COVID-19 has changed a lot about our lives, from how we interact with loved ones to how we go to school or work. The MedTech industry is no different. Every industry is facing the consequences of COVID-19 in its own way.
The MedTech industry is vital in providing healthcare workers essential devices and tools. But what’s changed since COVID-19 turned everything about the healthcare industry upside-down?
Take a look below to find out what changes there have been in the industry and how it may affect you.
Increased Demand
Even the general public is aware of how significantly the need for medical equipment rose after the onset of the pandemic a little over a year ago. Now, while supply chain demand is leveling out, it’s still not back to normal.
Shortages of all types of supplies, from machines like ventilators to diagnostic tests and PPE kits, have been prevalent. In addition to shortages, supply chains also increased the number of suppliers and ended the business of others.
Medtech manufacturers began repopulating exponentially. Meanwhile, companies like MedWorld Advisors managed the mergers and acquisitions of smaller companies.
Many supply chains have also switched over to sourcing locally. This was because big suppliers are often sold out of essential products or lack the proper inventory.
Innovation
The medical device industry is no stranger to innovation.
However, MedTech companies like QuestDiagnostics, Quigen, and Lab Corp had no choice but to adapt to this new landscape. By meeting the needs of their clients and customers one result at a time, innovation has grown across the globe. While the effects of the pandemic have been deadly, it gave the MedTech industry the push it needed to step up to the plate.
New, more effective methods for diagnostic testing, advances in temperature monitoring technology, and telemedicine are all examples of how innovation has developed over the past year.
Rise of Telemedicine
One of the industry’s greatest challenges was figuring out how to treat patients in a way that was also safe for healthcare providers.
Telemedicine allowed doctors to see patients who wanted to avoid exposing themselves to the virus. On the other hand, it kept providers safe from those who had contracted the virus. The nature of the virus makes it difficult to know whether one is safe from it, making telemedicine a safer alternative.
Even issues unrelated to Covid-19 were treated with telemedicine as doctors realized patients don’t have to be physically seen to be helped.
Not to mention, MedTech employees began working remotely themselves, adding a new facet to the issue.
Evolution of the MedTech Industry
The medical technology industry is one that adapts to people and our needs. But COVID-19 pushed the MedTech industry past anything that we could have imagined.
There have been many changes in the industry, so much so that this pandemic has shown us a new “normal.”
For more information on current events in health and technology, check out some of our other articles like this!
