Increased demand for treatment facilitated by technology is driving the innovation in the MedTech industry as it would improve access to health equity
The combination of rapid advances in revolutionary healthcare technology and increased demand for treatment has continued to spur innovation in the MedTech industry.
Many leading healthcare experts predict 2023 to be a pivotal year for the Medtech Industry, as the rapid adoption of virtual care and demographic fads, such as an ageing population, rising chronic diseases, and health worker shortages, sustain demand for MedTech-enabled solutions.
Recent research indicates that the market for medical technologies is valued at around $19.65 billion. The market is anticipated to reach $22.84 billion by 2027, with a CAGR of 3.83 per cent.
Innovators and regulators in life sciences and healthcare are also looking to MedTech to improve access to care and health equity. From Robotics to Next-Gen Sequencing, let's delve into the list of MedTech trends offering new chances in this dynamic business. The field is rapidly advancing, and new trends and innovations are emerging each year.
Here are some of the top MedTech trends to expect in 2023:
Telemedicine: Telemedicine, or remote medical consultations, is becoming increasingly popular due to the comfort and accessibility it offers. With telemedicine, patients can acquire medical care from the convenience of their own homes. In 2023, telemedicine is expected to become more prevalent as tech improves and more healthcare providers adopt this mode of care.
Artificial Intelligence (AI): AI is transforming the healthcare industry in numerous ways. It is used to analyse patient data, diagnose and develop personalised treatment plans. In 2023, we can expect AI to become even more advanced, and it will likely play a bigger role in healthcare decision-making. AI will also be used to develop new drugs and therapies.
Next-Gen Sequencing (NGS) technology: It is a rapidly evolving field that has revolutionised the way genetic information is analysed. In 2023, the trend in NGS is expected to continue to advance with an emphasis on improving sequencing speed, accuracy, and cost-effectiveness. The use of NGS in precision medicine is expected to grow as the technology provides a way to analyse large amounts of genetic information quickly and accurately to inform the development of targeted treatments for individual patients. Additionally, the integration of NGS with other technologies, such as CRISPR-Cas9, will continue to expand the possibilities for genetic research and biotechnology.
Newborn Screening (NBS): It is a diagnostic test performed in newborns or infants who are tested for certain genetic or metabolic disorders shortly after birth. In 2023, the trend in newborn screening is expected to continue to focus on improving these tests' accuracy, speed, and cost-effectiveness. This will likely involve implementing new, more advanced screening technologies to develop new, more comprehensive screening panels. Additionally, there may be a growing emphasis on incorporating genomic information into newborn screening to enable earlier detection and diagnosis of genetic disorders.
Another trend in newborn screening is the increasing use of digital technologies, such as electronic health records (EHRs) and telemedicine, to improve the efficiency and accessibility of screening services. This will likely involve the integration of screening results into EHRs and telemedicine to provide remote consultations and follow-up care to families and infants. Overall, these trends aim to ensure that all newborns have access to high-quality, effective, and timely screening services to detect and treat genetic and metabolic disorders as early as possible.
Surgical robots: Investments in robotic surgical firms have been one of the primary drivers of the increase in venture capital funding for medical technology. In addition, many experts assert that the employment of robotic technology during COVID-19 is particularly advantageous because it helps reduce human-to-human physical contact.
As MedTech evolves, the industry will face both obstacles and possibilities. Better patient care solutions that can enhance outcomes and lower costs will face fewer impediments to implementation. Consequently, this will create further chances to deliver value to healthcare services worldwide and challenge the status quo for inpatient and outpatient care standards.
Providing a more promising future for healthcare: Trivitron Healthcare, a leading global MedTech organisation, is establishing sustainable goals and has created numerous advancements in Medical Imaging, In-vitro Diagnostics, Next Generation Sequencing, Newborn Screening, Critical Care, and Radiation Protection. Following the mission to deliver efficient and advanced care, Trivitron positively influences people's lives through collaboration, advancement, and innovation.
(The writer is Group Chief Executive Officer, Trivitron Healthcare)