Impact of Medical Technologies adoption in Life Sciences industry
The Medical Technologies industry has seen a remarkable transformation in recent times and the trend is going to be on an upward path. Buoyed by the fast-tracked technological innovations in the areas of IoT/IoMT, wearables, AI/ML/DL, computer vision, augmented/mixed reality and robotics, the medical technologies industry is going to transform how healthcare is delivered and bring much-needed impetus to the life sciences R&D, especially in the drug discovery process. The article intends to discuss some of the upward trends in medical technologies consumption that are going to make an impact on healthcare delivery.
Medical Device as a service is picking up pace
Another interesting trend is that the Medical Devices manufacturers are offering their equipment on ‘Device as a service’. They are ensuring the cost to the procurer is not passed on immediately but on actual usage. However, these companies' service agreements with field force become more and more important to keep the devices maintained, up-to-date and available round the clock. This model is also pushing the sale of high-cost Medical Devices, especially in low resource settings, where high capital investments are prohibiting the usage of life-saving devices.
Please note, this article has consciously excluded the discussions around medical consumables that many fall under devices category, such as gloves, syringes, bandages, cotton wool, sutures, catheters, tubes, infusion sets, IV cannulas; Laboratory supplies, including pipettes, blood collecting tubes and microscope supplies; Surgical instruments, such as scalpels, forceps, lancets, scissors, instrument boxes etc.