This week I decided to look into the trends happening in the MedTech industry further and dig out some recent stats in consumer wearables. I came across a white paper posted by IQVIA on the rise of the global Medical Technology, and the findings presented in it are quite astounding.
According to the source, the MedTech industry has been seeing significant growth and has become an increasingly important healthcare partner. These days technology interacts with us, helps us to navigate and make quick decisions, stimulates our brains, and calms our minds when we need to unwind. Therefore, it is not a surprise that there are so many innovative developments occurring in MedTech that have become crucial for sustaining and improving health. There are over 500,000 types of devices available for enhancing, transforming, and extending human life.
MedTech companies collaborate with IT service providers to develop cloud-based software, biosensors, wearable devices, and healthcare apps that will offer patients a range of benefits. Companies are heavily investing in AI and create technologies that allow patients to effectively self-test themselves and decrease the number of visits to the hospitals.
According to the chart below, MedTech is a large aggregation of many individual segments, with the first top seven of those representing 60% of the total market, equivalent to over 560 billion US dollars in estimated sales by 2022.
Although the neurology segment is still at the bottom of the chart, “the neurology medical device industry is forecasted to be the fastest-growing segment, with a significant growth rate of 9%, expected to generate $13 billion, by 2022“. The source claims that the growth factors are the increased incidence of neurological disorders such as Alzheimer’s, brain cancer, multiple sclerosis, and other neurological disorders. Besides, patients are indicating the preference for medical devices rather than pharmacological therapies.
Whether it is a wrist, head, ankle, or a chest wearable, a MedTech assistive device can help an autistic child to understand the surroundings, provide a warning signal in the event of danger, or send an alert to a caregiver if the child has wandered away. Based on the findings delivered by Statista, I firmly believe that we are yet to experience tremendous technological advancements in the world of Autism. More and more people agree that wearables are helping them with day to day lives, so why not allow that benefit to those who genuinely need it to cross a street, interpret a facial emotion, state their name and home address or ask for a glass of water? Millions of families are looking for relief, support, and education on treatment plans, therapies, and technologies. Wearables can help. It is just a matter of time and the active collaboration of genius minds…
Thank you for reading.