There is currently rapid growth in the medical device industry, which translates into growth in the number of high-paying jobs. Explore the development of the sector, as well as what this means for jobs within it.
The Rapid Growth of the Medical Device Industry
For several years now, experts have projected a favorable outlook for the medical device industry.
Overall Growth and Driving Factors
A report from the Business Research Company in October 2020 attributed the growth in the medical device industry to several specific factors. These include the rapid increase in the elderly population, technological advancements, healthcare expenditure, and an increase in healthcare facilities. The report also cited the rise of chronic diseases and infectious illnesses as driving factors.
A report from Mercer Capital reinforces some of these factors. For example, the US Census Bureau predicts that by 2060, about 25 percent of the population will be elderly. This will include 95 million people. Compare that to the 49 million elderly (just 15 percent of the population) in 2016.
The Mercer Capital report also highlights the increase in global markets that consume medical devices. In the past two decades, every region except South Asia and Sub-Saharan Africa has increased healthcare spending compared to their total output.
Trends Within the Medical Device Industry
In addition to the overall growth of the medical device industry, experts also note specific trends. Contract research organizations or others searching for high-paying jobs should familiarize themselves with these trends, as they provide insight into which industry segments are the most likely to have job offerings.
Integration With the IoMT
A rising number of medical devices are integrating with the Internet of Medical Things (IoMT), a process that modernizes healthcare. Increasingly, medical devices do not just assist patients or doctors with treatment; they also gather data. This has led to a rise in medical-related data services.
Robotics is another significant trend in terms of medical devices, especially in terms of surgical robots. Currently, the surgical robot market is $5.5 billion, but experts predict it will reach more than $24 billion by 2025.
The increasing connectivity associated with medical devices also creates an increase in the need for cybersecurity. This opens opportunities for those in the biotech industry or related fields to incorporate cybersecurity into their offerings.
Compliance and Regulations
The regulation also plays a role in the medical device market. Rules govern every aspect of the process, from designing and developing devices to registering and listing them. This requires companies to hire experts whose sole role is to ensure compliance with these regulations.
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