The development of medical technology (Medtech) to increase access to healthcare improves
The pandemic just marks a turning point, a threshold beyond which the rise of MedTech has been steadily gaining momentum for many years. Despite mHealth (mobile health) applications’ rising popularity, the global healthcare industry’s numerous structural limitations have severely restricted their efficacy. The time has come for enterprises to lay the foundation for long-term success; those that are not adaptable will either be acquired or go out of business in 2022. The following healthcare technology advancements should be monitored by healthcare organizations, startups, and other industries.
AI is replacing traditional, labor- and time-intensive healthcare processes with quick, remote-accessible, and real-time solutions for illness diagnosis, treatment, and prevention. To maximize the potential of AI, health tech startups create software platforms, application programming interfaces (APIs), and other digital goods. Medical diagnostics, improved surgery support, and clinical workflow management are a few examples of how artificial intelligence is used in the healthcare industry.
Medical technology aims to give people a more personalized experience with their treatment. With the use of these technologies, patients will be able to receive personalized care rather than a generalized description of a medical problem. Currently, 30–40% of patients utilize drugs or treatments where the negative side effects exceed the positive outcomes. That issue may be resolved with personalized treatment, which also has many other advantages. One of these is how data from customized care devices aids MedTech businesses in finding new possible medicines. This not only enables the patient to get extra advantages but also identifies the need for technologies that have not yet been created.
Internet of medical things
The creation of devices that require little to no human involvement to deliver healthcare services is made possible by IoMT. Multiple applications, including automated disinfection, smart diagnostics, and remote patient care, to mention a few, are made possible by connected medical devices, equipment, and infrastructure. For real-time illness diagnosis, monitoring, tracking, and control, the cognitive IoMT (CIoMT) subtrend blends sensory data, automated processing, and network connection.
Many governments, healthcare systems, doctors, and patients adopted telemedicine more quickly as a result of the COVID-19 epidemic. Governments released telemedicine guidelines to relieve pressure on healthcare institutions as a response to the epidemic. Because medical professionals may communicate with their patients via telecommunication, telemedicine lessens the strain on facilities and decreases the need for personal protective equipment (PPE). Telehealth services are being developed by health tech entrepreneurs to support public health mitigation initiatives by increasing social distance. Additionally, telemedicine helps provide remote care for older patients, frees up bed space, and saves money on medical supplies.
Data Science & Analytics
Digitization is changing medical data collecting, storage, diagnostic techniques, treatment planning, surgical procedures, remote patient monitoring, and consultations. The volume of health and medical data is expected to increase dramatically in the next years. Businesses in the MedTech industry employ big data and analytics to analyze the massive volumes of unstructured medical data. It improves patient-centered treatment, detects illnesses early, and generates new insights into how diseases function. Big data technologies also make it feasible to monitor the efficacy of treatments at healthcare institutions and enhance treatment methods.
Medical Robots Are Still Gaining Ground
A Verified Market Research analysis projects that by 2028, the global market for medical robots will be worth $23.92 billion. Robots used in surgery are by far the most prevalent type of robotics in healthcare. And over the past few years, demand for surgical robot technology has significantly increased. One of the main reasons for the rise in VC funding in the medical equipment sector has been investments in robotic surgical businesses. Furthermore, according to many experts, the employment of robotic technology is particularly advantageous during COVID-19 since it lessens direct physical interaction between people.
Interest in Digital Therapeutics
Digital Therapeutics Alliances argues that “digital therapeutics (DTx) give evidence-based treatments to patients that are powered by high-quality software programs” to “prevent, manage, or treat a wide range of physical, mental, and behavioral disorders.” Due to major technology developments and growing public acceptance of digital health products, DTx (as a subsection of the wider digital medicine category) was featured in a recent Scientific American article on the top 10 emerging technologies. PitchBook figures show that DTx Transactions got $134.3 million in VC financing in 2015.
Mobile health (mHealth)
Mobile health technology makes it feasible for people to get customized information (mHealth). Mobile technologies provide visualization of health difficulties that prevent patient commitment. Wearable sensors that are connected to smartphones, point-of-need diagnostic tools, and medical-grade imaging that are not limited by geographical borders and use real-time data streams make healthcare delivery more equitable and accessible. MHealth technologies were crucial in preventing the COVID-19 pandemic from spreading by enabling contact tracing, monitoring, quarantine control and management, testing, the provision of pertinent information, and the tracking and communication of vaccination cycles.
In the healthcare sector, 3D printing is becoming more popular for a variety of uses, including producing bionics, casts for fracture rehabilitation, and lightweight prostheses. Smart materials and low-cost, lightweight biomaterials are used to enhance care delivery and turnaround times while keeping prices down. Utilizing the patient’s medical imaging, 3D printing technologies are developing the creation of patient-specific replicas of organs and surgical instruments. Personalized surgical instruments that improve a surgeon’s dexterity and enable better surgical results while permitting quicker and less stressful treatments are another area of use.
Blockchain technology is appropriate for a variety of applications in the healthcare sector due to its confidentiality and traceability. Electronic medical records, remote patient monitoring, the pharmaceutical supply chain, and health insurance claims are just a few of them. EHR administration and FHIR Chain (Fast Health Interoperability Records) for clinical data sharing are both supported by blockchain technology. Additionally, it is crucial for smart contracts, combating medication forgery, and storing, exchanging, and retrieving remotely gathered biological data.