It has been a rough couple of pandemic years. We’ve seen market changes, disruptions— and even some major advances within Biotech, Biopharma and medical device. Yes, friends, hope springs eternal, and as we continue to navigate this new normal, our team is looking forward to a 2022 filled with new projects, business relationships and exciting trends within Biotech!
Things are Looking Bright for Biotech & Medical Device in 2022
2022 is looking extremely bright for many industries, including Biotech and medical device! Industry experts predict overall revenue growth driven by continued innovation and emerging technologies.
As markets evolve and drive opportunity, it should be a banner year for medical device-focused contract manufacturers, as well. Growth for many Biotech, Biopharma and medical device OEMs is presenting capacity questions – expand or farm out? With ever-narrowing margins and increased competition, strategic outsourcing bridges the gap quickest and most efficiently. Contract manufacturing partners like Genesis Plastics Welding with medical device design, development and production expertise will be key in helping these OEMs hit the ground running in 2022 and beyond.
So what else can start-ups, OEMs, creators and contract manufacturers look forward to in 2022? Well, a few exciting things and a few continued challenges. Let’s unpack the predicted trends.
- The continuation of global supply chain challenges – especially within plastics and paper. Strong supply chain relationships and proactive inventory management will be key in 2022. Having an agile contract manufacturing partner skilled in the art of pivoting will help keep much-needed medical device products flowing to market.
- Acceleration and evolution of point-of-care diagnostic devices – especially rapid-response technologies and devices. The development of these types of in-demand devices in 2020 and 2021 is where Biopharma excelled. I believe we’ll continue to see this trend.
- A rebound of elective procedures and the medical devices that support them – With the current Covid surge and the Omicron variant, these are once again on hold, but I believe it will be short-lived and elective procedures will be back by spring. We are currently seeing an increase in R&D around devices to support surgical procedures, and that is a great sign.
- Challenges of increased labor costs across all industries – At the core of a collaborative contract manufacturer is a deep desire to serve well and continually reduce costs and improve efficiency. Despite the hurdles of the pandemic and disruptions caused by labor shortages and labor cost increases, I believe the medical device contract manufacturing industry will continue to rebounded and pivot to serve customers and be a lifeline for Biotech, Biopharma and medical device OEMs.
- Continued integration of artificial intelligence (AI) within medical device – Daily, we become a more and more connected world. We’ll see even more AI within medical device, especially diagnostics and robotic-assisted surgery.
No matter the medical device, Biotech or Biopharma trends, one key to continued success will be a focus on leveraging strong business partnerships to help bring breakthrough life enhancing, healing and life saving devices to market as quickly as possible. At the center, is smart outsourcing—whether you are in the early design and development phases, prototyping and validation or manufacturing, having outsourced expertise, like Genesis Plastics Welding, on your side can move you faster and more competitively into the market.
Did you know we have a dedicated medical device design and development division? Let’s chat.
Moreover, we all have a lot of living to do this year. The GPW team looks forward to thriving and growing together! Cheers!
-Tom Ryder