Top 10 Medical Device Manufacturing Companies Europe
Medical device companies are in the business of making people’s lives better. This broad industry develops all manner of devices from diagnostics and medical imaging machines to surgical instruments and orthopedics. With the high level of technological advancement over recent years, sub-sectors such as health technology — where medical devices meet innovative software technology — have grown exponentially. Nevertheless, medical device manufacturers realize that future profits depend on their ability to evolve with the market, and many have begun their metamorphoses, whether it be through acquisition partnerships restructuring or redefining innovation. But disruptive change is underway. Companies no longer will be able to earn premium margins by simply selling clinical features and new devices into established market spaces. Rather, they will need to look at new segments, challenges, and particularly, new end-to-end solutions to secure additional revenue and maintain margins.
There are many common challenges that most medical device companies face. The increasing cost of compliance is a common top challenge. Tracking and managing the ever-increasing number of regulations and standards can be difficult. Further, the time and cost associated with the documentation required for compliance is significant and takes resources away from tasks that could add more value to the device. Reducing time-to-market is another challenge medical device companies face. Long regulatory approval cycles delay time to market, which means it takes medical device companies even longer to recoup the investment in development. When selecting a technology solution, vendors need to ensure that they are able to support the complete lifecycle of their device. Quality issues can occur at any point along the lifecycle so it is important that no part of it is overlooked.
Medical device companies who adopt practices focused on wonderful devices can expect greater patient satisfaction, accelerated competitiveness, and higher profits. To achieve this, companies need to be empowered to shift from a document-centric system to one that focuses on high quality, innovative products that meet patient needs. With investments in the proper technology, this is possible. Technology can reduce manual, time-intensive reporting processes to a push of a button. Rather than structuring processes around documentation, technological know-how can allow focussing on developing the right products and services that will meet patient needs.
To help organisations and leaders select the best vendors and medical device manufacturers, MedTech Outlook’s editorial board has assessed and shortlisted a handful of medtech companies who are empowering healthcare providers to enhance patient care and deliver high-quality medical services. These vendors are industry experts who bring innovative products to the table and help their clients adapt quickly to the latest demands of the global healthcare ecosystem.
MedTech Outlook’s Top 10 Medical Device Manufacturing Companies Europe
