The medical technology (MedTech) industry’s primary function is to provide a comprehensive range of products that can diagnose, monitor, and treat patients. These technologies are aimed at assisting health care organisations achieve better outcomes, lower health care costs, improve efficiency, all while finding new ways of engaging and empowering patients.1
Working in conjunction with traditional models in the very diverse MedTech field, is the Internet of Medical Things (IoMT). The term refers to the connected infrastructure of medical devices, software applications, health systems and services. IoMT enables health care organisations and connected medical devices to generate, collect, analyse, and transmit data.
More specifically, connectivity between sensors and devices enables healthcare organisations to streamline their clinical operations and workflow management to improve patient care – even from remote locations. 2
This is a technology sector that is seeing massive growth. According to an industry report in MarketsandMarkets3, the IoMT market, was valued at $41.2bn in 2017, and expected to rise to $158.1 bn this year.
This rapid advancement can be laid at the feet of the COVID-19 pandemic and subsequent lockdowns – which resulted in unprecedented research and development in the sector.
Currently an impressive 500 000 different type of medical devices, including wearable external devices, implanted devices, and stationary devices are on the market and R&D is
continually developing new products and systems – especially in terms of connected products.
As the world continues to change at an unprecedented level, it is ushering in a new era of regulations in terms of medical device approval – coupled to an increase in digitalisation and artificial intelligence.
Companies looking to benefit from these new developments must focus on continually developing a system of value-based health care products. For MedTech firms – from start-ups to corporates – this is not the time to stop reinventing and developing new systems to stay competitive.
A critical component to keeping this momentum is a company’s ability to harness new strategies that can collate and use data provided by digitally enabled products. This will help companies develop evidence of better health outcomes at reasonable cost while gaining access to new markets.4
At Clarity Medtech, we firmly believe in moving with the times. We do this by understanding how connected medical devices can benefit patients, clinicians, and the life sciences industry and to share this information with our clients and partners.
Contact the team now for more information on this highly relevant and important new value-based paradigm and see first-hand the myriad of ways it can benefit your business.
References: