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3 Clinical Trends Shaping the Medical Device Space in 2019

Dec 17, 2019, 16:00 PM by MasterControl

By Mike Rigert, Staff Writer, MasterControl

Perhaps no other sector of the life sciences is experiencing as much growth, transformation and opportunity as the medical device industry. Globally, the medtech arena is expected to grow every year by more than 5 percent, with annual sales worldwide reaching $800 billion by 2030, according to KPMG.(1) In the U.S. alone, Fitch Solutions estimates that the medical device industry with expand from $164 billion in 2018 to $208 billion in 2023.(2)

From the effect of new technologies on clinical data management, to an ever-changing regulatory landscape, to increased emphasis on the trial master file (TMF) Reference Model as an industry standard, medtech manufacturers have their hands full just keeping up with the latest clinical trends.

This article will provide an overview of some of the top clinical trends influencing the medical device sphere now and moving into 2020.

#1 Technological Impact on Clinical Research

As has been the case for several years, major tech companies have seen the value and growth potential of the health care and medical device sectors and are investing heavily to move into those industries. One of the largest industries worldwide, health care rakes in $2.8 trillion annually in the U.S. alone, according to The Verge.(3) Blurring the lines between retail, IT and health products, behemoths like Google, Apple, Facebook and Amazon are emerging as key players in the medical industry and clinical research fields as consumers seek access to affordable health care.(4) These companies are utilizing cloud storage, wearable technologies and artificial intelligence in a way that is transforming the way people view and use medtech.

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