Medical Device Industry

Although still a relatively new topic, the consumerization of medical devices, also referred to as the medicalization of consumer devices, has gained significant momentum over the past couple of years. It will continue to be a hot topic throughout 2014. The main drivers behind the concept— the emergence of new technologies (e.g., smartphones and social media), increased focus on costs, and elevated customer expectations— are prompting device manufacturers to increase their commitment to and investment in developing patient-empowering technologies that leverage very specific information.

Trends Transforming the Medical Device Industry

Because the term "medical device" covers a vast range of equipment, from simple tongue depressors to the most sophisticated life-supporting products, the medical device industry is constantly evolving. Trends such as an aging world population, emerging markets, increased regulation, and healthcare provider consolidation are radically transforming the industry as we know it. Device companies that are poised to take advantage of these trends will become market leaders; however, companies that are hindered in any way, perhaps by antiquated operational or technology processes, will find it difficult to adapt to the transformative nature of today's global medical device market.