The medical industry is breaking through technological barriers at a rapid rate. This perpetual state of change has revolutionized the way the medical profession delivers healthcare. The way in which surgical procedures are done, replacement parts are made, medical data is obtained or analyzed, and various other aspects of healthcare is changing rapidly. As new ideas are developed and marketed, traditional methods are giving way to new approaches. All industries that are involved with the medical device market today have to be ready to adapt to this “moving target.” Project managers need to place more emphasis on shortening design and launch cycles so that products take advantage of the new technologies and get to market sooner.
While the medical manufacturing industry, in general, has made amazing technological advancements, the demand for these products also increases every year. The 2018 revenue projections are $41 billion and continued strong growth of roughly 12% is anticipated so long as the supply can keep up with the demand.
The increasing demand is most likely due to the following factors:
1) More advanced and personalized treatment (i.e. portable oxygen concentrators, chemotherapy travel kits, heart monitors, etc.)
2) An increase in the availability of healthcare (healthcare insurance reform includes those with a pre-existing condition, covering certain items within their treatment)
3) An aging population
4) An increase in device recalls (urges medical manufacturers to proactively invest in additional testing and validation for parts)
Since devices are increasing in demand, the industry has many medium to higher volume applications, ideal for using high pressure die casting as an efficient, high quality solution. When searching for a die caster, it is important to select a company that has a certified quality management system in place and an approach that allows all engineering teams to work collaboratively on the part design.
Want to read more on how the High Pressure Die Casting process can be used for mass production? Click here to view the .PDF.