Stu Johnson This year, revenue from the medtech market is expected to reach $571 billion, according to Statista. The largest segment—medical devices—will reach a projected market volume of $472 billion. As with most industries experiencing steady growth, the medtech market faces several challenges, including supply chain issues, price inflation on materials and energy, labor shortages and increasing regulations. To better understand manufacturers’ most pressing concerns, we sponsored the State of Manufacturing Technology survey. This is a free resource that medical device manufacturers can download to benchmark their own businesses and IT strategies against those of their peers. In our own analysis of the findings, we observed four key takeaways. Continued Concerns Around Market Volatility Market volatility was the No. 1 concern for medical device manufacturers, followed by supply chain disruptions, geopolitical issues, climate events and trade agreements that continue to affect production and availability of materials. Following is a breakdown of the top concerns cited by respondents: 7% – transportation and logistics will be more unreliable and unpredictable 7% – suppliers will become unreliable and unpredictable 2% – inability to meet unexpected spikes in demand 2% – lack of agility to shift product or production mix to meet market […]
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