Technology is driving rampant changes in any sector that you can pick up today and it has definitely revolutionised the way healthcare is delivered worldwide. The medical industry has seen phenomenal growth in the last couple of years and owing to the technological advancements the trend is set to continue. As if it wasn’t already the case, the ongoing pandemic has further accelerated the growth of the med-tech space. Digitization has helped uninterrupted healthcare for all even in the time of a pandemic. Health practitioners also focus on care continuum for better results among patients. And in the current situation where physical contact is limited, med-tech has come to the rescue of both the patients and health practitioners for continued health care.
Medical technology today is among the fastest-growing arms within healthcare. The global medical devices market size was valued at USD 425.5 Billion in 2018 and is expected to reach USD 612.7 Billion by 2025, growing at a CAGR of 5.4% from 2018 to 2025. Medical devices and wearable technology are having a positive impact on the lives of patients by enabling continuous data collection which helps the health practitioner in making informed decisions about the health of patients. Rapid adoption has happened in segments like athletes and the elderly where such technology can help monitor vital signs and help in fall-prediction etc. which has shown to significantly reduce incidents that can harm the elderly.
There are multiple factors that are contributing to the growth of technology and connected devices in healthcare. An increase in lifestyle disorders and an increased interest in general health and well being is a major contributing factor. More and more people today are taking health check-ups, monitoring their vitals at home through wearable devices and are in constant touch with their health practitioners. The number of people using wearable smart devices, to track their health has seen a sharp rise in the last few years and with it the amount of data generated daily by users. Patients today have a long-term and holistic outlook on care & disease management. This patient centricity and focus on proactive patient care is clearly a major growth driver. Care today has moved beyond just diagnosis and medication. It has evolved to maintaining and improving the quality of life with clinical studies demonstrating that a continuous care approach results in a significant improvements in outcome as compared to the control group.
As awareness about general health and disease management is increasing, there are many factors that are involved in improving the quality of health care. The effective use of data is one such very important element. You could be working on any of the objectives like improving outcomes for e.g., reducing mortality among patients who are hospitalized or looking to improve a process of care, data is at the very centre of assessing the quality of health care being provided. Data helps in determining where opportunities for improvement exist and also in documenting the impact that systemic interventions have made on the outcomes or processes of care for a clinical condition. To assess and analyse one’s performance is critical in learning how your practice compares with the best practices. This med-tech enabled data abundance is helping establish the importance of continuity in care. This data is also a very effective tool in helping the patients understand and adhere to the course of treatment being advised. Technology based medical care has multiple advantages for both patients and care givers thereby improving both quality of care and improving the quality of life for the patients. Demand for new technologies and increasing demand for innovation care therapies to cover the gap in unmet needs in the current health care set up are going to be the biggest growth drives for the sector.
Some of the fastest-growing segments within medical technology are cardiology, in vitro diagnostics (IVD), diagnostic imaging, and orthopaedics. Another area contributing to the growth of med-tech is ‘Robotic surgery’. Surgical robots are a clear indication of med-tech is poised to grow bigger and better. Robotic platforms offer the dexterity and ergonomics coupled with advances in augmented reality is driving rapid adoption in minimally invasive procedures like oesophagectomy, gastric bypass, pancreatic and liver resections, rectal resection for cancer. The implementation of artificial intelligence (AI) in surgical procedures is very crucial and indicates the massive growth potential for more precise and cost-effective surgeries in times to come. The global market for surgical robots is estimated to reach nearly 13 billion U.S. dollars in 2025.
The ongoing growth in the emerging markets, and the changing demographics of the global population coupled with a steady rise in chronic diseases is definitely going to have a positive impact on the demand for med-tech devices and services. Further momentum in the med-tech sector is expected to come from innovations like the continued evolution and use of digital devices and artificial intelligence services.
With the increase in the penetration of digital devices there is a steady increase that is expected in the penetration of digital devices. It is expected to improve care and also move the needle in patient care continuum from just diagnosis to complete prognosis and continuous care. The pandemic has infused new life in medical innovation and technology and this renewed focus on the medical sector will only fast track these innovations. In the coming years med tech will successfully help health practitioners plug the gaps in care delivery and help improve patient outcome and longivity.
- The Global MedTech Industry: Evolving in Turbulent Times https://www.iqvia.com/library/white-papers/the-global-medtech-industry-evolving-in-turbulent-times
- Fortune Business Insights. Medical Devices Market Size, Share and Industry Analysis. November 2019
- Wang, Z.; Yang, Z.; Dong, T. A Review of Wearable Technologies for Elderly Care that Can Accurately Track Indoor Position, Recognize Physical Activities and Monitor Vital Signs in Real Time. Sensors 2017, 17, 341.
- Pappachan MJ. Increasing prevalence of lifestyle diseases: high time for action. Indian J Med Res. 2011;134(2):143-145.
- Dias D, Paulo Silva Cunha J. Wearable Health Devices-Vital Sign Monitoring, Systems and Technologies. Sensors (Basel). 2018;18(8):2414. Published 2018 Jul 25. doi:10.3390/s18082414
- Khodaveisi M, Ashtarani F, Beikmoradi A, et al. The Effect of Continuous Care on the Lifestyle of Patients with Multiple Sclerosis: A Randomized Clinical Trial. Iran J Nurs Midwifery Res. 2017;22(3):225-231. doi:10.4103/1735-9066.208170
- Hulsen T, Jamuar SS, Moody AR, et al. From Big Data to Precision Medicine. Front Med (Lausanne). 2019;6:34. Published 2019 Mar 1. doi:10.3389/fmed.2019.00034
- Klironomos I, Antona M, Stephanidis C. Improving quality of life through ICT for the facilitation of daily activities and home medical monitoring. Stud Health Technol Inform. 2015;217:759-66. PMID: 26294560.
- Diana M, Marescaux J. Robotic surgery. Br J Surg. 2015 Jan;102(2):e15-28. doi: 10.1002/bjs.9711. PMID: 25627128.
