The global medical technology (MedTech) market is expected to show an annual growth rate of 5.95 percent from 2022, reaching $768.80bn by 2027. New MedTech will play a vital role in helping healthcare systems tackle issues caused by covid, such as the backlog of patients awaiting surgery and the mounting pressures of managing the health of our ageing population.

Managing telemedicine

The pandemic triggered an increase in telemedicine solutions, with consultations largely moved to virtual platforms. 2023 could mark the year that this trend begins to reverse. 

Telemedicine helped healthcare professionals (HCPs) remain safe but impacted healthcare delivery as many conditions simply cannot be identified via video or phone calls. Healthcare systems have realised that some patients struggle to get appointments or become frustrated with remote diagnostics.  Telemedicine and remote diagnostics will continue, but the future will focus on a hybrid model that balances convenience with the patient need for face-to-face meetings.

Enabling self-management

Remote monitoring and MedTech that can be self-applied at home are likely to increase. MedTech that allow patients to manage their conditions remotely reduces the need for frequent check-ups. The deployment of clinical grade monitoring equipment has the power to make care more efficient, providing treatment to patients only when they need it.  

Remote treatment will also increase, enabling hospital-to-home care to support overwhelmed front-line staff. Patients can address issues in the home that previously would have required a hospital visit. For patients experiencing delays in surgery, this can keep patients comfortable while awaiting treatment.

Encouraging adoption

Healthcare services have traditionally been slow to adopt new treatments. Medical innovation must demonstrate it delivers better clinical outcomes, but this requires time and funding. The MedTech industry has shown treatments can provide real patient benefits far quicker.  MedTech solutions can speed up healing by double or more and, in some cases, identify and prevent conditions from developing altogether. The pandemic encouraged more frictionless adoption of MedTech, which should continue.

Sustainable solutions

Healthcare will not be immune to the growing global climate crisis, and 2023 will see an emphasis on sustainable solutions that drive a more circular healthcare system.  MedTech companies are increasingly challenged to demonstrate compliance with high levels of sustainability as part of them becoming a preferred supplier. Clinicians will look to MedTech solutions that are good for the planet – not just those that do less harm. 

Less supply chain vulnerability

The recent supply chain issues in China, combined with the impact of the Russia-Ukraine crisis, has demonstrated that an uncertain world has global implications – and the healthcare industry is no exception. Healthcare systems need to deliver continuity of care in an unpredictable world, particularly ensuring drugs and MedTech solutions that help people heal are always available.  

A final key trend of 2023 will be that MedTech companies are required to prove that they can ensure continuity of supply in all circumstances. Healthcare systems will need to take less of a ‘just-in-time’ approach to the delivery of critical products. Bernard Ross, CEO of Sky Medical Technology