The COVID-19 outbreak has significantly driven up demand for, and prices of, almost all products in the medical device industry. In particular, PPE products have seen rapid growth across geographies and markets, a trend that is expected to continue in the coming years.
The rise of respiratory diseases and the widespread presence of COVID-19 has also resulted in a sharp uptick in intubation and ventilation consumables production and sales.
Moving forward, medical device companies will continue to enjoy widespread growth due to technological innovations. Key trends include the rise of the Internet of Medical Things (IoMT) — connecting medical devices with centralized systems for seamless and optimized processes — medical robots, and 3D printing. 3D-printed devices and consumables are rising in popularity, as they help to deliver higher quality, tailored, solutions to medical professionals and patients while reducing overall costs. However, the increased use of technology in product development is also increasing cybersecurity threats, driving manufacturers to adopt tools that prevent security breaches and protect patient data.
Cedar's team of experts is well-equipped with the strategy formulation experience required to help you make the most of a growing market opportunity and drive breakthrough innovation across your organization.