THE SHORT LIST
From a predicted slow but steady revenue-growth outlook, and a rising Asian market for the medtech industry, to multi-functional devices and wearables, medical device manufacturers will be watching several trends this year.
Slow but Steady
The $390 billion-plus medical device market will experience growth in 2017, but slower growth than previously expected, reports Kalorama Information, which publishes health care-related market research. Its industry forecast predicts a 2.8 percent average growth over the next five years. “While the user base for medical devices is growing, cost-cutting mechanisms have impacted price increases.”
United States Still the Focus, with Asia Rising
Kalorama also reports that, though most revenues from medical devices will still be earned in the United States this year, China and the rest of Southeast Asia will see far greater growth than the overall market in 2017.
Companies Still Seek Innovation
A challenging market has only encouraged the industry to keep funding research, says Kalorama, which estimates that medical device companies spend an average of 7 percent of revenue on R&D, which is higher than most industries.
More Multi-Functional Devices
More medtech manufacturers are making multi-functional devices that can be used for a range of applications, according to Qmed.com. Devices that are specialized are falling out of favor at hospitals because of the premium put on floor space. An example Qmed cited is the Scout device (pictured), from Silicon Valley-based Scanadu. The device can measure pulse oximetry, temperature, heart rate, ECG, and other variables.