While the pandemic years have been difficult for many industries around the world, its uncertainty has changed the way we live and work. Against this backdrop, the medical device industry has had to adapt to new digital transformation methods to ensure product quality, reduce costs, improve efficiency and comply with global regulations.
As we move forward into the future, it is essential to remain aware of the trends affecting the medical device industry in 2022. Although a strong infrastructure and legacy software may have helped improve the structure and l efficiency of modern healthcare and hospitals in the past, however, given the demanding nature of the medical industry, such outdated software may not be sufficient to meet the growing needs of customers and key stakeholders. In addition, it is also essential to determine whether legacy infrastructure and software can integrate with the latest technologies or if they can be replaced by more advanced and reliable systems. Eventually, if these technologies focus more on productivity, safety, and efficiency without compromising reliability, they could begin to gain widespread adoption.
Many technological innovations have led to the transformation of the healthcare sector. Below are some of the most important technologies of Cloud-PLM Solutions to smart medical wearables, affecting the medical device industry, which may have the potential to transform the industry.
Growing demand for cloud transformations
In the age of distributed and collaborative business models, cloud computing is steadily gaining popularity in the digital workforce. Many industries have completely migrated or moved most of their processes to the cloud.
Cloud computing has untapped potential in the medical device industry as it provides a shared platform with industry-wide workflow automation, unified data, and a comprehensive product development process and personalized, which can help medical device companies become more scalable and efficient. Cloud services not only help improve the reach of medical services, but they also improve the flow of data between service providers and users.
By improving visibility, collaboration and responsiveness across the entire value chain, the latest generation of cloud services can reduce costs, speed time to market and improve customer experience.
Adopting PLM cloud services to improve the product development lifecycle
The medical device industry faces tremendous challenges ranging from inconsistent quality, supply chain inefficiencies, complex regulatory compliance issues, and rapid product innovation to meet today’s demands. of the health industry. This is where the importance of current Product Lifetime Management (PLM) systems can be revolutionary in optimizing current technology assets or upgrading to new solutions.
The PLM cycle is the process of managing the entire life cycle of a product from its formation to its design, development, manufacture and marketing of the manufactured product. In the medical device industry, it has become a key player in accelerating deliveries, improving time to market, reducing costs, solving regulatory compliance issues and accelerating product design.
PLM Services for the Medical Device Industry, like Oracle PLM Cloud and Agile Product Lifecycle Management Solutions have been extremely valuable as they consist of solutions for product innovation, supply chain, quality and regulatory compliance. Bringing an innovative and profitable product to market quickly requires collaborative interaction of all key stakeholders throughout the product design cycle. This is where adopting PLM services is crucial as it not only reduces time to market, but also reduces redesign costs, reduces regulatory delays due to inefficient document control, and improves communication between teams.
Wearable medical technology is becoming popular
One of the biggest breakthroughs in healthcare is the advancement of wearable technologies. Smart wearable medical technology has made it possible to monitor a patient’s condition or monitor one’s own condition, which is extremely valuable. The trend of consumer smartwatches is set to be more widely adopted and their potential for use in healthcare applications should be noted. In addition to this, smartwatches are also improving their ability to provide more accurate blood vital signs to their users.
Smartwatches aren’t the only technology that will see a growing curve in the coming years. Bio-patches and small hearing aids have similar levels of impact when it comes to promoting overall health and well-being and optimizing patient healthcare.
3D printing technology helps save lives
Another emerging technology that is expected to gain a lot of traction in the medical device industry is 3D printing technology. 3D printing is the process of making solid 3-dimensional objects from a digital file. When used in the medical device industry, 3D rendering technology has a remarkable ability to create positive impact and save lives. Thanks to 3D printing technology, it is possible to generate personalized prostheses for patients, to produce custom-made organs and tools used for surgical procedures. In addition to that, these printed objects can also be used for prototype development and research purposes. Moreover, 3D printing technology is also used for design improvement in dentistry and orthodontics.
The Reach of Artificial Intelligence in Medical Regulation
While the medical device industry has been rapidly improving, increasing life expectancy, but as longevity increases, medical industries are facing a growing demand for their services and a labor force that struggles to meet the needs of his patients. The growing demands of patient needs along with huge expenses and operational inefficiencies have forced companies to rethink their entire lifecycle processes. This is where the importance of AI comes in, which is the science of equipping a machine to make decisions in a way that mimics human intelligence and behavior. Driven by the pandemic, in recent years AI has gone from a concept to a reality.
Medical devices are subject to strict regulatory standards that provide reasonable assurance of their safety and effectiveness due to their ability to alter patient health outcomes for better or worse. AI can speed up this process by providing more meaningful insights from minor patterns in large datasets and advanced analytics on how systems are performing over time and under many circumstances, dramatically reducing downtimes. inspection. Additionally, the AI can read and anticipate text, language, symbols, and other assets related to a medical device label through its predictive skills. It can then automatically feed this data into a spreadsheet, speeding up arduous procedures that would take much longer.
AI can be a game-changer when it comes to optimizing operational efficiency and minimizing risk in a highly regulated business like the medical device industry, where it can drive significant improvements in error handling and performance management.
The future of the medical device industry is in digital innovation
As 2022 progresses, the medical device industry will continue to grow significantly in many key areas, especially in regulatory compliance. With compliance dates and regulatory deadlines, medical device industries must adopt advanced technologies if they wish to meet regulatory compliance policies and many other operational challenges.
Fortunately, new technologies such as cloud-based services, especially cloud-based PLM solutions, artificial intelligence and 3D printing are paving the way for digital innovation in the medical device industries and helping them to solve critical challenges. Although these technologies are far from replacing human interaction and intelligence, they can be important in improving operational efficiency, productivity and speed, while minimizing the risk of errors.