Global revenue for the medical technology or MedTech market is predicted to reach US$600 billion by 2024[1]. Against a backdrop of a pandemic that has swept the globe, this has made a significant impact in the MedTech space, particularly in the organising of specialist trade fairs that play a critical networking and innovation-sharing role.
As a rapidly growing industry, it can easily become challenging to keep up with the myriad of related trade fairs and medical device event that are hosted each year around the world. Whether you are a hospital executive or administrator, a physician or nursing staff, a healthcare provider, a department head or an academic, specialist trade fairs featuring medical devices, medical technology, and healthcare innovations, can be beneficial to you and your work. These events are not just designed for those directly involved in purchasing decisions but can also play a key role in keeping you up-to-date on medical technology innovations as essential and cost-effective drivers of positive clinical outcomes.
When deciding on your optimal supply chain strategy it is essential to find a balance. Many healthcare organisations tend to rely on top-tier suppliers or primary suppliers, but perhaps you are looking to expand your supplier base and looking to adopt a multi-supplier strategy. Though working with multiple suppliers can add complexity to the supply chain, it also protects you against certain risks. If you’re not able to make a change in your primary supplier, it may be worth your time and effort to identify and qualify a second supplier source.
Qualifying new suppliers and transferring projects can get expensive and complicated, especially in the medical device industry, however building a flexible, stable and secure supply chain is vital to your success. You may want to evaluate supplier options closer to home and more available to meet the changing demands and needs of your business. Specialist trade fairs are a great starting point to look for opportunities to contract with large suppliers or smaller businesses, meet medical technology manufacturers and distributors all under one roof, to forge innovative and strategic supplier partnerships.
As healthcare organisations continue to harness smart technologies to accelerate efficiencies, reduce unnecessary treatments and improve preventive care, innovative technologies in healthcare have contributed significantly to improving patient care, presenting growth opportunities in MedTech and digital health. Thus, what better way to search for best-in-class solutions and practical applications of manufacturing technologies from the world’s most innovative MedTech companies from Singapore and Asia than at specialist trade fairs. With an expansive exhibit range, attendees can learn first-hand about emerging developments and advancements in medical devices, diagnostic equipment, and medical technology that are advancing precision medicine and the healthcare ecosystem.
According to a McKinsey & Co. report, remote patient monitoring and self-diagnostics, and trials of hybrid online-and-offline models are bringing new care models for patients amid accelerating investments in digital health[2]. In the spotlight since the global public health crisis, telehealth and the demand for contactless and virtual medical treatments have been accelerated around the world. Specialist trade fairs offer a great platform to zoom in on some of the latest digital health solutions so you can keep your finger on the pulse of medical technology innovations and trends.
These specialist trade fairs often include concurrent events such as seminars, conferences, and technical presentations on thought-leading, relevant and timely topics spanning several content areas and featuring experts and authorities in their fields. Such industry-related events help share insights and advancements on regulatory, scientific, and health challenges within the medical device, MedTech and diagnostic industry. Attending these events is a great way to expand your network, share best practices, discuss critical challenges, acquire the latest MedTech news and gain insights into the ever-evolving sectors.
Trade fairs are a fully immersive environment that bring you up-close-and-personal to some of the best innovators and medical technology trends as you connect with players in your industry. They are packed with live product demonstrations, improved product features and new products where you can ‘test drive’, trial, examine, handle, compare, see, and experience. Often exhibiting companies include promotional pricing offers, special packages that are exclusive for the duration of the event, or price concessions such as volume-based rebates, as well as branded giveaways. Though you may not be ready to make the purchase onsite as negotiations can sometimes take months, most companies will extend the limited pricing offers.
[1] Statista – Total global medtech revenue to 2024
[2] “Telehealth: A quarter-trillion-dollar post COVID-19 reality?”, McKinsey & Company, 09.07.2021
Photo by Luis Melendez on Unsplash
