From wearable medical devices to healthcare apps and trackers, the MedTech industry is a rapidly expanding multi-billion dollar industry. As more companies look to expand their presence in this sphere — especially those in the wearable MedTech space — the importance of compliance, regulation, and even risk management is coming to the forefront.
In this blog, we’ll explore some leading causes of growth in the MedTech industry, and why partnering with an FDA-registered 3PL is vital for an organization’s continued success in logistics and fulfillment.
What Is MedTech?
The medical technology industry (MedTech), encompasses every product, service, or solution utilizing medical technology to improve people’s health by preventing, diagnosing, monitoring, and treating diseases and ailments.
It’s been said that information is the most powerful tool against disease. The MedTech industry exists as a way to bring the latest data out of the laboratories and into the hands of the consumer. For instance, early diagnostic tools (such as wearable medical devices and electronic health gadgets) can be used to prevent disease, and the diagnosis helps doctors identify specific conditions and provide early treatment.
As medical technology becomes even more integrated into our everyday lives, the purpose of MedTech is to make near-constant monitoring of one’s medical conditions a reality. While a check-up was once relegated to an annual visit to the doctor’s office, consumers can now — through healthcare mobile apps and wearable gadgets — gain a more comprehensive understanding of their health.
How Technology Helps Medicine
Technology in the medical field is nothing new. While the industry of health and medicine is not the same as it was even a decade ago, technology and healthcare have often experienced a symbiotic relationship.
The technology of ancient Greek doctors — as recorded in the Hippocratic corpus — while simple to the modern medical professional, still made reference to technologies like surgical instruments, compresses, and simple and compound drugs.
In more recent history, technology has helped the medical community make discoveries regarding treatments (such as the invention of the Polio vaccine as pioneered by Jonas Salk), data collection, and symptom and disease research. In short, technology has helped medicine become more accessible and readily available to people.
Medical Device Industry Trends
As medical devices continue to help identify, diagnose, and treat maladies in more efficient and effective ways, experts are projecting MedTech growth to hit over $600 billion by 2023. With this in mind, it’s important for businesses in the medical device and healthcare products space to stay on top of the coming trends.
Trend #1: Enhanced Cybersecurity
As technology advances, so do the tactics of hackers. While this may not be the first topic you’d assume would appear on a list of medical device industry trends, it does go hand in hand with it.
As data is collected from wearable medical devices and healthcare apps, the reality of companies mining data and —worse still — the threat of hackers stealing that sensitive information, is all too real.
With this reality on the horizon, the FDA is actively holding manufacturers of medical devices accountable for issues of security. Because of this, risk management is becoming a growing priority in the MedTech space.
Trend #2: Wearable Medical Device Technology
Wearable medical devices, also referred to as “wearables”, started out as relatively simple technology. Healthcare tracking apps like MapMyWalk and MyFitnessPal were early pioneers in this space, and since then the technology has only continued to develop.
Wearable fitness technology has grown to allow doctors to monitor a patient’s blood pressure and heart rate. Even for a person without a preexisting condition, MedTech wearables can still be utilized to monitor overall health and wellness.
Trend #3: Medical Robots
Medical robots sound like a concept of science fiction’s future. But there’s already a surgical robot, called the “da Vinci Surgical System”, used in the operating room. As advancements in the MedTech industry continue, medical robots are becoming more capable and able to assist medical professionals. The industry of medical robots is expected to reach $20 billion in the next few years.
Trend #4: 3D Printed Objects
From gadgets and toys to medical devices, 3D printing is continuing to grow. Experts in the MedTech industry are citing remarkable possibilities associated with 3D printing, such as the ability to reproduce customized organs, prosthetics customized to patients, and tools used for surgical procedures.
Trend #5: Virtual Reality
Medical virtual reality has revolutionized healthcare. This often involves software used to train surgeons and medical students, like the technology used to train pilots. Medical virtual reality can also be used to address issues of brain discordance and prevent a person’s brain from feeling pain during a procedure.
The Secret Driver Behind the Consumer MedTech Industry: Wearable Devices
As we mentioned above, wearable medical devices are one of the driving forces behind the growth of the MedTech industry. The global wearable medical device market — valued at $23.1 billion in 2021 — is expected to grow by 25.7% by 2030. It’s an exciting time for businesses in the medical and healthcare products space, especially as technology continues to create products that get consumers excited about their personal health and wellness.
Below are five of the most popular wearable medical devices making it easier for people to take care of themselves:
5 Wearable Devices Revolutionizing the Industry
#1 Wearable fitness trackers. Sensors in these wristband devices measure physical activity and heart rate. By syncing with various smartphone apps, fitness trackers provide health and wellness data collection and recommendations.
#2 Smart health watches. Smartwatches have evolved from merely counting steps and telling time to clinically useful tools in healthcare. According to some predictions, 50 million smartwatches will be sold in the U.S. by 2024.
#3 Wearable ECG monitors. Among consumer electronics, wearable ECG monitors are on the leading edge. People can use them to measure electrocardiograms, or ECGs, as well as other vital signs, such as blood pressure.
#4 Wearable blood pressure monitors. In 2019, Omron Healthcare released HeartGuide, the first wearable blood pressure monitor. The monitor measures blood pressure and daily activity — like steps taken and calories burned.
#5 Wearable biosensors. While still in their infancy, these portable sensors come in the form of gloves, clothing, bandages, and implants. Users receive two-way feedback from their doctors and can monitor their health. They can also diagnose diseases continuously and noninvasively by analyzing physical motion and biofluids.
As consumer demands for these products increase, it’s more important than ever that businesses in the medical device space prioritize becoming acquainted with medical device shipping regulations. We’ll cover this in more detail below.
Shipping Medical Devices
Known as a highly regulated industry (for obvious reasons), medical devices and healthcare products require special handling in a manner that must adhere to strict FDA regulations.
As a business in the MedTech Industry looking to ship products that fall under strict compliance regulations, it’s imperative to find a fulfillment partner that’s FDA-registered, CGMP Compliant (Current Good Manufacturing Practices) and has certifications in handling products that fall under hazardous materials (HAZMAT) classifications, including:
- 49 CFR – Code of Federal Regulations
- IATA – International Air Transport Association
- IMDG – International Maritime Dangerous Goods
- Classes 2, 3, 9 including Lithium Batteries
At Jay Group, we specialize in handling the fulfillment process for the following medical and healthcare products:
- Medical Devices
- Durable Medical Equipment
- Dental Supplies
- Wound Care
- Diagnostic Instruments
- Skin Care Products
- Surgical Devices
- Orthopedic Braces & Supports
- Dietary Aids
The Guidance of an FDA-Registered 3PL
If you’re a business in the MedTech industry looking to partner with a 3PL, be sure you keep an eye out for the following services and solutions.
#1 Expiration Date Management
Last-in, first-out (LIFO), first-in, first-out (FIFO), and first expired, first-out (FEFO) fulfillment services help you maximize the value of your inventory and avoid waste of products with a limited shelf life.
Be sure to partner with a 3PL that has the technology to control the stop ship date of your product to ensure adequate shelf life, which means your customers always receive a product that can be safely worn or used before expiring.
#2 Recalls & Reverse Logistics
Customer satisfaction is of the highest importance, especially in the medical and healthcare industries. In the unlikely event of a product or batch recall, be sure the 3PL has the ability to limit the number of consumers affected by identifying the exact consumers who received the product through a technology known as advanced lot and serial tracking.
#3 Sanitary Packaging, Assembly, and Storage
Medical and healthcare products require the highest level of sanitary handling. Ask if the 3PL you’re exploring has quality critical inspections and package integrity testing, as well as complete specialty training to support the sanitary handling needs of your product, such as:
- Allergen training
- Sanitary Transportation of Human and Animal Food training from the FDA
- Supplementary utilization of gloves when handling your product
The data points to unprecedented growth in the MedTech industry. As a business in this space, there’s a lot to keep track of — and product logistics and fulfillment should be at the top of your list.
Be sure to prioritize this aspect of your business, and work to find a logistics partner that can take the stresses of supply chain management from you, so you can focus on doing what you do best — growing your business.