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The Future of Medical Device Supply in the UK: Trends to Watch!
- by Shital
- on August 1, 2024
The future of medical device supply in the UK looks promising with advanced technology, trends, and the profound impact of AI in healthcare drives patient care at an unprecedented scale. From wearable devices to telemedicine, and integrated AI-driven diagnostics, the industry outlook might explore the biggest trends and rapid growth in advanced healthcare equipment supplies in the UK.
NHS has taken the initiative to call for innovation and government funding for AI technology to install medical-grade sensors for long-term care settings. Now the UK healthcare equipment manufacturing and supplying of diagnostic tools, PDT Diagnostic Instruments, Cardiology Monitoring Devices, Endoscopic Devices, Orthopaedic equipments, etc. has set to become a hub for medical technology innovation.
That creates jobs and drives international trade. That navigates the evolving landscape of healthcare technology for the decision-making process and providers can offer more patient-centric treatments.
That kind of technology implementation in healthcare equipment has reshaped patient outcomes and easy accessibility to high-end medical assistance for all will play a positive role in the future of medical device supply.
The Medtech industry incorporates different physical and digital technologies as service models in a rapid integration, which aims to improve patient care and empower clinicians to treat diseases, achieve cost-effectivehealthcare system efficiency toimprove outcomes and promote equity for ethical use.
With the NHS calling for innovation, a pool of homegrown health staff recruitment, and government policies focusing on affordability and quality, the future of Medtech in the UK looks bright.
The COVID-19 pandemic has proven a catalyst of innovation in the industry, particularly in the demand for wearable devices, telemedicine, and integrated artificial intelligence (AI) in medical devices.
The AI in the healthcare market is projected to grow significantly, as AI’s applications in patient care, risk analysis, precision medicine, and medical imaging are being realised. To further support AI integration, during June 2023, the “Health and Social Care Secretary”, Steve Barclay announced a proposed fund for AI technology of £21 million to expedite the diagnosis and quicker treatment for patients through AI technology.
According to the report, Artificial Intelligence (AI) in Healthcare Market is estimated to reach USD 148.4 billion by 2029, it has grown from USD 20.9 billion in 2024.
Barclay said, “AI has been going to transform our healthcare practice and AI-integrated medical devices have made a significant impact across NHS settings for easy and early diagnosis of pre-conditioning diseases identifications.”
So it’s a sharp improvement in UK healthcare systems.
The biggest impact of AI in healthcare is significant, as it has already shown its ability to diagnose conditions earlier, which improves patient outcomes and reduces waiting times. NHS Trusts can access the AI Diagnostic Fund to facilitate the distribution of AI imaging and decision-support tools in diagnosing conditions like cancers, strokes, and heart conditions. This investment aligns with the NHS’s annual spending of £10 billion on medical equipment.
Alongside AI, the wearable medical devices market is booming and is projected to reach $64 billion by 2024. The telehealth market is also set to grow, highlighting the increasing importance of remote healthcare services.
What Does the Future Hold in Medical Device Supply?
Looking ahead, Mark Oakes from the Department for International Trade (DIT) for Head of Life Sciences Exports and National Security, identifies the strength and innovation of the UK’s Medtech and life sciences sector.
While expressing the future of UK Medtech in the industry seminar of MedTech Expo 2023 in Birmingham, UK, in his speech, Oakes underlined challenges related to the supply chain and inflationary pressures on strategic innovations.
“It’s really impressive to see the innovation and the strength of the UK’s medtech and life sciences sector,” said Oakes. “The industry has also had to withstand the supply chain challenges, inflationary pressures of the last year, which have all added to the business difficulties. These are real challenges that companies are having to navigate and they are not easy to overcome.”
A Promising Outlook Shaping the Future of Medical Devices!
The global market for healthcare equipment is experiencing a booming period of growth by 5.71% (2024-2029), despite its fair share of challenges. According to industry expert Mark Oakes, the revenue of the Medtech sector is proposed to reach an impressive $644 billion by 2026. This presents massive opportunities for the industry to succeed and make empirical evidence on healthcare worldwide.
One country that has made global recognition for its innovative approach and contributions to the Medtech field is the United Kingdom.
The UK has now healthcare equipment exports amounting to over £6.4 billion. That has further highlighted the importance of the MedTech sector and influenced the demand for improved diagnostics, remote patient monitoring devices, and digital technology in healthcare.
The future forecast for the medical device market is incredibly positive, hence the global revenue is thought to reach $595 billion by 2024, with a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030.
Several healthcare sectors are expected to witness substantial growth because of advancements in the medical device industry. These sectors include cardiovascular, Diabetology, orthopaedic, neurovascular, urological, and more.
Euronoxx Medical Group, a top surgical instruments company in the world, is professional in supplying advanced medical equipment for patients across the globe, highlighting 8 key trends that have emerged in the current and future landscape of the medical device supply industry.
Let’s take a closer look at these trends and their potential impact on the market beyond 2024.
Top 9 Medical Device Supply Trends For Shaping the Future of UK Healthcare Systems!
The exciting synopsis of medical devices and explore the top medical device trends is not just a buzzword in healthcare equipment, that can promote patient care and drive improved outcomes through innovations in healthcare technology.
From digital therapeutics to wearable devices, these next-gen healthcare equipment trends are changing faster and everyone expects a more innovational approach in healthcare that empowers healthcare providers to promote faster recovery.
Catalyst for the future of healthcare with Digital diagnostics & software-based medical devices!
Digital therapeutics have been making waves in the healthcare industry. It has AI-based medical devices to virtually treat different kinds of illnesses and empower patients to manage their health from the comfort of their homes.
The surge in at-home diagnostics, especially during the pandemic, has further emphasised the importance of self-testing and personalised healthcare solutions. These devices do not fall under the AI-based medical device category but are facilitated by at-home diagnostic practice.
But COVID-19 is no more now, do you think still these kinds of medical devices will further touch the growth of consumer markets? Share your thoughts below.
Much Adaptation of Biometric Monitoring Devices for Disease Detection and Wearables!
From fitness trackers to ECG sensors, biosensors to wearable electronic devices are being increasingly used by people, which provides consumers with the tools to monitor their health in real time. Based on IDTechEx’s research, the Biometric Monitoring Devices market is expected to reach $161 billion by 2033. Similarly, the use of wearable health-tracking technologiesis reshaping healthcare delivery and substantial technological advancements in innovative biometric solutions offer diverse healthcare needs for quick disease detection, monitoring, and treatment support for all.
Greater use of Bariatric Surgery Devices!
The expanded demand for weight loss medications has sparked discussions about their potential impact on healthcare equipment supply companies. While concerns exist about the future of research & evidence-based bariatric surgical instruments, experts remain optimistic about the safest and most effective treatment options for individuals with obese or severely obese people, citing factors like cost, accessibility, and patient behaviour as key determinants in the market landscape.
The needs and future market of evidence-based bariatric surgery equipment are impacted by factors, such as patients discontinuing weight loss drugs after a year. This signifies the future market presumably needs bariatric surgery treatments.
European Market Entry Challenges!
Preparing regulatory requirements (MDRs) for market access in the EU and the United Kingdom has traditionally faced several challenges in supplying medical devices to top surgical instrument companies. With delays in updated MDRs in 2024 and IVDR compliancedeadlines and an understanding of the regulations.
However, the EU is now searching to extend the compliance deadline for its renewed MDR by many years, so there are not enough resources to meet the lawfully required deadline. If they stick to the current deadline, the EU could face critical shortages of medical device supplies.
Due to these strict regulatory changes medical device companies now shifted to the U.S. marketplace.
Since then top surgical instrument companies have been exploring opportunities in the U.S. market, the US healthcare market is known for its supportive ecosystem and much flexible in easy approval processes for market entry of innovative healthcare technologies.
From digital health startups to top medical device supply companies, working together to develop advanced solutions to drive progress and create new opportunities for improving patient care.
Increased Speed to Medical Device Market Entry!
We all know that supplying a medical device to market can be a lengthy process, it involves different stages like R&D, development, quality testing, and regulatory approval. But in today’s competitive landscape, market accessibility of high-quality medical device entry speed is everything.
Medical device companies are constantly aiming to get their medical products to market quickly, without compromising safety or quality. They understand that being the first to introduce a new device or technology can give them a significant advantage over their competitors. However, it’s important to match the balance between speed and quality assurance of medical device’s safety and effectiveness for the end users.
Traditionally, medical devices are made for developed nations and only they are accessed for improved healthcare technologies. Now top surgical instrument companies in the world paying attention od equal distribution and getting them access to advanced healthcare equipments.
These MediTech companies address geographic barriers and other cultural differences. Give them easy access to the well-suited healthcare ecosystem of that area.
Excellent Attention to Sustainability and ESG!
Sustainability is another key consideration for medical device supply companies. The healthcare industry, including medical devices, now contributes a significant reduction of greenhouse gas emissions by around 4.6%. To minimise their environmental impact, companies are executing sustainable product R&D practices from and throughout the product development process.
Reprocessing medical devices, for example, can greatly reduce medical waste and cut costs for hospitals.
Rise of Generative AI In Medical Devices!
The rise of generative AI also lies in the patient-specific medical device industry supports healthcare professionals detect and measuring anomalies. AI-powered intelligent tools can streamline manufacturing and reshape healthcare distribution processes. These tools allow surgical instrument distribution companies to operate more efficiently.
Furthermore, AI-advanced algorithms can be used to diagnose conditions promote high-end medical imaging, optimize workflows, or recommend treatments. Thus reducing the burden on healthcare workers and improving patient outcomes. However, strict regulatory mechanisms are essential to ensure the safe medical device deployment and operations of these technologies.
These are key considerations of the diverse needs of different populations, addressing sustainability concerns, and opening up rapid transformation and growth in healthcare industries.
Check out our patient-centric healthcare equipment list.
Internet of Medical Things (IoMT)
The collaboration of medical hardware and software with connected networks is promoting a new era of healthcare delivery. The IoMT facilitates remote patient monitoring, seamless data transmission, and improved access to healthcare systems. That reduces the burden on traditional healthcare infrastructure.
3D Printed Images of Medical Devices
3D printing technology is revolutionising the production of dental prosthetics, surgical equipment, maxillofacial implants, and implant-supported dentures. These tailored to a patient’s unique physiology, 3D-printed devices are improving surgical outcomes and quick patient recovery, which keeps a significant development in personalized healthcare solutions.
As technology continues to transform the healthcare landscape, these innovations are balanced to reshape the patient care experience. Now time has come to embrace these technological trends lead to improved clinical outcomes for your community, and promote patient engagement.
The Euronoxx Medical Group also delivers unmatched, qualitative medical device supply tasks across the UK, EU, Asia, Africa, and Caribbean countries.
Let’s have a look ahead of the curve of transformative healthcare equipment technological trends.
3 thoughts on “The Future of Medical Device Supply in the UK: Trends to Watch!”
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