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Besides creating havoc, this pandemic definitely did one thing right. It propelled the healthcare industry to look ahead of the curve and change its course of action. The future health system is going through a digital transformation to be more customer-centric, wellness-oriented, and digitally connected. 

The pandemic's adversities are acting as a critical driver to switching healthcare business models by adopting virtual, innovative health management tools and techniques. But that's not the only reason that the healthcare industry has opened doors for digital transformation. 

Let's see some of the top reasons that drove the industry to make a change. 

• Healthcare is expensive, with global healthcare spending growing to around $8.7 trillion. 
• The percentage of gross domestic product expenses increased by 11.4%.
• Unrelenting demand of a growing and aging population.
• Increasing people's expectations for more customized and convenient services. 
• A mismatch in the demand and supply of adequate staff and medical devices.

But how is the use of digital medical devices helping the industry change the entire dynamics for good? Let's find out! 

Digital Medical Devices Boosting Healthcare Economics 

Quite evidently, improvements in medicine/ nutrition are helping people increase their life expectancies. But with the increase in the number of lifestyle-related or degenerative health issues, the economic impact is skyrocketing. Imagine if you consider only five non-communicable diseases, it will account for more than $47 trillion by the end of 2030. 

That's huge! So, where does digital technology fit into this picture? And how are digital technologies helping humans to lead better and healthier lives? Let's find out now!

Genomics 

Did you know that it took years to sequence the complete genome? Hundreds of thousands of dollars were spent to make it happen. But with an increase in the processing power, scientists could quickly unravel the potential of human DNA analysis. 

Thus, allowing the healthcare companies to come up with personalized testing or treatment procedures that could significantly improve patient outcomes. 

Robotics

Not only do robots assist doctors in surgeries, but it also helps to speed up the recovery process. Moreover, it's also helping with disinfection, dispensing medication, and sometimes even keeping company. Believe it or not, these are the tasks that will help hospitals and pharmacies undertake many tasks with precision. 

Organs-on-chips

DNA sequencing with stem cell research allows researchers to grow miniature organs after thoroughly checking the patients' DNA. And when connected to electronic sensors, they can even measure and store responses to treatment at a cellular level to help the researchers identify what methods will have the maximum success rate. 

Digital Wearables

As per a survey, experts suggest that the number of users using digital wearables will reach around 365 million by 2024. And why not when these smart health monitors allow individuals to collect real-time data, thereby helping them encourage leading healthier lifestyles. 

Many companies have already launched these products. By monitoring different data, even businesses can recommend their employees to have healthier habits for better productivity and better health outcomes. 

3D Bioprinting

This is like the ultimate medical dream that became a reality in the year 2016. In this, the researchers at the Wake Forest Institute announced that they would implant a 3D printed bone, muscle, and tissues into the animals. Experts are predicting that there might even be time for customized body parts as well. 

Digital Medical Devices Disrupting Supply Chain

Did you know that developing a new drug costs around $2 billion, which is approximately double what it used to be in 2017? And the ROI fell from 10% to 1.9%. That caused the companies to reorganize their clinical operations to increase efficiency, reduce cost, and better connect with them. 

These trends are acting as disruptors to current practices, especially the clinical supply chain. Read on to know more.

Cloud-embedded Digital Core

This is like the data hub where all the relevant data is collected into a repository. It gives the clinical supply organization a chance to operate everything efficiently and rapidly. Not only that, it's allowing biopharma companies to make better decisions and streamline processes.

IoTs

When it comes to safety imperatives in this sector, temperature monitoring and excursion management are of utmost importance. Existing methods are pretty labor-intensive and time-consuming. However, internet-connected sensors are now helping companies to record drug temperature in real-time for better product evaluations. This enables them to go for insights-driven clinical trial approaches.

Blockchain

Many companies in the clinical supply chain used to depend on third-party businesses for documentation, manual processes, and so on to facilitate clinical drug supplies across the globe. But the lack of end-to-end transparency often resulted in asynchronous information among different supply partners. 

Using blockchain, suppliers are finally increasing trust since it's helping businesses to share information seamlessly. Not only that, it's helping with material traceability, thereby reducing the waste and enabling better compliance. 

Wrapping up: Robust Opportunities Driving Digital Innovation For Better and Connected Services

The medical devices industry has entered the 4.0 phase where IoT, wearable devices, 3D bioprinting, robotics, and many other products have become mainstream. Thus, it is helping the industry to create opportunities for customization in patient care. 

Moving forward, you can expect the device makers to establish data excellence with manufacturing companies and create a space where E2E partnerships will become a lot more prevalent. 

And since the demand for disease management will increase significantly, this digital disruption will enable companies to come up with strategies that will allow them to work together to provide better patient services. Further, the manufacturers will be more agile. This will enable them to respond quickly to the changing market demands. For instance, the increased demand or need for IV pumps, catheters, or respirators during any crisis. Also, besides other options available, automation and robotics will have a huge role to play to streamline operations. 

So, what do you think will be the next big thing in the healthcare industry that will completely change the dynamics? Which technological advances will make a more significant impact in the lives of the tech-savvy consumers looking for personalized and affordable care?