5 Medical Device Market Trends That Impact OEM-Supplier Relationships

The medical device market has always been competitive. The challenges surrounding COVID-19 have only increased the need for innovation.

Understanding and responding to what’s currently trending in the market as a whole is key; however, doing so requires medical cart manufacturers to make strategic decisions about their supplier partnerships.

The Current State of the Medical Device Market

Over the past few years, the medical device market has embraced a “medicine any time, anywhere model.

Robotics, telemedicine/telehealth, wearables, artificial intelligence (AI), augmented reality, and electronic medical records (EMR) have pushed the boundaries of innovative solutions. Their use has been made even more necessary by pandemic-related social distancing restrictions.

Medical cart manufacturers continue to lean into advanced technologies. In response, current trends in medical device design support the need for advanced technologies including:

1. Efficient care delivery and patient engagement solutions in healthcare facilities, integrating EMR such as electronic Medication Administration Records (eMAR) and Bar Code Medication Administration (BCMA) to prevent medication errors¹
2. Improved nursing efficiency, lower hospital costs, and easy access to critical medical supplies and equipment in healthcare facilities¹
3. Changing ergonomics and advanced designs for mobile medical carts that prevent medical and nursing staff from sustaining musculoskeletal disorders (MSD) which, according to the U.S. Bureau of Labor Statistics, accounted for 56,360 injuries in the healthcare field alone in 2018^1,2
4. Increased patient involvement in health initiatives and self-care, requiring more standalone and portable workstations (carts) that can carry medicines, medical equipment, and computers¹
5. Enhanced medical cart security that includes battery-powered systems with locking drawers, user-ID enabled touchscreen communications, and other easy-to-implement technologies¹

These market shifts all present opportunities for OEMs to gain a competitive advantage, provided strategic choices are made to navigate supply chain obstacles.

Existing Impediments to Success

The global pandemic has wreaked havoc on supply chains, and those within the medical industry are no exception. Medical cart manufacturers are struggling to meet production and market demands as their suppliers attempt to work through delays, disruptions, and closures brought about by COVID-19 restrictions.

Further complicating supply chain weaknesses is the ongoing skilled labor shortage. The good news of U.S. manufacturing reaching a 37-year high is tempered by the prospect of 2.1 million manufacturing jobs being left unfilled by 2030.³ Fewer workers and more production is predicted to ultimately cost the U.S. economy $1 trillion in the coming decade.³

Applying industry-wide obstacles specifically to medical cart design and production only underscores the dire situation medical cart manufacturers face.

Not all suppliers are nimble enough to customize products, incorporate trends, adjust to tight deadlines, or otherwise do what’s necessary to meet demand. Likewise, overwhelmed in-house design teams and/or inexperienced outside design firms could slow the process.

OEMs are at a crossroads, or soon will be, without carefully chosen strategic medical cart supplier partnerships.

The Benefits of Supply Partner Selectivity

Balancing foresight with experience is a value-add that requires proven capabilities. Not every medical cart supplier reaches this benchmark, but those that do warrant your consideration.

At HUI, our reputation precedes us. We’ve earned preferred partnership status with OEMs across the nation because of our:

• Demonstrated market experience and successes
• Depth of knowledge in key design areas and skill sets
• Collaborative approach to making the right cart the right way, from design through production
• Flexibility in standard carts and custom cart solutions

Medical cart manufacturers are approaching the opportunities presented by current medical device market trends with cautious optimism. The ripple effects of COVID-19 and manufacturing skilled labor shortages cast uncertainty on the future, making medical cart suppliers even more important to success.

Learn how you can leverage key supplier partnerships to meet demand and differentiate yourself from the competition by reading our guide, 5 Benefits of a Custom Cart Solution. Click the button below to download your copy now.

Sources

¹My News Desk, Medical Carts Market Report Insights, Trends, Scope and Forecast 2021-2030, April 28, 2021

²U.S. Bureau of Labor Statistics, Injuries, Illnesses, and Fatalities, May 2020

³CNN, American factories are desperate for workers. It's a $1 trillion problem, May 4, 2021