Chronic pain places a tremendous burden on the global healthcare system. It is estimated that in the US alone, chronic pain and high-impact chronic pain affect nearly 30% of US adults. The economic costs of chronic pain are equally immense in the US, with estimates suggesting that chronic pain costs range from $500-600 billion annually in direct and indirect costs. As addiction to opioids has reached crisis levels in the US, and threatens to spread to other nations, there is significant opportunity for therapies that can help patients live with chronic pain without relying on addictive pain medication. Neurostimulation is one such modality that are helping people manage chronic pain.
With a massive population exceeding 1.3 billion people, the healthcare system in India is tasked with providing care to the large rural and urban areas of the country. The dichotomy between quality of care in rural and urban is one of, if not the largest challenges that India’s healthcare system faces. The contrast between quality of care in India’s rural and urban areas, as well as India’s status as a developing nation has resulted in initiatives aimed at elevating quality of care and access to healthcare.
Healthcare in Europe parallels the US healthcare system in many ways. Western Europe faces significant challenges when it comes to determining how to efficiently meet the demand for more healthcare to an aging population with an increasing burden of age-related chronic diseases. Simultaneously, the issues of how to keep costs down and affordable to patients continues to test the healthcare sector in the five major European markets (France, Germany, Italy, Spain, United Kingdom). However, these problems are not unique to the five largest economies in Europe. These challenges pervade all countries within the European Union.
The United States is the largest healthcare market in the world. Boasting the third largest population (~330 million people) and a well-developed healthcare system, the US remains the key market to target for the commercialization of healthcare solutions.
Healthcare in China is in a constant state of reform as the system evolves to meet the unique burdens of the country which rapidly became the world’s second largest economy. With a population of approximately 1.4 billion people, demand for healthcare services is at an all-time high in China, with many hospitals understaffed and overwhelmed by demand.
Substantial increases in surgical procedure volumes are being projected across most medical segments as a result of a number of factors, including but not limited to:
With a growing focus on the global need for healthcare that is affordable and accessible to anyone, anywhere in the world, comes a look at technologies that are designed to lessen the gap between quality care and individuals outside of developed cities and countries.
Surgical advances have led to the development of life-enhancing and life-saving procedures for a range of medical complications. But these advancements are only as good as the level of skill and knowledge of the surgeon.
In the medtech market, there is often talk about the challenges of providing care in developing or under-developed nations. These areas tend to benefit from technologies that make it easier for providers to see patients and to implement care in areas that may not have the resources for daily management.
Developing medtech products for medical offices and hospitals is probably the largest sector of the market. But this technology is used all over the world, in areas that aren’t fitted with or suitable for large-scale healthcare operations.