Medical technology encompasses over 500,000 distinct forms within 16 categories of healthcare products that are used to diagnose, monitor, or treat medical conditions that affect humans.
The medtech industry has been a major contributor to the world economy for decades. According to a report released by Evaluate, a London-based life science market intelligence firm, by 2020, worldwide medtech sales will reach $514 billion, and global R&D will grow by 4.2% (CAGR) and eventually reach $30.5 billion.
The growth is driven by increasing demand and new offerings, but at the same time, it will require a higher level of innovation and better, faster, more integrated solutions. Traditionally, the specifics of the medtech industry have required it to be consistently on the forefront of innovation. With the changes in the global health ecosystem, medtech companies are expected to provide even more value to be able to compete in this new environment where new models for delivering better healthcare for more patients at lower costs are key pillars for success.
The medtech industry is more complex than many others, and the value and impact of decisions and solutions can be enormous, affecting not just employees, shareholders, and patients, but also the overall healthcare system, making this process more challenging.
However, research shows that medtech companies have held steadfast to traditional technologies and have been slower to apply new mobile, cloud, and analytics technologies compared to other industries. Yet, under the current market conditions, the importance of innovation in the medtech industry can’t be underestimated. According to the results of a survey conducted by PwC’s Health Research Institute (HRI), 64% of executives of medtech companies view innovation as a competitive necessity today, and even more, 81%, believe that innovation will be a key element of success in five years.
This is a key reason why events like Advamed are important for companies that recognize the changes in the market and are in search of new ways to adapt to the transformations in the industry, striving to adjust their formulas for success and deliver more value and performance to customers.
Nearly 900 companies from 29 countries participated in one of the leading medtech events in Chicago on October 6-8, 2014. A total of 116 exhibitors, including Auriga, displayed their latest products and services in the Exhibit Hall. There was a 13% increase in attendance compared to the previous year, which once again proves the industry’s commitment to sharing best practices, encouraging innovation, and creating value for patients.
Auriga has been providing software engineering services for the medtech industry for over ten years. For seven years in a row, Auriga has been recognized as one of the best providers for the healthcare industry, according to the International Association of Outsourcing Professionals (IAOP) Global Outsourcing 100 rating. That said, we could not miss the event, and we used this unparalleled opportunity to connect and network with both key leaders and start-up companies in the medtech industry.
According to Marc Schlackman, Auriga’s Sales Director,
The Advamed 2014 conference was represented by 80% of the US technology firms focused on medical devices, diagnostic products, and health information systems. More than 50% of the attendees were the high-level decision makers in these companies and in the industry. Auriga’s message of ‘experience matters’ resonated on the exhibit floor as we demonstrated our expertise in delivering software projects on time and on budget. Many start-up companies were very interested in learning about Auriga’s success stories describing our ability to drive full software product lifecycle support from concept through to FDA approval.
Auriga’s Expertise in Software Development for the Medical Industry
Over the last ten years, Auriga has completed over 50 projects and gained considerable experience in the development of system-level and embedded software for life-support and monitoring systems, lung ventilation systems, imaging systems, central stations, and wireless devices. Along with software development, Auriga’s highly skilled professionals carry out testing, verification, and validation of software products and provide technical support at all stages of the software lifecycle. All medical devices developed by Auriga comply with the common global industry standards IEC 62304, ISO 13485, and IEC 60601, allowing us to design solutions to be used in intensive care hospital units every day.
You can read more about Auriga’s expertise here.