By 2022, it’s predicted that the global medical devices market will have reached a value of $521.64 billion. But what does that mean for those working in the space? We’ve noticed a multitude of shifts in the way that the European medical devices landscape operates.
How secure do you feel in your job?
1 - Insecure | 5 - Very secure
In 2017, 31% of people offered a five-star rating, indicating that they felt “very secure” in their job security. However, when we compare this to 2019, only 27% of people shared this viewpoint. However, across the board only 13% of people expressed concerns – highlighting that the industry is stable and still offers numerous growth opportunities.
Percentage of people in the EU feeling very secure in their market
Let’s have a closer look at the differences across Europe. Interestingly, the Irish seem to be feeling the most secure in their jobs, with 41.67% offering a five-star rating, indicating that they feel “very secure”. In comparison, that number was significantly lower in France – seemingly the least secure in their roles – with only 15.07% offering a five-star rating.
Across the Netherlands & Belgium, confidence was somewhat lower. However, the majority of the respondents still indicated a four-star rating for the Netherlands & Belgium.
This year, we were interested in providing you with new in-depth information, so we decided to take a look into the top trends across the medical devices space.
We research and monitor closely the impact it has on the life sciences industry. Should you want to discuss our and your insights please contact us here.
Across all disciplines, 62.73% of people agreed that increasing regulations are re-shaping the medical devices space. And with new regulations set to hit in 2020, both businesses and professionals will be ready for this potential change could be a big reason as to why we see this as the most impactful trend.
In a society where regulations are increasing and technology is advancing at a rapid pace, more and more highly skilled specialists are needed. And as demand increases, we’re noticing organisations across all industries struggling to find the right talent.
As a recruitment partner, we’re all too familiar with this issue. And it rings true in medical devices, as 30.73% of our respondents acknowledge that the skills gap is an issue.
Big data predictive analytics allows professionals within the medical devices space to make smarter, more intelligent decisions at pace. Innovating the way people work, it’s hardly surprising that it’s so high on the list.
Digital health has become a container term for all health-related applications that enhance healthcare delivery. Of our respondents, 27.3% listed this as the top trend in their work field.
An unsurprising entry and highly topical issue across Europe - 24.91% noted that Brexit is having a significant impact on their work field. And it’s not just the UK that felt this impact – many of our respondents across Europe mentioned this – with the Netherlands, Ireland, and Germany noting significant impact.
Cyber Security is a huge issue across numerous industries and medical devices is no exception. With an expanding list of connected devices, there’s an ever-growing desire for increased security within the space. And as so many companies across the globe are eager to ensure their business is protected, it’s leading to a shift in the way businesses assemble their organisations - this in turn is having an impact on the recruitment strategies for many organisations within medical devices.
A.I. is used in a wide range of medical devices companies – with innovation around wearables driving change forward – there’s particular advancements that impact issues around medical image analysis, drug sequencing, drug analysis and re-surgical monitoring and planning. It’s a tool that professionals can utilise to automate numerous aspects of their job, leaving teams with more resource to effectively deploy their specialist skills. Sales & Marketing, Commercial and Communications, and Regulatory Affairs in particular saw A.I. as a huge factor.
Personalised care and medicine are important areas, and both are considered a significant driving force that’s re-shaping the industry. Innovations like pacemakers tailored to individual patient physiology are changing the landscape of medical devices going forward. Perhaps unsurprisingly, respondents working in R&D ranked this the highest, as it’s a large area of significance.
It goes without saying that Covid-19 is not a trend, but a natural disaster with tremendous impact worldwide. Real Life Sciences sees a surge in respiratory equipment and prevention needs. This goes hand in hand with the need for medical experts, such as doctors, nurses, QA specialists, big data experts and medical device engineers. We research and monitor closely the impact it has on the life sciences industry. Should you want to discuss our and your insights please contact us here.
These answers cover respondents from the following work field: R&D, Regulatory Affairs, Quality Assurance, Marketing, Sales & Business Development, HEOR / Market Access, Operations, Supply Chain.