Despite a slew of challenging economic conditions and disruptive global macro factors, the healthcare sector continues to boom. Within that, medical device technologies have enjoyed rapid evolution, as the needs of the modern world change. Technological trends in healthcare have broadened the use cases of medical devices, with over 10,000 types of medical devices globally.
It’s an industry that never stands still – regulations are in constant flux, priorities are shifting towards value-based products and services, and skilled workers and resources are in short supply. Given these factors and challenges, an abundance of opportunities for the medical devices market presents itself – particularly in new markets and emerging economies.
BCC Research anticipate the global market for medical device technologies to grow from $676.0 billion in 2022 to $953.4 billion in 2027. Given its path of steady expansion, we’re exploring the leading trends gripping the industry.
As technology has evolved, so have cybersecurity risks. Enhanced cybersecurity needs to be a top priority across the entire healthcare spectrum, including medical devices. Medical information is exchanged between a number of key stakeholders, from healthcare providers all the way to manufacturers and suppliers. That means robust security actions are vital to prevent any breaches in security. With responsibility being placed in the hands of medical device manufacturers by the US FDA, it’s paramount this is a number one concern for the industry.
Wearable fitness technology
Wearable technology – or wearables – has boomed in the last few decades. Fitness technology has evolved to offer an incredible amount of user data, from step counting to complex biometrics. The technology can assist medical professionals in optimizing patient care quality, a trend that should continue over the coming years. For example, wearables that collect data about a user’s heart rate and blood pressure can be provided to the user’s physician. Even if a user does not have a medical condition, wearables are helping the average person gain greater control and knowledge over their health and wellness.
Internet of medical things
In healthcare, the Internet of Medical Things (IoMT) represents medical devices and applications used to connect IT systems. IoMT is essentially communication between computers, mostly through Wi-Fi. IoMT analyzes shared data, giving healthcare providers more power to make informed treatment and care decisions. The IoMT lower costs, enhances efficiencies and also improves patient outcomes. These profound benefits continue to push most medical device companies to expand the capabilities of IoMT technologies, with many developing strong partnerships with healthcare institutions that go beyond that of a supplier or manufacturer.
The use of robots in diagnostic and surgical medicine is a notable trend, with a key example being the "da Vinci Surgical System”. It’s essentially a robot that can assist surgeons during medical procedures. Because of their continuing technological improvements, medical robots are becoming technically proficient, with the ability to conduct procedures far beyond standard programming. As technology continues to advance, the levels and intricacy of tasks performed are expected to increase. In the future, medical robots will likely be able to conduct remote patient exams and provide targeted radiation therapy.
3D printed objects
3D print technology, or additive manufacturing, is another area set to skyrocket. The technology offers great potential in patient treatment within both medicine and dentistry. For example, 3D print technology can reproduce specific, tailored organs and prosthetics for an individual patient, as well as fabricate surgical tools. These printed objects can be used for research and the development of prototypes.
Software as a medical device enhances medical device connectivity. For example, it can help patients feel more empowered by providing them with detailed information about their medical history, which can then be used to better manage their health. The data from medical devices can be shared among healthcare professionals to inform treatment decisions that improve patient outcomes. In 2022, more stringent government regulations to protect patient privacy were put in place. As new instruments reach the market, this trend is expected to continue.
Explore the market for medical devices
As populations expand and the strain on healthcare increases, the need for multifaceted and advanced medical devices will continue. BCC Research provides unparalleled intel on the area, to allow industry players to navigate the coming trends with confidence.
Download your complimentary report overview of Medical Devices: Technologies and Global Markets report or purchase the report in full here.
Or, consider becoming a member of the BCC Research library, and gain unlimited access to our full catalog of medical devices and surgical reports. Simply get in touch today to find out more.