MedTech Trend of the Future!
Digital transition had its own pace, and the pandemic of COVID-19 boosted digital transformation and perhaps even made it mandatory for everyone to be digital. This digitalisation has created a space for new MedTech innovations. Innovative and exciting MedTech solutions have emerged over the past year in an attempt to address our pandemic-induced problems, particularly in the field of medical technology.
Reports suggest a 20% increase in Medical Technology investments and nearly 400 times growth in MedTech innovations. Companies have made heavy investments to provide their patients with the best possible technologies and care delivering products. With so many investments, it will be interesting to see what the future holds for us.
Among all the trends on Twitter, the Medical Industry is trending in AI, Machine learning, remote patient care, medical cyber security and many other similar products. When you look from the eagle’s point of view, there are three top trends that are here to stay:
- Deep Tech
- Patient Safety
Proper medical facilities are a big-time challenge. At times, it is difficult to reach remote locations affecting the population’s access to healthcare facilities. In such times, telemedicine proves to be the epitome of technology-driven healthcare. Millions of people rely on telemedicine networks, making it a lifeline for millions of people.
43.5% of primary medicare visits in April 2020 were using telehealth methods. Patients, caregivers, and families have happily accepted telemedicine solutions as it is possible to get 24/7 support even at the remotest of remote locations. During the pandemic, social distancing norms and other restrictions did not stop primary care facilities as the patients have access to telemedicine. Wearable devices providing real-time information made it possible for healthcare teams to manage and access their patient history.
Telemedicine has become part of the MedTech furniture and will continue beyond the pandemic since its benefits and usability has exonerated telemedicine through the necessity of circumstance.
Big research firms claim that the industry will be worth more than $77 billion by the end of 2021. As mentioned previously, the pandemic has been a ‘boost’ to the digital space. Telemedicine existed before the pandemic and will definitely continue to do so for decades to come. In essence, telemedicine allows greater access to medical specialists while allowing medicine to treat more patients as a whole. Pandemic or no pandemic, this is a destination medicine will always strive for.
2021 is seeing big moves by giant multinationals where investments in digital technology have ‘shot up’. This investment is changing the landscape of those being cared for and for those delivering care. The pandemic created and justified the demand for mixing technology with medical devices.
Deep Tech is the generic term designated for technologies not focused on end-user services that includes artificial intelligence, robotics, blockchain, advanced material science, photonics and electronics, biotech, and quantum computing. Deep Tech exists as a disruptor with a difference. We think about it as the technology that allows us to transcend the status quo since current technologies ultimately block progress, and deep tech acts as the un-blocker.
Just like Facebook was not a trend, Deep Tech is not just a trend; instead, it’s the first step towards endless possibilities. With new technological inventions taking place, the medical industry is yet to see its true potential.
The amalgamation of Deep Tech and medical industry operations will provide patients with maximum support and new treatment methods.
In the last decade, patient safety awareness has made significant strides. It was 2016 when the BMJ published a report citing medical errors as the third leading cause of death in the United States behind heart disease and cancer. At this moment, the medical community took a pause, ‘boot camped’ and came up with solutions. COVID-19 has again put a spotlight on patient safety increasing the need to reconvene and work on patient safety trends.
Restrictions put in place to control COVID-19 infections, such as social distancing, sanitation and disease spread prevention, created new barriers in terms of support for patient care. Patients in ICU had to face challenging situations as care staff were restricted to a certain distance. This is just an example of patient safety complexities. The MedTech space has an expected responsibility for providing optimum solutions to curb these dangers.
Being a responsible community, the Medical Industry has cultivated awareness campaigns to streamline the issue, with projects like the Patient Safety Movement, which aims to raise public awareness, expand clinical support, and create a broader sense of urgency surrounding the issue.
Publications such as the British Medical Journal had already red-flagged it as a severe concern long before the pandemic entered the frame. As such, the issue is unlikely to peter out once we’ve arrived at a point of greater normality.
It will be interesting to see how various companies develop new and enhanced solutions revolving around these top action points in the industry. The future holds exciting times as every innovation is going to enhance the spirits of patients receiving care.
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