07 Dec Innovation Key to Unlock Post-Crisis Growth
We are a Nation of Great Innovation
By Jim Scott, Customer Support Manager, Dynamic EMS
The COVID-19 pandemic has upended nearly every aspect of life, from the personal (how people live and work) to the professional (how companies interact with their customers, how customers choose and purchase products and services, and how supply chains deliver them).
However, within Dynamic EMS, we can see how crisis will create significant new opportunities for growth, although this varies significantly by market segment.
At Dynamic EMS, we primarily operate in the traditional Electronics Manufacturing Service Provider (EMS) segments of aviation, communications and computing, energy, industrial, healthcare and sciences, and safety and security.
For Dynamic EMS, the most relevant today, as we move into the next chapter in our COVID-19 journey, is the movement behind sensor technologies and their applications associated to the medical sector.
Working in high reliability market segments means quality and reliability are paramount. Our in-house QMS system ensures our customers have complete traceability throughout the product build and conform to required industry certifications.
Dynamic EMS has been serving the Healthcare and Life Science markets for over 15 years and we have a solid understanding of the requirements needed to meet this evolving market sector. As such, our manufacturing facility is certified to ISO 9001 and ISO 13485.
The medical electronics market is expected to witness strong growth in the next five years, mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population.
The miniaturization of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19 has facilitated the growth of various sensors
Medical Meets IoT at the Right Time in the Right Way
Pre COVID-19, both the medical market and IoT held equal interest for companies like Dynamic EMS who became aware of the potential opportunity for growth and development that sat within.
The ageing population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favourable healthcare reforms and financial assistance by governments for senior citizens, are some of the prominent factors for the growth of the medical electronics market globally.
Two Markets Collide and Consolidate. Medical and IoT
In terms of trends within a specific segment, the consolidated market of medical and IoT, for Dynamic EMS, we are seeing the trends in medical wearable devices for remote patient monitoring emerging, not only as a medical device, but also as a health and well-being aid for fitness enthusiasts.
The global COVID-19 pandemic has accelerated the need for digital reinvention and adoption of healthcare technology solutions. Again, we are seeing IoT applications in Medical/Healthcare. We also see healthcare providers and payers look to blockchain for better trial data management.
Blockchain technology also ensures medical records and electronic health records (EHRs) maintain personal privacy and regulatory compliance.
Looking for Longevity – Taking Certainty from Uncertainty
Many businesses simply cannot operate as they have in the past. What made a company successful historically may no longer be possible as we move forward. Channels may have radically shifted to accommodate new needs or work around new constraints. A stable regulatory context may have changed, potentially creating opportunities that never existed before. The assumptions that supported years of stable, predictable growth may no longer be valid.
This is why we need to ensure that the decisions we make today, support our growth model for tomorrow. COVID-19 disrupted and put us onto a new path, therefore when we witness market opportunity, we need to ensure that we validate its long-term potential before significant investment is made.
The global medical devices market in 2020 was valued at $456.9 billion, which is an increase at a compounded annual growth rate (CAGR) of 4.4% since 2015. Despite an expected decline of -3.2% in 2020, it is expected to rebound in 2021 with a 6.1% CAGR and reach $603.5 billion in 2023. So, post-COVID, for reasons discussed earlier, we expect to see continued growth.
A core part of Dynamic EMS’ strategy is to grow its medical sector, which is why we have invested in market specialists and our ISO 13485 certification, so it is safe to say that this industry, and the segments that exists within, will be part of our long-term strategic plan moving forward.
About Dynamic EMS
At Dynamic EMS, we understand that no two-electronic equipment manufacturing customers are the same. Their products, their supply chains, and their markets all differ, which is why Dynamic EMS offers tailor-made, customised electronics manufacturing services to customers with complex, highly diversified business.
From design to distribution, we enable our customers to be more competitive by bringing innovative solutions to market faster, with a commitment to quality in everything we do. Dynamic EMS – Your Product Solutions Architect.
Enabling Market Solutions for all technology companies.
Find out more about Dynamic, www.dynamic-ems.com.