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The medical technology industry is developing risk-based plans for COVID-19 and gearing up for immediate actions to be taken, such as marketing authorizations that may be needed to apply for life saving products, as well as long-term supply issues, stated Dr. Anish Desai, strategic medical affairs – Adroit Biomed & director – Intellimed Healthcare Solutions.
Dr Desai stated that there are various steps for medical technology industry to navigate the COVID-19 such as supply chain, adopting digital technology and digital clinical tools.
In terms of supply chain, medtech industry could also help develop products and technologies that allow certain procedures to be undertaken in office settings.
Procedural training and operation theatres procedural support and product training are critical in the device industry as medtech companies need to rapidly embrace these newer technological solutions to deliver the value of their products and services.
"The domestic medical technology industry, estimated at US$ 5.7 billion in 2017, is expected to grow to US$ 9.6 billion in 2022," according to PwC report.
The respiratory devices market is also witnessing a surge in demands on a global level, resulting from the rising the necessity of ventilators due to uncontrollable rising of COVID-19 cases. Due to increasing prevalence of respiratory diseases, the global ventilators market is expected to grow manifold. Furthermore, the entire respiratory market will continue to grow with the high incidence of chronic diseases, such as chronic obstructive pulmonary disease (COPD) and asthma among the increasing geriatric population.
Dr Desai added, “Medical technology companies have seen a decrease in demand for products related to procedures such as bariatric surgery, joint replacements and other implantable devices. Also, there is increased demand for devices like ventilators, PPE and diagnostic kits. Medtech companies need to be agile and ready to respond to a robust demand for services and products once situation normalizes.”
“It is important for the medical device industry to collaborate with all stakeholders including physicians, patients, regulators, payers, providers and policymakers. Finally, it is imperative for medical technology companies to focus on combating the crisis while developing products and services for the next phase that can achieve superior outcomes,” added Dr Desai.
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