The medical industry has numerous smaller, mid-sized, and large diversified companies in medical with investing huge amount in their R&D activities for new upcoming devices for different therapeutic areas. The industry is effective and is planning to change its products and have extensive ties with physicians, radiologists, and surgeons. The integration of IT has led to significant change in regulatory framework. The necessary changes and innovation will improve better approach, coordination, and management of diagnosis and treatment.
Regulatory framework when compared to drugs is comparatively lesser and have different classification for devices that include: Class I, Class II, and Class III devices. This classification is based on the risk associated with devices when used for diagnosis, surgical, and implantation in various chronic diseases. The market is dynamic and is dependent on the leading vendors as they have strong hold in the market share and with introduction and integration of IT in healthcare devices has drastically changed the market scenario. In contrast, the market for new innovative products with artificial intelligence (AI) has developed a new stage that is will bring considerable changes in today’s imaging and diagnostic procedures. The manufacturers are integrating intelligence into their devices and offering real-time insights based on patient data that will enhance the usability and bring huge volume of patients with EHR medical records. The data is secured and stored on cloud, which will generate frequent follow-ups and necessary notifications for patients. This way the industry is primarily focussing towards patient centric and most of the OEMs have already invented solutions to increase productivity. The focus towards development of scalable healthcare solutions keeping in mind cost, safety, accuracy, and functionality has increased the capabilities of major vendors to cater the fast-growing new-age digital medical industry.
“Medical devices enabled with Artificial Intelligence (AI) will increase the connectivity between devices, physicians, and patients. Increase focus toward patient-centric care will bring high volume-based business to most of the healthcare service providers”