MedTech Trends That Will Drive The Market In 2023
Adopting life-saving technologies paves the path for the continuous growth of the medical devices industry. With cutting-edge technologies such as wearables and health data services, the medical device industry aims to lead the way for more individualized and value-based healthcare.
A medical device is crucial for diagnosing, preventing, or treating a disease or other medical condition, allowing patients to live longer, healthier lives and contribute more to society. Because of sector-supporting technological advancements, the medical device industry is undergoing a significant transformation.
The prevalence of chronic diseases and an aging population are two additional factors influencing the market's expansion. Chronic conditions include cancer, diabetes, obesity, hypertension, stroke, heart disease, respiratory illnesses, and arthritis can result in hospitalization, long-term incapacity, lower quality of life, and even increased risk of mortality. As a result, these considerations indicate an increase in the need for medical equipment to track, manage, and treat diseases.
According to the research for 2023, the market for medical equipment will expand globally. Every 73 days in 2023, the amount of medical data collected will double. Studies have shown that 40 per cent of patients are eager to volunteer their personal information for medical research data collection. The market for extended reality equipment is predicted to reach $5.1 billion by 2025. The IoMT market is expected to grow by 30.8 per cent yearly and reach $159.1 billion by 2023.
Trends, Facts, and Technology Will Drive the Market for Medical Devices in 2023
MedTech: Innovation is becoming more common to enhance patient outcomes for disorders like hearing loss, cataracts and refractive errors, back and neck pain, osteoarthritis, chronic obstructive pulmonary disease, diabetes, and dementia. The medical technology sector, also known as
MedTech, consists of high-tech tools, instruments, diagnostic techniques, and health information systems that are revolutionizing healthcare through earlier disease detection, less invasive treatments, and shorter hospital stays. According to a recent estimate, the global market for medical device technology will grow at a CAGR of 4.9 per cent from 2022 to 2027. From USD 465.5 billion in 2022 to USD 591.3 billion in 2027.
Healthcare at home: Nebulizers, insulin delivery systems, glucose monitors, and other medical equipment are increasingly employed to treat a variety of medical conditions at home. To provide crucial data and insights for improved clinical decision-making, these devices can be easily integrated with the patient's electronic medical records (EMR), wearables, cell phones, and telemedicine platforms.
When personal information is gathered for medical study, patients are also more inclined to contribute it. Additionally, block-chain technologies have gained popularity throughout the medical device value chain and increased data sharing privacy across a wide network of device users.
Devices made of 3D printed material: Over the past few years, the use of additive manufacturing, or 3D printing as it is more generally known, has increased. The market for 3D-printed medical equipment is predicted to reach USD 4.5 billion by 2026, growing at a rate of 13 per cent per year.
These tools can support local manufacturing and reduce reliance on imported medical equipment. In addition, it enables hospitals and healthcare organizations to manufacture the required parts and equipment on-site. Doctors, biomedical engineers, and 3D printers can collaborate to digitally design customized surgical equipment, implants, and prosthetics.
AI and 5G: Thanks to the continuous data they produce, technologies like Artificial Intelligence (AI) and Machine Learning (ML) are giving healthcare professionals new and crucial insights. Medical device manufacturers have been implementing AI technologies in product development for a while now.
It has been utilized in medical imaging, chronic disease management, and health care administration software. In addition, oncology, cardiology, gerontology, and endocrinology problems are being detected and treated using AI. 5G applications help clinicians send crisp images from surgical microscopes for immediate feedback from specialists like radiologists and surgeons.
Genomic medicine: When decisions concerning a patient's medical care are made using genomic information, this is known as genomic medicine. Medical experts can better understand various medical disorders thanks to genomics-related tools, which may result in quicker and more efficient treatment alternatives. It entails creating a care plan customized to a patient's needs using machine learning and artificial intelligence. In addition, the pharmacology and research sector will continue to employ genomic medicine.
Device Connectivity: To enhance medical device communication, software known as a medical device (SaMD) is utilized. Giving patients knowledge about their medical background that they can use to better manage their health, for instance, can give patients a sense of empowerment. Suppose a patient has a long-term illness.
In that instance, patient can make better health decisions or exchange information with healthcare specialists using the data from medical equipment. It focuses on giving people the knowledge they need to make better decisions for their health and well-being. Strict government rules devised to protect patients' privacy when new gadgets join the market are one of the trends anticipated to advance in 2023.
In conclusion, the global production of medical innovations is facilitated by one of the most important and rapidly expanding industries in the healthcare industry, i.e., medical devices. The development of medical technology will significantly cut healthcare costs, improve patient outcomes, and save lives.
