The advent and broad deployment of information and communication technology have been one of the more significant advances over the last 25 years. The so-called “digital revolution” has altered our everyday lives, probably most notably in the areas of employment and organization. These Medtech trends were developed in the workplace and have had a significant impact on how we work and collaborate with others.
Healthcare is no different. The medical organization, professional practice, and our engagement as patients have all undergone a persistent change in recent decades, owing in part to the computer’s contribution and expectations. Medical records and institutional data, diagnosis and diagnostic categories, access to healthcare, and even consultation itself have all been revolutionized by digital technologies. They have a significant impact on accounting and accountability, resource allocation and organization, and professional and inter-professional practice.
Here are the top 5 MedTech Trends to watch in 2023;
1. Investment In AI
Since 2015, when venture capitalists became interested in technology, investments in AI solutions for healthcare have skyrocketed. According to a KPMG survey, the tendency is here to stay, at least in the short term. According to the survey, healthcare businesses will prioritize their Medtech trends AI investments over the next two years, with a focus on telemedicine (38%), robotic tasks (37%), and patient care delivery (37%). (36 percent ). “AI is unquestionably a top three thought process for all of our main healthcare stakeholders.” “And I couldn’t have said that even three years ago,” said KPMG Healthcare Technology Leader Vince Vickers.
Market value estimations for AI in healthcare indicate that these assumptions are correct. According to MarketsandMarkets, the global market for AI in healthcare is expected to increase from $6.9 billion in 2022 to $67.4 billion by 2027. AI-powered healthcare solutions can address the needs of a variety of stakeholders, allowing clinicians to be more efficient by accelerating diagnostics, improving patient access to care, and improving results. According to Deloitte, around one-quarter of Medtech trends will have built solutions using machine learning AI capabilities by 2023.
According to Statista’s poll of business executives in US healthcare, 40% of respondents found more value in healthcare AI solutions than they expected. An additional 16% claimed AI delivered significant benefits, while only 13% said it gave less value than promised. AI in the medical industry is an innovative MedTech trend in 2023.
2. Digital Therapeutics
“Digital therapeutics (DTx) deliver evidence-based therapeutic treatments to patients that are driven by high-quality software programs to prevent, manage, or treat a broad spectrum of physical, mental, and behavioral disorders,” according to Digital Therapeutics Alliances.
DTx (as part of the broader digital medicine category) has been featured in a recent issue of Scientific American’s top 10 emerging technologies, owing to new technological breakthroughs and greater consumer adoption of digital health solutions. According to PitchBook data, VC investors funded $134.3 million in DTx acquisitions in 2015. This figure has risen to $1.2 billion in 2019 (and $709 million in early 2020).
The DTx area is expected to grow at a CAGR of 31.4 percent between 2021 and 2026, with a market value of close to $13 billion in 2026. According to a Deloitte survey of MedTech leaders, 63 percent believe that digital medicines will have a significant impact on the sector during the next ten years. Pear Therapeutics, a Boston-based firm, is a significant player in this field. Pear Therapeutics recently raised $20 million, for a total of $284 million in disclosed funds. Its current product line includes applications for treating chronic insomnia and aiding in the treatment of substance abuse.
3. Medical Robotics
Another Medtech trend development that will dominate the business in 2023 and beyond is advancements in medical robotics. According to a Verified Market Research research published in 2021, the global market value of medical robots would reach $23.92 billion by 2028. The market was worth $8.16 billion in 2020. Robots in healthcare help patients recuperate through rehabilitation, facilitate hospital sterilization and delivery, identify illnesses, and improve telemedicine.
In addition to reducing human touch, considered a significant benefit during pandemics, robots exhibit excellent precision and assist doctors in being more efficient in their work. The Da Vinci surgical robot, which assists in minimally invasive surgeries, the Xenex Germ-Zapping Robot, which disinfects hospitals, and the AquaBeam robotic system, which is part of robotic therapy to treat lower urinary tract problems are all successful examples of medical robots.
4. Cloud PLM Services
To satisfy the present expectations of the healthcare business, the medical device industry faces huge hurdles ranging from quality inconsistency, supply chain inefficiencies, complex regulatory compliance issues, and rapid product innovation. This is where existing product life management (PLM) systems can be game changers in terms of optimizing current technological assets or upgrading to new solutions. Cloud PLM Services in the medical industry are an amazing MedTech trend in 2023.
The PLM cycle is the process of managing a product’s complete lifespan, from conception to design, development, production, and commercialization of the finished product. It has become an important player in the medical device sector in terms of accelerating deliveries, improving time to market, lowering costs, assisting with regulatory compliance difficulties, and attaining speedier product design. PLM services for the medical device business, such as Oracle PLM Cloud and Agile Product Lifecycle Management Solutions, have proven to be quite beneficial because they provide solutions for product innovation, supply chain, quality, and regulatory compliance.
To quickly bring an innovative, cost-effective product to market, all major stakeholders must collaborate throughout the product design cycle. This is where the use of PLM services comes into play, as it not only decreases time to market, but also expenses associated with the redesign, regulatory delays due to inefficient document control, and team communication.
5. 3D Bio Printing
Medical additive manufacturing (also known as “3D printing”) was valued at $1.1 billion in 2019 and is expected to reach close to $4 billion by 2027. There are numerous applications for 3D printing in the medical profession (including the manufacturing of surgical instruments, prosthetics, implants, and tissue engineering products). 3D printing, on the other hand, is often used for quick prototyping. In fact, nearly all of the top 50 medical device businesses now use 3D printing technology to develop prototypes quickly. During the COVID-19 epidemic, 3D printing saw a surge in demand in the healthcare sector.
Mostly because of supply chain interruptions and the necessity to produce more PPE, testing, and medical devices to combat COVID-19. 3D bioprinting is another notion that is gaining industry traction. 3D Bio Printing in the medical industry is an amazing MedTech trend in 2023. 3D bioprinting is comparable to ordinary 3D printing, except it is developed exclusively for printing biological materials. Aspect Biosystems, a Vancouver-based business, is one of the pioneers in this sector. Aspect Biosystems is a company that specializes in the 3D bioprinting of human tissues. In 2020, the MedTech startup raised $24 million in announced funding.
These 2023 Medtech trends and statistics indicate that digital disruption and technological developments will continue to dominate the development of the Medtech industry in the near and distant future. As AI in Medtech gains traction, smarter healthcare solutions for health facilities, clinicians, and patients will emerge.