Written by Chris West
The Medical device sector is an ever-changing landscape with new technologies becoming available on a daily basis it’s an incredibly diverse industry to be a part of. In this blog, I plan on breaking down 5 up and coming trends within the sector to keep an eye on.
- The power of technology could not obviously be missing from the healthcare sector. Medical Device manufacturers' reliance on the best infrastructure and tools is clear. The rise of life expectancy worldwide and the ageing of populations create a very demanding area for innovation and technology in healthcare. It is important data is easily accessible and that electronic compliance systems are in place to allow for the new drive for flexibility for both patients and manufacturers.
- Femtech has been a growth area in investments as the industry grabs attention and headlines. This is more of an area to watch as I’ve only had contact with a small number of companies that specialise in this area of the industry but the conversation has started, and we may see a surge of inventions coming out of these investments over the next few years.
- AI is a hot topic within the industry and it is now being implemented by some of the largest names in MedTech. A great example of this is AI being used for the diagnosis of neurological conditions such as epilepsy or Alzheimer’s Disease. MRIs produce huge amounts of data that needs analysing which means that human error can be a fatal factor. Using AI eliminates a lot of this risk and can automatically detect neurological abnormalities.
- Wearable devices are becoming more and more popular as it allows healthcare professionals to monitor patient health and track tell-tale changes in patients' bodies over extended periods of time. Wearable devices also increase the chances of having viable healthcare solutions at home. There was a huge increase in home healthcare sales last year across the globe.
- Although not a technology trend, the demand for staff to navigate the various regulatory frameworks is increasing daily. The frameworks massively affect how medical devices are being built. It also affects the industry, for example when the EU announced the MDR Implementation companies all across Europe had to invest in their regulatory strategies to ensure compliance.
With such a fast-moving industry we are bound to see lots of new and exciting technologies being used over the course of the year!