Encompassing items as simple as bandages all the way through to ultra-high-tech pacemakers, the U.S. medical device market is one of the largest in the world. Forbes called it a “disruptive” market of $410 billion through 2023. Today, “disruptive” is an appropriate word.
More than a decade ago, the medical device manufacturing industry saw an increasing emphasis on design and simplicity, driven by software and technologies. And innovation contributed to a shift in power from the pharmaceutical to the medical device industry. These days, there is still a high demand for technological, intuitive devices — with a faster time-to-market than ever before. Hospitals, medical facilities, and other markets are pressuring medical device manufacturers to be more secure, innovative, cost-effective, and efficient. What are some challenges and opportunities for manufacturers in the medical device industry?Read More »
We understand how important marketing is in the CBD business. Whether you sell full spectrum CBD or advocate for artisanal products like CBD-infused butter and balms, marketing is integral to your business armory.
To stand out from your competitors and reach a high-quality audience, you’ll need attractive packaging and up-to-date strategies to bring attention to your products. But regulations in the CBD industry can be complex. In December 2020, federal regulatory agencies penalized six CBD companies on the grounds of deceptive marketing claims. Learning from the business and marketing mistakes of your competitors can be critical for growth.Read More »
The global CBD market is anticipated to grow at a strong rate. Market projections see the recreational cannabis market expected to grow over 40% between 2020-2025 as availability increases and prices drop. With medicinal and recreational marijuana legalization increasing throughout the U.S., more consumers are exploring the benefits of cannabis products, and the market has responded with an array of innovations.Read More »
In September 2020, Thomas reported sourcing for solar energy equipment on the Thomasnet.com platform had grown by 125% year-over-year and a substantial 171% over Q2 averages. In related category searching on the platform, solar collector panels were up by 157% year-over-year in Q3 2020 and 11% over Q2 2020 figures, and searches for inverters on the Thomasnet.com platform have grown 172% year-over-year and are currently up 88% over Q4 2020 averages.
More recently, searches for solar energy equipment on the Thomasnet.com platform were up 650% week-over-week.Read More »
Did you know that the Department of Defense (DoD) spends more than 60 percent of the federal procurement budget eligible for small businesses? In the 2017 fiscal year, DoD awarded more than $60 billion in prime contracts to small businesses.
From anonymized sourcing activity across Thomasnet.com, Thomas Industrial Data shows the Aerospace & Defense Industry is a rapidly evolving field. Continued military spending growth is a sign for suppliers to secure ongoing business and tap into new market opportunities — but today, businesses continue to shift in their sourcing as they pivot to help the country combat COVID-19. Read on to learn how you can become a part of the solution.Read More »
In 2019, lithium-ion sourcing activity on Thomasnet.com soared, and the B2B buyer data showed the top two industries driving the trend were software and technology, and healthcare and medical. Today, there are three major lithium-ion battery markets: transportation, electronic devices, and industrial stationary.
Technology is at the core of the transition, and the next few years will bring significant changes to the industry.
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On January 21, 2021, President Biden signed a series of executive orders including invoking the Defense Production Act to combat the COVID-19 pandemic. The order directs federal agencies to make use of the act to increase production of materials needed for vaccines, masks, and testing kits.
Many manufacturers and engineers have volunteered to address the shortage of supplies to combat the coronavirus pandemic throughout last year but some supplies are taking a long time to produce. Invoking the Defense Product Act (DPA) allows the federal government to direct U.S. manufacturers to ramp up production of emergency medical supplies immediately.
Last year, FEMA confirmed using the DPA for the first time during the coronavirus pandemic to order about 60,000 test kits and 500 million personal protective masks. However, FEMA then announced later that same day, “At the last minute, we were able to procure the test kits from the private market without evoking the DPA.”
The uncertainties of today's crisis coupled with manufacturers' exempt status from state-wide closures signal that the industry should remain prepared for the enactment of the DPA. Here’s what it means for U.S. manufacturers and how they can prepare.Read More »
The outlook for additive manufacturing and 3D printing is promising. Back in 2017, Thomas reported on the increased sourcing activity for additive manufacturing. Although the base technology of additive manufacturing was developed in the 1980s, its use has become more prevalent in the last few years as advancements grow and prices drop. Sourcing activity sessions for additive manufacturing systems in 2020 was up 37.8% compared to 2019. And according to Statista, the global market for 3D printing and services is expected to grow to almost 50 billion U.S. dollars by 2025.
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Recently, “steel” was one of the most sourced products on the Thomasnet.com platform. Sheet metal and metal stamping facilities are rising and contributing to the growth of this market. But it also comes as no surprise when steel and metals represent an important supply source to the aerospace, aviation, and medical industries — timely to today’s global pandemic of COVID-19.
So how can steel and metal manufacturing businesses continue the momentum of their business growth? First, make sure you have a clear business plan. Some manufacturers try to grow their manufacturing business by doing everything possible. Choose business goals that are realistic and document them so you can see your milestones and track your growth along the way. You may overwhelm yourself and your employees if you don’t have a clear plan first.Read More »