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Revitalizing innovation within the medical technology sector

May 06, 2024
Business Affairs
Shawn Luke
By Shawn Luke

Technological advancement in the healthcare industry, particularly with medical devices, is enabling faster and more accurate diagnoses and treatments for patients around the world. From wearables to AI-powered innovation, medical technology has opened the door to more personalized and real-time care.

Our society’s aging global population, coupled with the rise in chronic diseases among younger populations, is putting significant pressure on healthcare systems. The need for new solutions is fueling innovation and digitalization across the industry. New advances in data analytics through artificial intelligence and machine learning are changing the future of the MedTech industry – a market size predicted to reach $996.93 billion by 2030.

So, what is happening behind the scenes, and how are modern healthcare products getting smarter and more efficient? Teams are working tirelessly to create and distribute cutting-edge products, parts, components and solutions that improve individual health journeys and save lives.

A key aspect of this evolution is the involvement of wearable sensors, edge computing, and wireless devices to create seamless connection points useful for the entire medical ecosystem of doctors, nurses, engineers, designers, sourcing professionals, patients, families, and others.

Wearables and personalized treatment
Creating and launching a new medical device is no easy feat. Overcoming stress testing individual components and filing for regulatory approval are just two of the hurdles. But many are leading the way and successfully bringing user-friendly medical devices to the market to empower people to better understand and regulate what’s happening in their bodies.

These devices use key technologies, including IoT functions, sensors, and wearables, to help patients monitor their vital signs, such as percentage of blood oxygenation, heart rate, blood pressure, and more.

It is estimated that one in three adults will own a wearable device by 2025. Real-time knowledge is insightful and powerful for making lifestyle changes and maintaining good habits. This technology is also creating a new model of care where so much more is being done at home. Behind all of this are wireless, sensor, and semiconductor products that are driving the collecting, connecting, and sharing of data and insights.

As medical technology continues to evolve, the personalization of treatment will get better, too. Physicians will more regularly review data remotely and offer recommendations for treatments and even helpful home products. For example, an adjustable bed is now on the market that can sense when someone is snoring, and the bed automatically changes its incline to try and help reposition the person and open their airways more. This may be a key solution for those who struggle with sleep apnea.

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