By 2027, the market for medical technology services is estimated to reach about $22 billion along with a CAGR of 3%.
Advances in technology have influenced the healthcare sector in a variety of ways. It has led to reduced costs for healthcare providers and catering to better lives. A blessing in disguise, the COVID outbreak resulted in a number of Medtech trends that simplified healthcare and bridged the gap in communication between doctors and patients.
The Influence of COVID on Healthcare
As COVID hit the economy like a wrecking ball, venture capital funding in the healthcare sector in the US saw a depletion of about 20%. Gradually, the pandemic scenario saw more than 90% of doctors use virtual technology to interact with patients. The use of artificial intelligence (AI) and cloud-based efforts have resulted in better patient outcomes through information sharing, known as data interoperability. Web and mobile-based applications have made it easier to gain medical records and information whenever and wherever.
As patients and physicians get limited by logistical constraints, the use of wearable tech steals the spotlight. Although the use of virtual consultation started to accelerate pre-pandemic, post-COVID saw a 90% increase in the use of virtual technology.
With the onset of 2023, the healthcare sector is seeing the usage of more and more wearables and biometric devices, resulting in reduced medical costs and enhanced patient outcomes.
Contribution of Diagnostic Analytics in Healthcare
Laced with ML, diagnostic analytics is a tool that enables doctors and healthcare professionals to analyze patients’ medical data and provide appropriate diagnoses to carve a treatment plan. It can also help make predictions of potential disorders based on the analysis of medical images and EHRs.
Key 2023 MedTech Trends
AI is celebrated for its ubiquitous influence in different fields, from medical to financial. Tools like machine learning (ML), predictive analytics, and natural language processing (NLP) can augment healthcare processes, which helps with better analysis of patient data, faster diagnosis, personalized treatment plans, and in the near future help with the development of new drugs and medical decision making. This will lead to lower medical costs and improved patient experience. AI tools also produce reliable, scalable, and valid results.
Telemedicine, a booming medtech trend, has skyrocketed since COVID when physical visits to clinics were prohibited. These are remote medical consultations that happen virtually between the patient and their healthcare practitioner. To make the process seamless, telemedicine companies can offer benefits like customer and technical support, appointment schedules, insurance verifications, and patient data management. The use of telemedicine witnesses a rise in patient experience and delivers a top-notch effective treatment plan. This led to the rise of web and mobile app development services, making it easier for patients and doctors to collaborate and receive proper diagnosis without the hassle of travel.
Medical technology services like surgical robots have seen a steady rise in popularity, credit to its accuracy in surgeries and reduced risks of complications. Circa 2023 will experience AI and ML expand the capabilities of medical robots, making them more efficient to deal with more invasive surgeries. It is believed that by 2025, the incidence of minimally invasive robotic surgeries (MIRS) will see a spike of about 2 million.
IoMT (Internet of Medical Things) refers to the interconnected network of medical applications that transmits medical information. Credit to connected medical devices, the healthcare sector will see an improvement in patient outcomes and healthcare quality. Its usage will see growth in the year 2023, with its integration with data analytics, offering more personalized care. The implementation of blockchain technology also leads to increased data privacy.
AI has indeed revolutionized the healthcare sector. Credit to it, newborn screening, one of the anticipated 2023 Medtech trends, gained quite a momentum recently and is said to continue growing in the future. It is a diagnostic tool that tests the chances of newborns having metabolic or genetic abnormalities after birth. The screening tool will also implement genomic information and more advanced screening technologies that can detect early signs of genetic disorders and provide proper diagnosis.
Electronic Health Records (EHR)
EHR has been an efficient tool in reducing unnecessary healthcare costs by reducing the use of paper documents. The growing importance of EHR will see a steady rise in 2030 with an estimated CAGR of 5% in comparison to 2017. EHRs store patient information, from medical history to the latest treatment plans. It also optimizes and automates workflows for healthcare professionals. It is extremely user-friendly, granting easy access to data for doctors as well as patients.
Although being around, 3D printing received more attention in the healthcare sector after COVID. In 2023, 3D printing is reported to be used more in dentistry, orthopedics, and maxillofacial surgery. To offer more personalized patient care and reduced surgery time, this AI tool can help make implants, prosthetics, and surgical models.
At Josh, we offer leading healthcare IT services, including product management, cloud services, and AR and VR-powered services. We focus on creating an immersive experience for clients by catering to the evolving requirements of the healthcare sector. Our experts also offer predictive analytics that can help in analyzing patient data and forecasting potential health risks to create an effective diagnosis.