The annual EY Pulse of the Industry report has been released, and while the findings are not all bad news, it’s clear that the medical device industry ecosystem is changing and requires much more vigilance on the part of patient needs and outcomes, as well as on the development of data-driven and digital technologies. The following are some highlights from the report.

Areas of Growth

• Robotic surgery market: $6 billion+ invested on new platforms
• Non-imaging diagnostics companies: Revenue growth outpaced that of the wider industry
• Artificial intelligence: Since 2018, FDA has approved 33 algorithms

Challenges & Priorities

• Cybersecurity: Medical device companies must keep device data security a priority, as health data breaches are increasing
• Investment in data-driven value-based care methods
• More closely align business models with customer data requirements
• Development of more flexible and multi-directional supply chains

View the full EY Pulse of the Industry 2019 report.