Balancing Innovation and Product Risk: Four Actionable Strategies for Device Manufacturing
Medical device manufacturers have played a critical role in the world’s fight against the coronavirus pandemic. Now, as vaccines begin to rollout and economies gradually reopen, medical OEMs are refocusing their efforts on innovation. The medical device
market is expected to grow from more than $442 billion (USD) in 2020 to $603.5 billion in 2023 - a CAGR of 6.1%. (Source: The Business Research Company).
This trend presents the opportunity for all manufacturers - from the newest startup to the largest multinational corporation - to not only grow their business, but also help transform the world’s healthcare systems for the better.
The goal is to develop innovative devices that will empower consumers and their physicians to be more proactive in fighting chronic diseases, lower healthcare costs, and make high quality care accessible to more people worldwide.
As medical OEMs incorporate the latest technologies into their products, it is vital that they take into account product manufacturability and quality early in the design stage to help minimize risk later in the product life that may impact patient experience.
Celestica’s latest white paper, Mitigating Design Risks: Considerations for Medical Device Development and Manufacture, examines how a medical OEM can seize this opportunity to manage potential risk by addressing four key considerations early
in the design process:
- Design for Manufacturability
- Design for Supply Chain
- Design for Quality: Process Failure Mode and Effects and Analysis (PFMEA)
- Design for Quality: Electronic Device History Record (eDHR)
Listen as Kevin McFarlin, Engineering Director at Celestica, discusses the importance of integrating design teams early in the design process to reduce risk.
Request a copy of our white paper, Mitigating Design Risks: Considerations for Medical Device Development and Manufacture, to learn more.