Prioritising innovation today is key to unlocking post-crisis growth
Jim Scott, customer support manager, Dynamic EMS, discusses how prioritising medtech innovation today is the key to unlocking post-crisis growth.
The COVID-19 pandemic has upended nearly every aspect of life, from the personal (how people live and work) to the professional (how companies interact with their customers, how customers choose and purchase products and services, and how supply chains deliver them).
However, within Dynamic EMS, we can see how crisis will create significant new opportunities for growth, although this varies significantly by market segment.
At Dynamic EMS, we primarily operate in the traditional Electronics Manufacturing Service Provider (EMS) segments of aviation, communications and computing, energy, industrial, healthcare and sciences, and safety and security.
For Dynamic EMS, the most relevant today, as we move into the next chapter in our COVID-19 journey, is the movement behind sensor technologies and their applications associated to the medical sector.
Working in high reliability market segments means quality and reliability are paramount. Our in-house QMS system ensures our customers have complete traceability throughout the product build and conform to required industry certifications.
Dynamic EMS has been serving the Healthcare and Life Science markets for over 15 years and we have a solid understanding of the requirements needed to meet this evolving market sector. As such, our manufacturing facility is certified to ISO 9001 and ISO 13485.
The medical electronics market is expected to witness strong growth in the next five years, mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population.
The miniaturisation of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19 has facilitated the growth of various sensors.
Medical meets IoT at the right time in the right way
Pre COVID-19, both the medical market and IoT held equal interest for companies like Dynamic EMS who became aware of the potential opportunity for growth and development that sat within. The ageing population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favourable healthcare reforms and financial assistance by governments for senior citizens, are some of the prominent factors for the growth of the medical electronics market globally.
Two markets collide and consolidate medical and IoT
In terms of trends within a specific segment, the consolidated market of medical and IoT, for Dynamic EMS, we are seeing the trends in medical wearable devices for remote patient monitoring emerging, not only as a medical device, but also as a health and wellbeing aid for fitness enthusiasts.
The global COVID-19 pandemic has accelerated the need for digital reinvention and adoption of healthcare technology solutions. Again, we are seeing IoT applications in medical/healthcare. We also see healthcare providers and payers look to blockchain for better trial data management.