The MedTech investment spike in 2021 following its downturn in 2022 looks to be returning to pre-pandemic levels according to PitchBook data. The bounce back to normalcy shepherds in major MedTech projects in AI and ML, wearables, and futuristic micro medicine alternatives offering patients improved accessibility and personalization. But what projects should tech leaders invest in for the highest ROI, and what kind of technical talent do they need to get there?
CSS Tec has compiled three market-leading 2023 trends within the technical sphere of the MedTech industry below.
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MedTech On the Rise
Ingenuity is outpacing investment in the MedTech industry as organizations inundate the B2B and B2C medical markets with sci-fi-level technology hoping to corner the patient market share. According to Precedence Research, the global MedTech industry is forecasted to grow from $447.63 billion in 2019 to $671.49 billion in 2027.
While MedTech investment is gaining back strength after a 2022 downturn, services like telehealth, whose virtual visits exploded by up to 20x during the height of the Covid-19 pandemic according to Accenture (previously five percent of patients), are maintaining astronomical numbers (still at 25 percent in early 2023). Here are three leading MedTech trends carrying the industry.
Internet of Medical Things (IoMT)
A sensible extension of the internet of things (IoT), the internet of medical things (IoMT) provides healthcare practitioners with conjoined medical devices and applications providing instant accurate patient health data. Smart monitoring over a 5G network allows for machine-to-machine interaction and data analysis. It also allows for remote monitoring of patients which alleviates understaffed hospitals.
Healthcare wearables track vitals while digital applications organize and streamline patient data improving operational efficiency while lowering costs. Fortune Business Insights reported that the 2020 market value IoMT $41.17 billion (about $130 per person in the US) is forecasted to leap to 187.60 billion by 2028.
Legacy medical devices like room-sized EKGs are phasing out in favor of miniature wearable alternatives that provide greater accessibility while maintaining accuracy. With the medical wearables market forecasted to exceed $60.4 billion by 2027, expect providers to integrate smart watches, smart rings, and even smart dental wearables into their services.
We’ve already accepted and integrated smart watches and rings into everyday life without skipping a beat. MedTech visionaries are applying these ideas to ambitious monitoring capabilities like smart dental wearables as mentioned above. With dental smart wearables, a patient sleeps with a mouthguard that detects and tracks patterns of sleep apnea, insomnia, or narcolepsy.
Another venture into the wearables realm is hearables, MedTech devices with smart tech aimed at monitoring anxiety, sleep, speech patterns, and more. Overtone, a Germain hearables startup couples a smart hearing aid with a smartphone application to create auditory profiles that provide correlative frequencies to an individual’s particular hearing ability.
AI Applications and Remote Patient Monitoring (RPM)
A sweeping trend across MedTech projects is the integration of artificial intelligence. According to Gitnux, the current market size of AI within healthcare of $15 billion is expected to multiply to $187.95 billion by 2030, a 12.5x product.
What AI will bring tremendous opportunity to is remote monitoring. The Global News Wire forecasted the global RPM market to reach $8.1 billion by 2030. In-home technology like pulse oximeters, blood pressure monitors, and big data-sharing capabilities will allow patients the comfort of living at home while receiving the same, stellar medical service they’d receive in a hospital.
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