The Digital Health market is growing quickly. The access to smartphone & smart wearable technologies has made health information accessible to both patient & care giver instantaneously. At the same time, with the Covid-19 pandemic, the need to treat patients remotely rather than flooding the hospitals that have not been able to cope has become acute. Digital Health is going to be a major part of the tools that caregivers can help patients both locally as well as remotely. At the same time, the whole trend of healthy lifestyles has been growing & people want to monitor their own health without having to see a professional. The explosion in smartwatches has shown how many are monitoring their own health & being proactive with their management of their state without the need for external monitoring. These diagnostics capabilities are giving people & caregivers far more information, way in advance, before issues start becoming critical - early detection & prevention is key to reducing costs in any heath care system.
Medical technology market
The medical devices market will continue to grow as there are a number of forces that are driving the need for these technologies. Some of the forces that are driving this market are -
Safety & process improvements
More cost efficient
Enabling same teams to manage more patients
The need for more data collection
Some if not complete automation of processes
Prevention rather than reaction
Medvest decided to invest in 2 specific areas that are always high on the priority list for any caregiver - safety & process improvements & cost efficiencies. As the population ages so more technology will be needed outside the hospitals & in nursing homes or even at home. But for hospital care the need to be safe, efficient & to get patients to recover quicker so they can vacate the beds that are always in short supply.
The combination of downward pressure on prices of devices & the upward pressure of demand for a growing & ageing population will need creative products & more information / knowledge. The medical device market will continue to grow quickly for the foreseeable future.
The introduction of 5G mobile data technologies is a major boost to medical technologies, unlike any mobile data technologies before it. All major mobile networks have adopted a number of standards that have different advantages. Regardless, the technology can be very efficient, is built for both high speed & low data transfers & is extremely cost efficient, without the need for costly SIM cards or other devices that make devices more expensive or too expensive to be implemented. With 5G these new medical technologies can be data enabled for remote collection & thus will vastly increase the amount of information that can be collected about both patient & device itself. All at very low battery / power usage
Disruptor - 5G
The home testing & lifestyle market
This market will continue to explode in growth. More & more people are able to buy devices that can be used to monitor certain conditions they wish to track. Whether they wish to monitor their conditions, collect information for their doctors or just improve & track their lifestyles. Wearables are a key component to this but there is a need to monitor bodily fluids or other body functions. These range from sight, sound, blood, sweat, urine & touch. All of these can help to compile data that will provide monitoring services if any issues are arising from a remote location. Prevention being the preferred method today rather than reaction. The fact that technologies are getting more powerful & constantly cheaper to manufacture enables designers to pack more features into devices that collects & provides more information at a very efficient price for mass adoption.