MedTech, SportsTech and healthcare technology
Emerging technologies play an essential role in healthcare and have been developing rapidly in recent years, propelled by the challenges posed by the COVID-19 pandemic in 2020. In 2021, the market growth of the medical technology sector reached a record 16%. The pandemic encouraged extraordinary progress and brought an increase in funding for different sectors of MedTech.
In the past five years, healthcare technologies have skyrocketed, and we could see rapid progress in telemedicine and other technologies. As we face another challenge of the ageing society, it gives us more opportunities to effectively address modern problems with emerging technologies.
The challenges of modern healthcare
Our world is abundant in new technologies and faces unique challenges and new heights we want to reach with technology and solve emerging issues as effectively as possible. The healthcare and sports sectors are no exception. The revenue in MedTech is expected to grow to US $719.20 billion by 2028, which only highlights its significance. Here’s an overview of the potential of emerging technologies in these sectors:
- Disease detection and prediction with AI and machine learning
- Self-monitoring and diagnosis assistance with intelligent wearables
- Personalised health plans and digital therapy to alleviate the pressure on health services
- Addressing workforce shortage with automation and robotics
- Saving costs and resources with the Internet of Medical Things (IoMT)
- AI-assisted drug discovery and development
- Enhanced data management for leveraging better decision-making processes
- More robust supply chain management with blockchain
- Automated communication with AI solutions like chatbots
- Cloud computing for increased sales and awareness
- Smart wearables to help detect diseases and confirm diagnosis
- Building better treatment and nutrition strategies with AI and data analytics
- Using wearable devices for remote health monitoring
- Predictive analytics for early disease detection with AI
- Telemedicine for pets to aid in diagnosing ailments in more remote areas
- Performance measurement with apps and wearables
- Utilising new technologies like AR and VR for improved training practices
- Monitoring the strain on athletes with wearables and mobile monitors
- Big data analytics for optimising and improving performance
- IoT integration for complex analytics and routine optimisation
Revolutionising MedTech with artificial intelligence and machine learning
AI and ML technologies can bring groundbreaking changes in healthcare. Healthcare technology can contribute to early disease detection, improved diagnostics and treatments and their outcomes. Through optimising hospital operations, predicting disease risks, and providing assistance during procedures, artificial intelligence and machine learning can aid us in building a healthier and happier society.
AI solutions like chatbots can address emotional states and offer guidance based on user interactions. Predictive modelling with linguistic models, lifestyle trends and environmental data aid in predicting emerging mental health issues or risks of relapse and developing preventive care treatment plans.
Technology can help provide timely assistance in areas with limited resources, as chatbots can work 24/7. It can prove invaluable during emergencies and help alleviate feelings of isolation. AI and machine learning technologies facilitate early detection of health risks and provide real-time feedback, enhancing personalised wellness programs and mental health support.
AI applications can provide a secure environment for individuals to share their feelings and track their moods, offering a way towards a healthier life.
Empowering devices and wearables with machine learning
MedTech innovations in wearables can vastly contribute to improving medical outcomes. Processing and analysing data collected on wearables gives healthcare professionals invaluable insights that allow them to take necessary action faster.
Wearables allow real-time health monitoring of various health parameters. Interactions with users and data monitoring provide timely insights to users and professionals. It can revolutionise treatments and observation of those conditions that must be carefully and constantly supervised.
Digital solutions for wearables can also be integrated with other systems and medical devices via the Internet of Things (IoT), cloud computing and edge computing. It allows the collection of data quickly and more efficiently.
Performance monitoring and enhancement in sports
AI and ML can contribute to the realm of sports as well. Experts estimate that by 2024, one in five sports leagues will use machine learning-based systems and tools. These technologies can enhance the sensing capabilities of sports wearables. These devices can collect a broad spectrum of data, from basic fitness metrics to advanced performance analytics. AI and ML algorithms process this data to provide actionable insights, helping athletes improve their performance and prevent injuries.
Check out our projects for sports industry
AI in the pharmaceutical industry
AI can play a significant role in drug development and discovery. AI assists in sifting through vast datasets to identify potential drug candidates and optimise drug formulations, significantly reducing the time and cost traditionally required in these phases.
Check out our projects for pharmaceutical industry
Applying blockchain in the pharmaceutical sector
Blockchain can also play an essential role in the pharmaceutical industry. The blockchain in the pharmaceuticals market is projected to grow at a Compound Annual Growth Rate (CAGR) of 67.7% from 2020 to 2026.
Blockchain can make a significant contribution to preventing errors and security breaches in the supply chain. Illegal drug sales, incorrect storage and counterfeit practices are a significant problem in some parts of the world. Using blockchain to validate and notarise medication data will help significantly reduce the scale of these issues.
Computer vision in the service of MedTech
CV can facilitate numerous safety applications in clinical and home settings when integrated with sensors and video streams. It aids healthcare providers in scaling monitoring capabilities to ensure the best care for patients and their well-being. Applications for these purposes include monitoring patients in Intensive Care Units (ICUs) and ensuring proper hand hygiene practices among medical staff.
Modern solutions also allow help monitor patient’s health at home. Video streaming combined with recording devices allows for monitoring patients at their homes, reducing the need for hospitalisation and allowing more comfortable and familiar recovery conditions.
By employing ML and AI algorithms, computer vision revolutionised the analysis of medical images in fields such as cardiology, pathology, dermatology, and ophthalmology. The technology enables identifying, classifying, and even segmenting pathological conditions from medical images, aiding in early detection and treatment planning.
Digital technologies with computer vision in their midst play a vital role in analysing medical videos to improve clinical workflows. Integrating CV in clinical workflows enhances patient care by providing real-time insights during surgical procedures or other medical interventions.
Computer vision technologies like virtual and augmented reality can hugely contribute to the health industry. They enable more accessible and efficient training, allowing new professionals to practice procedures and diagnosis in a safe and controlled environment.
Embedded systems in digital health technologies
Embedded systems play a fundamental role in healthcare. Devices and wearables connected with other systems through IoT can significantly contribute to developing cost and resource-efficient technologies. These devices operate with embedded systems and software that can contribute to the following:
They are addressing the challenges of remote care, especially in places where caregivers are always unavailable. Using remote devices allows the patients to contact the facility in an emergency, as proposed in one of our solutions. Such devices can also work as a reminder for medicine administration.
Embedded devices and wearables allow for continuous patient health monitoring and management. They can measure parameters like heart rate and then extract data on different health parameters. Later, the devices can send the data to target professionals for analysis.
Embedded systems allow for the development of innovative medical devices such as smart prosthetics. These advancements have the potential to revolutionise healthcare significantly.
The growth of MedTech in numbers
By 2025, robotic surgical instruments are projected to account for a market share of $11.8 billion.
About 80% of surveyed MedTech executives identified the development of innovative products as a top priority in 2023, with 75% intending to focus more on their R&D investments.
The global market for medical devices is expected to grow at a compound annual growth rate (CAGR) of 6.1% post-2021, reaching about $603.5 billion by 2023.
The market size for augmented reality (AR) and virtual reality (VR) in healthcare is expected to increase from $3.4 billion in 2023 to $11.3 billion in 2028.
In 2022, more than $42 billion was invested in R&D by MedTech companies, reflecting a long-standing commitment to patient-centred innovation.
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