As a highly-regulated industry, understanding the rapidly expanding technologies in the MedTech market is critical in order to be successful. Longer life expectancies, novel infectious diseases and chronic health complications are predicted to drive the global value of this industry to $612.7 billion by 2025.
Understanding Medical Devices
Medical technologies are products, services or solutions used to save and improve people’s lives. In their many forms, they are with you all the time, from prevention, to diagnosis to cure.
There are three main categories of medical technologies:
Medical devices (MDs) are products, services or solutions that prevent, diagnose, monitor, treat and care for human beings by physical means.
- Class I devices are low-risk devices. Examples include bandages, handheld surgical instruments, and nonelectric wheelchairs.
- Class II devices are intermediate-risk devices. Examples include computed tomography (CT) scanners or infusion pumps for intravenous medications.
- Class III devices are high-risk devices that are very important to health or sustaining life. Examples include pacemakers and deep-brain stimulators.
In vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases.
In vitro diagnostics may also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies. These in vitro diagnostics can include next generation sequencing tests, which scan a person’s DNA to detect genomic variations.
Some tests are used in laboratory or other health professional settings and other tests are for consumers to use at home.
From mobile medical apps and software that support the clinical decisions doctors make every day to artificial intelligence and machine learning, digital technology has been driving a revolution in health care. Digital health tools have the vast potential to improve our ability to accurately diagnose and treat disease and to enhance the delivery of health care for the individual.
Digital health technologies use computing platforms, connectivity, software, and sensors for health care and related uses. These technologies span a wide range of uses, from applications in general wellness to applications as a medical device.
They include technologies intended for use as a medical product, in a medical product, as companion diagnostics, or as an adjunct to other medical products (devices, drugs, and biologics). They may also be used to develop or study medical products.
What we do for clients
Projectus help Medical Technology manufacturers and distributors design their organisations - the structure, roles and responsibilities - to seize these opportunities. We help them select and hire the talent they need to execute their strategy. And we put strategies in place that show them the best way to compensate, develop, and motivate their people – increasing retention and positively impacting the bottom line.
What we do for candidates
Projectus can guide you into your first entry-level role all the way through to c-level appointments. We use salary benchmarking to ensure you are paid accordingly and science tp make sue you enjoy and thrive in your new role.