The medical device industry faces significant pricing pressures as the consumables and services segment gains traction from activities tied to installing new equipment and replacing or refurbishing capital equipment. Medical device vendors are focused on new business models to provide multi-vendor services, online parts ordering, remote servicing, cybersecurity, and professional services (including consulting) to drive growth in a competitive environment.

Amid rising healthcare costs and workforce burnout, innovative business models and disruptive technologies will drive industry growth in 2025. Patients, payers, and health providers are shifting care to out-of-hospital settings, such as ambulatory care centers and homes, to reduce costs and improve patient convenience. Medical devices such as remote and continuous monitoring devices, wearables, and connected solutions enable this transformation. Telemedicine, remote care, and virtual care trends will boost demand for medical devices alongside process automation solutions, such as robots, to help reduce the workload burden of healthcare staff.

Frost & Sullivan’s Growth Accelerators are companies at the forefront of driving growth in their respective industries. These companies accelerate growth by continuously innovating and creating new technologies, solutions, platforms, business models, or strategies that serve ever-evolving customer needs. These companies are also best positioned to expand market growth by strategically broadening and/or enhancing their product portfolio. Accelerating new growth opportunities is never an easy task. Still, it is one made even more difficult considering today’s strategic imperatives, from disruptive technologies and value chain compression to industry convergence and new business models. In this context, recognition as a Growth Accelerator signifies an incredible accomplishment.

Author: Bejoy Daniel