In the first half of the 20th century, the medical industry was totally hit by the explosion of new devices. A segment of the medicinal advancements created in this period was the thermometer, stethoscope, magnifying lens, ophthalmoscope, laryngoscope, and x-ray machines. With these revolutionary gadgets, specialists could see and hear parts of the patient's body (for example, the lungs and hearts).
From that point forward, innovation has been driving the pace of transformation in medical research and medicinal technology. One of the central explanations for this development is the move from hospital care to home care and afterwards to personal care services. This is evident in the transition from lab-based tests and settled medicinal frameworks to lightweight, purpose-of-mind therapeutic gadgets and IVDs. Within a brief timeframe in developed terms, we are now observing a blend of medicinal progress and an expansion in services that are favourable to patients.
Now times are changing, and with each new innovation, several industries are undergoing fundamental changes. As with all the verticals of technology, medical tech is one that is advancing rapidly. In fact, if reports are to be believed, as the pace of change accelerates, medical technology companies can certainly expect a boost in the coming months and years!
An exponential technological growth is expected in less than a decade from now, leaving market players with advanced scientific knowledge, reduced costs, and even more innovative devices and procedures which can diagnose, monitor, and treat innumerable more conditions than today.
But what this change will actually bring can only be anticipated. It could be a hybrid of genetics and stem cells (biotechnology) with micro-bots (nanotechnology) and even cloud-based innovation. Whatever it may be, the medical technology market is currently viewed as a promising industry which not only will evolve with new trends but will also ensure a better quality of life. The medtech industry is projected to integrate these four shifts to gain exponential technological development:
- There is going to be a shift from critical to precautionary care and experts to self-care. Having said that, many services will likely to be incorporated in healthcare settings which would let the consumers take control of inaccessible data via smart devices. Hence, consumers can now easily manage their own care conditions.
- Another shift to be expected is from observing single biometric indicators to multiple indicators, administered by Artificial Intelligence. Considering the growth at which AI is being adopted, it can provide consumers with accurate insights.
- Doctors taking spontaneous approaches based on first-hand data for patients will now rely on accurate health care for individual patients. This will help physicians make decisions based on information extracted from smart algorithms.
- Shift from dedicated database of medical facts to more centralized knowledge silos. With this, the specialists can offer appropriate health care without having focused training.
In other words, the future of medtech is letting consumers be the focus as well as in charge of their own health. With the latest healthcare gadgets and wearable devices, consumers can access their health at their fingertips.
Another huge development to be expected is the way physicians analyze the big data. There is a large amount of data generated and aggregated in the healthcare industry on an everyday basis. Several Personal Health Record (PHR) vendors and developers are expected to invest in the innovative technology that could get us the most of that data, all of which is still sensitive and too complicated for humans to comprehend. With the help of AI and machine learning, medical practitioners can analyze the data, thus identifying critical patterns and taking actions. However, to comprehend, the clinical and non-clinical sources will have to circulate this otherwise protected data across platforms.
So to satisfy this requirement of privacy and security, a new technology such as blockchain may enter the healthcare industry soon.
The future of medtech is immensely affected by the technology-driven innovation that is bound to happen in the near future. To maximize potential, corporations must develop and identify the hints to be able to cope with the rapid changes and challenges that lie ahead.
Vipul Jain is CEO of Advancells.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.