MedTech in 2022: What Technologies Are Trending This Year?

The pandemic has digitalized the medical market bringing cutting-edge innovation to surface. Remote treatment, virtual doctors, and VR surgeries — all these seemed a mere fantasy before the world had to shift to the online space. In order to stay afloat, entreprises have to adopt those tendencies and modernize their medical services.

However, trying to study all the technologies on your own may be overwhelming. To make things easier, we`ve prepared a list of key trends of the medtech industry in 2022.

What Is MedTech?

This is a relatively young sector of healthcare providing technologies for improving medical care. Over the past few years, its discoveries have significantly affected our lives making us rethink the way we are treated. The pandemic gave an impetus to the growth of investments from both private and public capital, which could not but affect the speed of medtech innovations.

Statistics

The analytical studies reveal that the medtech market has been making giant leaps in its development. In 2016, it was valued at $315 billion but exceeded $400 billion by 2022. Moreover, the market is projected to reach roughly $625 billion by 2026 growing at a CAGR of 6,3% during the forecast period 2022-2027.

From 2014 to 2021, the volume of investments in the medical industry increased by 10 times from $634 million to $6,6 billion. And in the first half of 2021, the total of investments in digital medicine has more than doubled, reaching a historical high of $14 billion.

Key MedTech Trends

To empower your medtech startup with a competitive advantage, get familiar with the latest technologies that are creating advanced medical care and boosting the market.

Telemedicine

The ongoing coronavirus pandemic has been pushing medical institutions around the world to apply telemedicine solutions which include remote medical care. What used to be a niche offer has become one of the most sought-after and promising trends that will remain in a long run.

Investments in telemedicine worldwide in the first quarter of 2020 soared by 3,6 times compared to the same period last year, which equals roughly $790 million in contrast to $220 million. By 2026, the global telemedicine market will increase from $45 billion to $175 billion at a CAGR of 19,3% per year.

In addition to the pandemic, experts consider remote monitoring patients with chronic diseases and improving the legal framework for distant medical care to be the key drivers of telemedicine growth.

Blockchain

Traditional mechanisms for the exchange of medical information in modern healthcare infrastructure are not effective enough. Frequently, patients themselves provide their medical records to a new hospital or re-take tests. This causes many inconveniences and may even lead to incorrect treatment. Blockchain can store huge arrays of data proving a high level of security.

Another problem is the lack of comprehensive information about the patient and their medical history. Incomplete patient data may be stored in databases of various hospitals.

Blockchain is increasingly being used to tackle these challenges. This technology implies new approaches to data storage and management models. Blockchain segments and protects information, as well as allows the exchange of medical data and services in an unprecedented way.

Internet of Things

Over the next five years, the volume of the healthcare-related IoT market will more than double and exceed $135 billion.

Internet of Things (IoT) technologies are becoming a faithful assistant to the healthcare system, especially during the pandemic, when it is experiencing extreme stress. Here are a few current applications of IoT sensors.

Ensuring Device Availability

Modern hospitals require a new generation of software and equipment to operate — some are even used to save or maintain human life. Like all electronic devices, this equipment is subject to numerous risks — from power outages to system failures, which can be a matter of life or death.

Treatment of Chronic Diseases

IoT-powered watches can independently track chronic diseases and automatically connect patients with medical trainers and doctors. Their sensors also help to remotely monitor the condition of patients, as well as make medical procedures more efficient and safer.

Virtual Reality

VR technologies have long gone beyond the entertainment industry and found application in many other areas, including medicine. According to the forecast of the company Industry PARK, the global market of virtual and augmented reality technologies in healthcare reached $2,54 billion in 2020.

VR is perfectly applicable for teaching surgeons. Thus, the orthopedic surgeon developed the Osso VR platform, which allows for practical training in surgical procedures. On top of that, the technology is used in the rehabilitation of motor injuries, adaptation after a stroke, and fighting phobias.

Artificial intelligence

Artificial intelligence is one of the most promising technologies in medtech. Some of its possibilities include the minimization of diagnostic errors, freeing doctors from routine tasks, determining an effective treatment method, and developing new medicines, etc.

AI is also helpful for treating COVID-19. It is used to identify focus of infection, invent vaccines, and analyze computed tomography.

Let us tell you about the key fields of AI application:

Data Analysis

Before making a diagnosis and prescribing treatment, doctors study a lot of data about the patient: pictures, tests, examination protocols, anamnesis, etc. Most often this information is not systematized which results in inaccurate diagnoses.

One of the largest projects on the use of artificial intelligence in medicine is the IBM Watson cognitive system, which helps to accurately diagnose and find optimal treatment methods. Microsoft has launched the AI for Health program, under which it invests $40 million in artificial intelligence technologies for healthcare.

Diagnostics

Artificial intelligence can also be used to analyze medical images like radiography, MRI, ultrasound, etc. The technology is taught to recognize the symptoms of malignant neoplasms, diagnose visual impairment, tuberculosis, brain disorders. In this regard, AI has made a great leap and therefore is being actively introduced into clinical practice.

Virtual Doctors

Virtual assistants are also gaining popularity in telemedicine. They diagnose patients, fill out medical records for doctors, and are also able to give consultations. AI-based doctors can work around the clock enabling real doctors to do a more challenging job and minimizing risks of human factor.

Hospital Management

The work of the hospital requires rapid coordination of staff and available resources, because not only health, but also people's lives are at stake. AI in healthcare can significantly help in clinic management.

As an example, there are electronic assistants that act as intermediaries between the patient and the doctor. They are designed to quickly solve important tasks, from organizing meetings and setting the time for tests to getting patients' answers on a questionnaire. With its help, the doctor is freed from performing many bureaucratic procedures and can focus on saving people's lives.

Conclusion

In the coming years, the digital health market is expected to become even more attractive for both companies launching products and potential investors. The COVID-19 footprint and an increasing need for chronic diseases will serve as key growth drivers pushing the industry forward. So if you want to enter the market, be ready to face a tough competition.

However, by taking advantage of the listed trends, you increase your chances of success. Whatever technology you pick, make sure you hire brilliant specialists, do thorough market research, as well as gain enough knowledge of the niche, — this way your startup is much likelier to take off.