MEDTECH TRENDS AND DEVELOPMENTS
The Medtech industry is constantly evolving to accommodate new technologies and increased access to healthcare solutions. By embracing innovation, the industry is finding new ways to transform how patients receive treatment, especially in an increasingly digital, customer-centric industry. A number of different trends have shaped the industry over the past few years, and a few new trends on the horizon are already beginning to offer a bevy of different opportunities for medtech players big and small. But which of these trends are worth keeping an eye on?
Big Data
A big part of the future of medtech development will depend upon the analysis of big data and health records, where incredible amounts of information are generated and aggregated. As Big Data enables patient data analytics, personal health record (PHR) vendors and developers of modern health technology are expected to invest in innovation to benefit from all this data. Using AI and machine learning techniques, we can now analyze data and identify patterns, but access to that very data is still sensitive and complicated. All this data from clinical and non-clinical sources will need to be protected as it is being shared across platforms. To secure this right for privacy and security, new technology such as blockchain distributed ledger technologies will definitely find its way into healthcare. Robotics and automation are making robotic surgery and telemedicine-enabled surgical interventions a reality. Exoskeletons became an accessible and relevant use case for orthopedics. And 3D bioprinting (i.e., printing organs, bone, and teeth) is yielding promising initial results, though too early for mass-market commercialization. Blockchain has some promising applications in supply chain and electronic medical records.
Finally, the impending next wave of mobile technology or 5G capability will allow for much more efficient and prompt device-to-device communication, thus making the medical Internet of things (mIoT) an operational reality. In the upcoming decade, the medical device industry will be differentiated largely by integrating mIoT features into its product design.
Consumer-focused decentralization
The health industry has gone through three eras of evolution: firstly, the era when doctors and integrated delivery networks were the target customers, followed by the era when payers (insurance companies) were the target audience. We are now in the third era – the consumer era.Whether it’s online shopping for the best health-related gadgets or using self-diagnosing equipment, patient empowerment is dictating upcoming innovation. The main reason behind this is a transformation of cultural mindset, even beyond the influence of commercialized technology. Technology is an innovator, not the root cause. Millennials have been exposed to greater awareness campaigns and worldwide disasters that have increased their propensity to take ownership of their own physical and mental healthcare needs.
Regulations
The advent of companies connecting their devices to mobile apps and the cloud will trigger greater consideration and discussion of cybersecurity risks. Specifically, E.U. regulators are working on an overarching standard — the MDR — that’s replacing existing medical device directives, which have been in place since the 1990s. If anything, regulation is scheduled to get even more complex in 2018, with GDPR restricting further access. Whilst this is a necessary requirement for the sensitivity regarding healthcare data, it needs to be better simplified or unified by industry bodies. With further regulation imminent this year, startups will become vital in introducing simplified, value-driven data processing.
The role and value of medical technology is increasing by leaps and bounds as healthcare is becoming digital to an ever larger extent. As has been the case for several years, the medical sector is taking advantage of technologies originally developed in other industries, and adapting them to improve and broaden healthcare services.A few challenges exist, though: Medtech products usually face long cycle of development, and are more likely than other ventures to rely on corporate backing. Yet Medtech startups face complexity around data sensitivity, regulation and healthcare commercialization that constrain the process of scalability. Prior to venturing into strategic agreements with medtech startups, the biggest concern for a corporation is around regulation and feasibility. However, this hasn’t stopped successful interactions between venture and corporate stakeholders.