According to a Frost & Sullivan report, proactive research and development are being done in the field of medical device development to support a smart connected world.
Optical biopsy, surgical robots, smart bandage, super-resolution microscopy, proton beam therapy, artificial organs, neurostimulation, tactile imaging, X-eluting stents, and 3D medical imaging are expected to set trend in the next two years.
There are many factors driving growth in this particular industry. From a technological perspective, the urge to embrace digitalisation is a key factor. Other growth boosters include adoption of minimally invasive devices, changing lifestyle, increasing awareness towards diagnosis and treatment.
As per a report by Transparency Market Research, the global Medical Device Technologies Market is projected to expand at a CAGR of 4.6 percent between 2017 and 2025.
If the figure holds true, the market will become worth $563,886.5 million by the end of 2025 increasing from $377,562.4 million in 2016.
Some other prominent names in the market are Boston Scientific Corporation, Baxter International, Medtronic, Cardinal Health, GE Healthcare, and John son & Johnson.
“Emerging technologies have the potential to replace existing clinical practices, and make healthcare delivery more effective and affordable,” says Frost & Sullivan TechVision Industry Analyst Bhargav Rajan observes.
Also Read: Global healthcare market forecast
Global healthcare IT market
The global healthcare IT market is expected to grow at a CAGR of 15.9 percent during the forecast period of 2016 to 2021.
Market studies show that majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organisations for ensuring safety security and confidentiality of patient information.
In the next one or two years, nascent technologies, such as tactile imaging and super-resolution imaging, will be commercialized, and technologies such as optical biopsy, eluting stents, and surgical robots, now in the early commercialization phase, will experience wide-spread adoption.
“As medical device manufacturers collaborate with electronics, sensors and IT companies to create sophisticated medical products, the latter also are recognizing healthcare as an important application for their technology platforms,” Rajan observes.
Medical device and imaging technologies have huge demand and potential. But, their commercialization is challenged by several regulatory requirements.
Further, their prolonged development phase and competitive IP landscape extend the time-to-market and delay the return on investment. However, they have long market life once they hit shelves.
“There is clearly a need for more collaborative and multi-cluster innovation practices in the medical device and imaging innovation space,” noted Rajan. “Leveraging technology platforms from non-healthcare industries can significantly reduce development time, save investment costs, and lower barriers to entry.”
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Recently reported medical technology use cases
According to a report published by Associated Press, 3-D imaging technology developed at the University of Minnesota was a key element in a recent surgery to separate conjoined twins.
The news agency quoted Matthew Ambrose, University of Minnesota Masonic Children’s pediatric cardiologist as saying that 3-Dimaging is the future of medicine.
Khaleej Times also recently published a similar story. The report talks about doctors saving the life of a 60-year-old Omani woman who suffered a cerebral aneurysm. Doctors who treated her used a custom 3D-printed model of the patient’s brain with dilated arteries to help plan the complex surgery.
The use of robots to perform surgery is becoming a norm these days. Most recently, it was reported that India’s first robotic kidney cancer surgery has been conducted at Saifee Hospital in Mumbai. Nowadays, similar news is being reported from across the globe.
Proton beam therapy is another promising technology. Beaumont Hospital in Royal Oak recently started proton beam therapy cancer center. This technology is being considered as an alternative to traditional radiation treatment for cancer.
In the digital era, the relevance of new-age technologies is growing in all verticals, including healthcare.
Advanced medical technologies have attracted the attention of large and small companies alike, even leading to investments, tie-ups, and acquisitions.
According to Frost & Sullivan, the medical technology industry received funding worth $3 billion in 2016 and with more concerted research and commercialization efforts, it is expected to emerge a hot investment hub in the near future.