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Draup’s latest study on the medical devices space has revealed interesting insights about emerging digitization and globalization strategies of medical device OEMs and the opportunities available. The medical device industry is poised for steady growth towards digitization, with aggregated annual R&D spends expected to reach $27 billion by 2021. They are also expected to increase the spend towards software skills by ~11% in the next 5 years with the Bay Area and Bengaluru emerging as key hotspots for setting up Digital CoEs.
Medical devices R&D is highly consolidated in the US. Most hubs are in North America, clearly indicating who’s in charge of the decision-making. Tech giants are building software-centric solutions out of the Bay area and have developed a rich medical device ecosystem. Medical device giants have accelerated capabilities focused on product and systems development in Boston towards the East Coast.
Analytics, test automation, and application development are the key opportunity areas for service providers that are set to gain maximum traction from OEMs.
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