Developing entirely new medical devices is costly and time-consuming, requiring testing, certification, and regulatory compliance, often taking four to five years. Medical device obsolescence can result from factors like outdated firmware, component scarcity, or unavailability during chip shortages. A recent Med-Tech Innovation article discussed the challenge of obsolescence in the medical device industry and how companies, especially SMEs, are addressing these challenges to extend the lifespan of their products.
To combat this, some companies are exploring solutions like partnering with experienced engineering consultants with expertise in both hardware and software. Outsourcing device repurposing can lead to major cost and time savings, allowing companies to bring updated medtech products to market efficiently.
