Medical Device Companies Are Bracing For Growth
The wearable medical devices marketplace is poised for impressive growth over the next few years. Analysts estimate that the marketplace could grow from approximately $1.5 billion in 2014 to nearly $4.6 billion over the next five years. Businesses in this field should prepare for rapid growth, which may mean upgrading business management systems.
A recent study discussed in “Research and Markets: Global Wearable Medical Device Market Outlook 2015-2020 – Market is Expected to Reach US $4.6 Billion,” posted on Digital Journal, suggests that wearable devices, particularly the home health monitoring group of devices, could account for the largest share of the wearable device market due to their ease of use and accuracy. An increase in health consciousness combined with rising numbers of chronic diseases, such as diabetes, could be driving the interest in using wearable devices. In addition, rising healthcare costs could also play a part in the popularity of these types of devices.
Medical device companies may soon face increasing customer demand in addition to increasingly strict regulatory requirements and competition in an already fast-paced marketplace. Position your businesses for growth by deploying a robust enterprise resource planning (ERP) solution that can help you keep it all together. You can manage all of your core business processes from a single, integrated solution including financial operations, inventory and supply chain, manufacturing and distribution activities, compliance and traceability documentation, and other core business processes. Innovative solutions, including AKA’s DynamicsAdvantage offer additional features and extended functionality designed specifically for medical device manufacturers including product lifecycle management, product quality management, training and certification management, and mixed-mode manufacturing features. In addition, electronic device history records, enhanced audit trails, electronic signatures, material control and recall procedures, and other controls can be used to comply with strict industry and government regulations.
Putting a strong ERP system in place today can provide the control and insight that you need as you prepare for changes in the medical device marketplace. You can access data quickly, make prudent business decisions with reliable data, and monitor customer needs with greater efficiency with the right business management solution. Taking a proactive stance today will position your business for strategic growth tomorrow. Contact AKA Enterprise Solutions to learn more about the ERP solutions that can brace your business for successful growth.