Under the Microscope: The Growth of the Global Medical Device Industry
The global medical device industry is growing rapidly and is highly regulated, and expensive to operate within.
30 April 2013
More than ever, both scientists and engineers are working together when it comes to the rapidly expanding medical device industry. But why now? These two groups share a common goal: They are creating innovations that will better serve and benefit the health care system, as well as, society at-large. As our population's needs change, leading companies compete to develop products that are aligned with the future of health care. These medical device products include, but are not limited to: Diagnostics and sensors; active implantable devices; drug delivery devices; drug eluting stents; wound care products; medical and surgical equipment; endoscopes and catheters; dental materials; trans-dermal patches; non-electrical patient care equipment; medical imaging systems; and wireless medical devices.
The global medical device industry is experiencing a rapid growth; however, it still remains highly regulated and expensive to operate within. The reality is that many companies in this industry tend to experience some struggles because they have undergone significant restructuring and have budget constraints. These companies realize it is not just about bringing innovation to their products, but also about how their products are developed and manufactured. Given the competitive landscape and challenges companies in this industry can experience, there are many positives. Specifically, the rules and regulations of medical devices are outlined and companies can access what they need to know in advance. In addition, there are a number of individual experts along with testing and certification laboratories specifically built to ensure quality and further help organizations meet market demands and requirements.
Whether you are a designer, a manufacturer, a consultant, a hospital administrator – or even a new company trying to introduce your medical devices to a global marketplace – working directly with a third-party testing and certification laboratory is a key component to remaining competitive in this industry. More specifically, there also are regular updates posted on this rapidly evolving industry.
Stay up-to-date with what Intertek medical device experts have to say. What questions do you have about testing for this industry?
Today's expert blogger is John Dale, Business Scientist for Intertek's Chemical and Pharmaceutical departments. John is located in the United Kingdom.