-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueInner Layer Precision & Yields
In this issue, we examine the critical nature of building precisions into your inner layers and assessing their pass/fail status as early as possible. Whether it’s using automation to cut down on handling issues, identifying defects earlier, or replacing an old line...
Engineering Economics
The real cost to manufacture a PCB encompasses everything that goes into making the product: the materials and other value-added supplies, machine and personnel costs, and most importantly, your quality. A hard look at real costs seems wholly appropriate.
Alternate Metallization Processes
Traditional electroless copper and electroless copper immersion gold have been primary PCB plating methods for decades. But alternative plating metals and processes have been introduced over the past few years as miniaturization and advanced packaging continue to develop.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
Digital Transformation Initiatives to Inject Fresh Impetus into Medtech Industry
September 24, 2019 | Frost & SullivanEstimated reading time: 2 minutes
The traditional medtech industry’s growth rate is expected to drop gradually beyond 2020, from 5.8% to as low as 5.3% in 2024. The digital transformation of the industry, aimed at twin objectives of providing complete solutions along the patient’s care continuum, as well as improving efficiency of medtech organisations’ internal operations, is expected to improve operating margins and boost overall revenues. Frost & Sullivan estimates the potential of digital transformation initiatives to add up to $241 billion, aiding the medtech industry to grow at CAGR of 6.3% between 2018 and 2024.
“The availability of digital solutions such as analytics, AI, and augmented or virtual reality is having a huge impact on several aspects of internal operations in the medtech industry, including manufacturing, and on external areas of care delivery,” said Siddharth Shah, Program Manager, Transformational Health at Frost & Sullivan. “Newer opportunities such as gamification, patient engagement, device data analytics, and medical device cybersecurity are expected to emerge as a result.”
Frost & Sullivan’s latest research, Digital Transformation of the Medtech Industry, explores the various factors driving the digital transformation of the medtech industry, key areas of transformation, growth opportunities, analyses of key players in the sector, and revenue forecasts through 2024.
In terms of technological sophistication, regulatory support, and willingness to invest, the North American and European markets are relatively more mature for the adoption of digital transformation solutions. The Asia-Pacific and Latin American markets are somewhat similar in terms of readiness, albeit trailing behind North America and Europe, but ahead of the rest of the world. North America, Europe, and Asia-Pacific jointly account for 89% of the total opportunity potential from medtech digital transformation solutions.
“While widespread adoption of the digital solutions still remains a challenge, it is expected to improve significantly, driven by demand from users of the tech-savvy generation and a rising pressure within the industry to improve margins and efficiency,” noted Shah. “Some pioneering health systems are already seeing returns on investment from the implementation of their digital solutions, making their future receptivity to medtech solutions positive. Support from regulatory bodies will only help further this goal.”
To make the most out of the digital transformation, companies in this space should focus on:
- Forging partnerships that can help derive novel patient care insights and opportunities for growth of the industry.
- Investing in new solution elements to provide cost-effective solutions that enable patient-centric care models.
- Transforming revenue models from one-time device sales to a more predictable subscription-based revenue stream and turning lump-sum capital expenses for hospitals into smaller, more affordable operational costs.
- Devising innovative digital transformation solutions that will serve as a differentiating factor, while significantly improving brand loyalty.
Digital Transformation of the Medtech Industry is part of Frost & Sullivan’s Transformational Health research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.
Suggested Items
SIA Statement on Biden Administration Action Imposing New Export Controls on AI Chips
01/15/2025 | SIAThe Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer regarding the Biden Administration’s decision to publish an interim final rule titled, “Export Control Framework for Artificial Intelligence Diffusion.”
AIM to Participate in SMTA Ultra High Density Interconnect Symposium
01/15/2025 | AIMAIM Solder, a leading global manufacturer of solder assembly materials for the electronics industry is pleased to announce its participation in the SMTA Ultra High Density Interconnect (UHDI) Symposium, taking place on January 23, 2025 at the Peoria Sports Complex in Peoria, Arizona.
Altus to Highlight Key Manufacturing Solutions and Trends at Southern Manufacturing & Electronics 2025
01/15/2025 | Altus GroupAltus Group, a leading distributor of advanced electronics manufacturing equipment in the UK and Ireland, will showcase a selection of cutting-edge solutions at Southern Manufacturing and Electronics 2025 from 4-6 February at the Farnborough International Exhibition Centre..
Upcoming SMTA UHDI Symposium: Shortening the Learning Curve
01/15/2025 | Marcy LaRont, I-Connect007SMTA’s second annual UHDI Symposium on Jan. 23 in Phoenix will highlight groundbreaking discussions on UHDI assembly test board, innovative electronic inks, process controls, and signal integrity solutions. Organizer Tara Dunn talks about the importance of the event and how she prepared presentations and discussions that would appeal to fabricators, assemblers, and designers. This event will shorten your learning curve and spark new ideas that push the boundaries of hardware electronics manufacturing. There’s still time to register.
Merlin Circuit Technology Achieves Prestigious JOSCAR Accreditation
01/14/2025 | Merlin Circuit TechnologyMerlin Circuit Technology is proud to announce it has been awarded the coveted Joint Approvals Group for Industry (JAG) Standard 001 (JOSCAR) accreditation.