While there are a handful of major players in the medical and health care industries, there are actually more than 6,500 active medical device companies in the United States — most of which are smaller firms with fewer than 50 employees. There is little doubt that, with the combined industry efforts, research and development in the medical device space will continue to innovate and grow for years to come.
What drives innovation at these companies ranges from economic indicators to technology advancements to government regulations. But some of the most interesting factors driving development right now can be found in demographics and consumer behavior.
So, what does is mean? The fluctuation in demographics will translate to an increased demand for devices supporting later life care as the baby boomers enters their 70s. This includes everything from surgical devices to support orthoscopic procedures to at-home glucose measurement equipment. Furthermore, we’ll start to see an upward trend in births as Gen Yers move into their 30s and start families. These factors will start to shape how thousands of medical and health care companies re-imagine existing products and development new ones.
As a result, there is a heightened need to launch products and devices to market quickly. Iterative development of medical components and devices will reply on various rapid manufacturing processes and materials to ensure products have best chance at successful medical submissions and market trials. And because these products need to pass a significant number of functional tests before being approved for the market, prototypes need to be produced as close as possible to the finished product. This will mean using similar, if not identical, engineering-grade materials and manufacturing methods for prototypes as for production parts.
From metal 3D printing of extremely small surgical components to low-volume injection molding of optical silicone, Proto Labs is equipped to help large and small medical companies tackle the impending changes in the American demographic landscape.