The world is racing forward with medical technology- from neonatology to neurosurgery, new breakthroughs are making life more comfortable for people with disabilities. New medical devices are revolutionising healthcare, and these innovations will soon be incorporated into the standard of care. Here are three cutting-edge technologies that are making an incredible impact on both patients and physicians alike.
The first major medical innovation in recent years has been brain-computer interfaces; this technology allows people to control devices with their thoughts. Instead of pushing buttons or operating switches, disabled individuals can now browse through music or select programs on their televisions. Medical researchers have also created prosthetic hands controlled by neural implants. This allows disabled individuals to independently grasp objects while regaining lost dexterity. Computerized tomography (CT) scans can also create 3D models that patients can interact with through speech or gesture.
Another important medical breakthrough is big data- the analysis and interpretation of large quantities of information. Scientists use this data to conduct experiments and create analyses that inform their decisions. Big data is particularly useful in medical research because it enables scientists to study and analyze huge amounts of information in order to make discoveries. This has led to breakthroughs like genetic algorithms, which help computers make informed decisions in situations where humans can’t understand the full scope of the data.
One of the biggest challenges for developing technology is making it learn from mistakes and make improvements. This is what’s known as machine learning- a type of artificial intelligence used in robotics and other devices that learn from mistakes and make improvements. Military organizations use machine learning to create intelligent software for weapons systems and autonomous robots. The system learns by analyzing vast amounts of data and making decisions on the fly- which makes it perfect for military applications. Doctors use machine learning in biofeedback machines to help people with disabilities manage their symptoms, whether it’s stress or an asthma attack.
Advances in medical technology are bound to continue as new discoveries are made, large amounts of data are collected and analyzed, and disabled individuals can more easily access support systems. These innovations have the potential to transform modern healthcare; however, they’re currently being used by the medical community only a few generations away from disability status. As physicians become more accustomed to these new technologies, they’ll likely incorporate them into their treatment plans for physically and mentally challenged patients alike.
MedTech industry stats:
- The global medical devices market size was estimated to be worth $447.63 billion in 2019. It is expected to grow to around $671.49 billion by 2027. (Precedence Research, 2020)
- The market is expected to grow at a CAGR of 5.2% during the forecast period of 2020 to 2027. (Precedence Research, 2020)
- Meanwhile, the medical devices market is expected to recover and grow at a CAGR of 6.1% from 2021, reaching $603.5 billion in 2023. (Precedence Research, 2020)
- Analysis of the medical device market by country shows that the medical technology market size is dominated by North America, which accounts for about 39% of the pie. (Precedence Research, 2020)
- In line with this, about 70% of the world’s largest original MedTech equipment manufacturers by revenue are headquartered in the US. (Brandon Gaille, 2020)
- In 2019, the estimated total revenues of US and European medical technology companies amounted to $429.8 billion. (EY, 2020)
- During the first half of 2020, the revenues of US MedTech enterprises saw a decline of about 5%, as many medical technologists were negatively affected by COVID-19. (EY, 2020)
- Also in 2019, the non-imaging diagnostics segment recorded 12.2% revenue growth, while the therapeutic devices segment’s growth rate climbed to 12.5%. (EY, 2020)
- Furthermore, the US telemedicine market valuation is expected to reach $25.88 billion by 2027. (Market Study Report, 2021)
- Around 39% of senior executives in MedTech companies consider supply chain technology systems as a critical component of their operations. (Brandon Gaille, 2020)
- Additionally, 43% of senior executives report that digitization of the supply chain is vital in their organization’s future success. Another 43% believe that big data is also a critical part of the supply chain. (Brandon Gaille, 2020)
- Moreover, the MedTech industry, directly and indirectly, generates about two million jobs in the US. (Brandon Gaille, 2020)
- At least 85% of health executives acknowledge that technology has become an inextricable part of the human experience. (Accenture, 2020)