety and quality are of the utmost importance for patients and for a MedTech company to thrive. The FDA requires specific criteria and regulations for software as a medical device and or bringing other products to the market. Without understanding the nuances of regulations, MedTech products may fail to be compliant, and you may end up spending a pretty penny. Bringing in the experts to help navigate compliance and regulatory complexities allows for a more seamless and effective process. Star’s HealthTech Practice has significant experience in compliant medical device development with a deep understanding of regulatory requirements and the importance of time and budget.
Opportunities in the Medical Device Market in 2022
With the rapid pace of technology and the need for more innovation, there will always be challenges. However, there has never been a better time to take advantage of this opportunity. The MedTech industry can positively impact healthcare by providing better technology that adds value. Offering products that implement data-driven capabilities to offer better communication between patient and provider will have a lasting positive impact on the healthcare sector.
There is still much room for improvement even with new technological advancements. It’s one thing to gather data, but it’s another to actually use this data for good to develop new healthcare solutions. This is where Star’s HealthTech Practice understands precisely how to implement proven platforms and systems to gain the proper knowledge and offer immense value with data technology.
Whether you’re a startup company or a legacy enterprise, the time is now to refine your approach and stay ahead of the ever-changing digital health technologies. What are your goals for 2022? Better yet, what are your goals for the future beyond 2022? If you’re ready to meet these challenges head-on and seize the opportunity, partnering with a team of leaders in the MedTech space is your next move. Star offers product strategy, a clear roadmap, expertise in software innovation, where communication and an aligned vision are critical for success. Start the new year with a solid foundation for your business and, most importantly, deliver value.