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Saritasa Med Tech

MEDICAL DEVICES SECTOR

The US Medical Devices Sector is the largest in the world, expected to exceed $155 billion in revenues by end of 2017. Investment in R&D in this sector has doubled in the past 20 years, with the US leading in innovation and advanced technology. The top segments by revenue are: Orthopedic Instruments; Surgical Instruments; Diagnostic Apparatus; Stents and Catheters; Syringes and Hypodermic Needles; Blood Transfusion and IV Equipment; and Dental Instruments.

New Technological Vectors

Internet of Things (IoT) has promising applications in many medical devices, especially in diagnostic apparatuses. The value of a number of medical devices can be greatly enhanced through connectivity — devices implanted within a patient’s body can take readings and transmit to machines that record and analyze those readings. Storing readings on the cloud and creating big data that can be analyzed, can provide insights into more targeted diagnosis and treatment procedure.

Taking this one step further and delivering the diagnostic results and analytics on physicians’ or patients’ mobile device increases the accessibility and value of such highly connected medical devices.

KEY CHALLENGES

HOW SARITASA HELPS

WHITE PAPERS

KEY CHALLENGES

Competitive Factors

While an aging population in developed countries and rising income in developing ones present strong growth opportunities, the Medical Device sector is an intensively competitive one:

  • It is highly fragmented, consisting of over 7,000 mostly small to medium sized firms.
  • Device makers must abide by the strict FDA (and the CDRH) regulatory requirements for approval.
  • In order for customers to get reimbursed for using these devices, they must meet the strict coding and coverage requirements of Centers for Medicare and Medicaid Services (CMS).
  • A shift from physician-centric to patient-centric (value based healthcare) service is exerting strong cost reduction pressures on healthcare providers.
  • These healthcare providers, in turn, use Group Purchasing Organizations (GPOs), to leverage their greater bargaining power to lower prices of medical devices.
  • Furthermore, new entrants from outside the industry—such as Google and other Silicon Valley health tech startups—are making inroads into the healthcare industry with new innovations such as wearables and big data supported analytics.

As a result, Medical Device makers must innovate more than ever and in new ways. They must simultaneously add significant value to their products, while lowering the cost of making these products so they can be profitable selling them at lowered prices. The only effective way to do that is through digital transformation of medical devices to increasingly deliver high value healthcare.

HOW SARITASA HELPS

Saritasa: Your Digital Med Tech Partner

Saritasa efficiently implements the design, development and integration of complex technologies to deliver cost-effective mobile-to-medical device connectivity solutions that are FDA/HIPAA compliant.

Founded in 2005 and located in Newport Beach, CA, Saritasa has increasingly become the single-point-of-contact to deliver end-to-end solutions that integrate, IoT, Mobile Apps, Medical Device Connectivity Solutions, Cloud Service Integrations, Big Data, Analytics, and Reporting Solutions.

Our clients include some of the leading Medical Device makers that have come to rely on our expertise, reliability and speed for bringing innovative ideas to reality. To date, our innovative team of 140 designers, developers, engineers, and project managers has delivered hundreds of successful software, hardware, and mobile app projects to the Medical Device industry.

WHITE PAPERS

White Paper: The Digital Transformation of 21st Century Healthcare

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WHO
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