What do all of these thriving medical device industry companies have in common?
- In 2006, the global medical device market totaled $209 billion dollars.
- By 2022, the global medical device market will reach $530 billion.
As market saturation increases, so does the competition. It’s not only critical to stay ahead of competitors but also to build the reliable products that advance the health and well-being of the end-user.
To meet these challenges, medical device companies are creating wearable blood pressure monitors, making groundbreaking orthopedic devices and building vehicles capable of transporting life saving medical equipment to remote areas.
What technologies are medical device industry companies using to not just thrive but to meet the challenges of innovating equipment to help save lives?
Digitalization.
With digital twin capabilities, for example, companies are finding they can innovate faster and iterate with fewer prototypes. They’re also confident their products and devices will meet government compliance and other regulations.
Medical device companies that embracing a digital transformation in healthcare are discovering their ability to maintain competitive advantage. They’re designing and optimizing lifesaving products such as drones that deliver essential medical products, wearable devices that track and analyze vital signs and machines used by front-line paramedics.
Below are a few of the amazing companies innovating for a better, healthier tomorrow by using the digital tools of today.
HeliMods
How do you create a helicopter that can operate in environments that are impossible to navigate by traditional vehicles?
This wasn’t the only challenge facing HeliMods. They also had to ensure the front-line crews had access to the equipment to help patients in the field or while flying to the hospital.
With digital technology, such as simulation, they could manage the whole digital environment. This way they could bring their innovations to life and give the users of the products confidence in performance and reliability.
Check out their story:
Wright Medical Technology
Wright Medical Technology has been a leader in orthopaedic medical devices or over 50 years. They’re embracing digitalization and using Siemens’ Xcelerator solutions for product development, data and medical records management, collaboration, compliance, traceability and reporting.
Read more about their commitment to medical breakthroughs and more
Zipline International Inc.
When one of the co-founders of Zipline saw a need for essential medical products to reach remote parts of Tanzania, he had the drive to take his business of building drones and use it to help others.
Using digital twin technology, Zipline realized a faster and more reliable design process, optimized their drones and could deliver lifesaving blood and vaccines to remote parts of Rwanda.
Watch their story:
Polar
Polar is making incredible strides in wearable medical devices designed to monitor and analyze the body’s vital signs. These innovative devices push the boundaries of mechanical and electronic product development.
By using software in the Siemens Xcelerator portfolio, Polar could conduct multi-domain engineering and ensure that their device performs when the user is most active.
Watch their story:
Are you ready to transform your company into a digital enterprise? Move toward the future faster with the Siemens Xcelerator portfolio.
