Medical technology startups and medtech divisions of major corporations are looking to hone in and focus research and design in areas that most capitalize on the industry’s growth. After all, some analyses estimate industry sales could be close to $800 billion annually by 2030.
The areas of current focus in terms of improving technologies is to focus less on convention, and more on developing products that personalize care while retaining value. Therefore, over the next several years you’ll see more focus on how tech functions in relation to both patient and provider experience and affordability.
The Use Of New Technologies
New forms of technology come and go every year, but certain developments are well-suited to medtech and hence, will be a focus for many companies moving forward. Augmented and Virtual Reality are being used in many new healthcare applications, and Artificial Intelligence is being explored for a number of uses.
The Importance Of Patient Experience
Global medtech companies need to be able to balance different costs related to both patient and provider from one country to the next. Differences between health insurance, proximity to hospitals and clinics, and other changing factors are being taken into consideration, so there’s going to be an ongoing trend of identifying and solving gaps in the patient care experience.
A Focus On Emerging Markets
Populations grow, and yet access to care sometimes doesn’t; it’s no surprise that medtech companies will focus on developing devices for emerging markets. Cost, value, and accessibility will be recurring areas of attention, and you can expect to see new opportunities open up after elections are held in parts of Asia, Eastern Europe, and Asia.