BLOG

Top Challenges Facing the Medical Devices Industry

Dec 5, 2018

The past few years have witnessed a myriad of changes in FDA-regulated sectors such as the medical device industry. Accountable care and value-based reimbursement models are causing a groundbreaking shift in the medical device industry. This means that now focusing on data and the value of the medical device is not enough to boost the ROI. Companies in the medical device industry need to begin their quest for new avenues of revenue and profitability.  The radical shift towards value-based care demands solutions that can deliver actionable insights for use in existing electronic medical record systems. Here are some critical challenges that are pressuring the medical device industry.

We can help you improve business operations by keeping a close watch on new industry trends, speak to our analytics experts to learn how.

Medical Device Industry Challenges

The competition in the medical device industry is soaring to a whole new level, prompting players in this space to manufacture more complex and integrated products to stay ahead of their peers in the market. Consequently, this results in a rise in the cost of field service and repair processes. Moreover, this has also doubled the cost of training field service specialists and engineers. Quantzig’ s cost analytics solutions help medical devices companies identify and set the optimum price for their products and yield maximum ROI.

Meeting customer expectations

The advent of technology has given customers around the world access to the internet and smartphones. They now have numerous choices at their disposal and demand more from companies in the medical device industry, especially in terms of implementing more aggressive SLAs. The end-users of medical devices are demanding more incentives from their reduces capital. Quantzig’ s customer analytics solutions are designed to help healthcare device manufacturers gain glean customer insights to drive sales and improve revenues through acquisition, growth, and retention.


Request a FREE proposal to gain comprehensive insights into the challenges facing medical device manufacturers.


Shift towards home-based care

The popularity of home healthcare services and POC tests are skyrocketing, this means that players in the medical device industry need to follow suit and migrate towards the production of home-based health kits. This would pose a threat in reducing the spending on capital programs for the development of new lab equipment.

Cut-throat competition

Manufacturers in the medical device industry are gradually losing their ability to fund capital for their new devices primarily due to the implementation of new schemes to reduce reimbursements for medical assays by insurers. To add on, heightening competition from other emerging companies in the market will contribute to eroding customer loyalty and thereby reducing the profit margins of top medical device companies.

Whether you are an established medical device manufacturer or one branching into new markets, Quantzig’s advanced analytics solutions can help you streamline your operations to maximize safety and efficiency. Book a FREE Demo for detailed insights.

Quantzig advantage

Healthcare professionals constantly encounter a seemingly impossible number of obstacles in their mission to deliver quality care at affordable prices to the patients. From rapidly skyrocketing pharmaceutical prices to need to jump through hoops for treatment reimbursement, the tasks have been becoming more complex with time. Quantzig’s analytics solutions for the healthcare industry help companies including pharma, medical devices, diagnostics, and healthcare delivery companies to address key challenges, reduce costs, increase margins, and gain a competitive market advantage.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

Recent Blogs

Emerging Applications of Artificial Intelligence in Medicine

Emerging Applications of Artificial Intelligence in Medicine

The main aim of artificial intelligence in medicine is to mimic human cognitive actions which is directly or indirectly bringing pioneer changes in the field of healthcare. Artificial intelligence in healthcare simplifies the processes of healthcare organizations as...

read more
HR Technology Trends Redefining the Modern-Day Workforce

HR Technology Trends Redefining the Modern-Day Workforce

In 2020, we witnessed rapid changes in workplace structures and business processes amid the pandemic outbreak. Advanced HR analytics solutions proved their potential amid the uncertainties by playing a crucial role in helping businesses understand and engage with a...

read more

Industries

Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.

Insights

Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.