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MedTech Outlook | Friday, December 09, 2022
For the medical device and medical technology or MedTech market, trends in Asia are increasingly pointing to patient-centric benefits, improved treatment outcomes, better accuracy, reduced recovery time and side effects.
FREMONT, CA: The pandemic has significantly impacted the healthcare industry over the last couple of years, causing everything from significant delays in elective and non-urgent procedures to changes in demand for diagnostics, medical devices, and the postponement of non-critical product launches, as well as clinical trials.
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Trends in Asia are progressively emphasising patient-centric advantages, greater treatment outcomes, better accuracy, shorter recovery times, and fewer side effects for the medical device and medical technology, or MedTech, business. The more developed medical device industries of the US, Europe, and Australia already have access to various modern technology readily available in their respective markets. In contrast, the majority of markets in the Asia Pacific are still in the development stages.
Healthcare Decentralisation: Healthcare will be provided outside of in-patient settings more frequently due to better reimbursement, advancements in medical technology that enable effective procedures (such as robotics and digital platforms), and COVID-19 pressures at in-patient hospitals.
Operational and Clinical Efficiency : Hospitals, medical centres, and health systems are becoming more open to ideas that lessen wasteful procedures, boost productivity, solve employee burnout issues, and lighten the load on the medical staff.
Enhanced Service Offerings and Focus on Digital and Data Assets and Insights
The data influx will enable companies to harness new methods of data monetisation and generate new revenue streams and areas of business as more and more companies transform themselves into MedTech and health-tech companies and develop inventive platform strategies.
Rise of 3D Printing: The global market for 3D printing is anticipated to reach USD 5,846.74 million by 2030, witnessing a CAGR of 20.10 per cent. 3D printing technology meets the growing demand for individualised medical care by creating customised medical devices based on unique demands.
Growth of Digital Health Ecosystems: To improve the effectiveness, efficiency, and accessibility of healthcare in Asia, more MedTech tool use is anticipated in 2022. Digital health ecosystems focused on consumers are growing at an unprecedented rate and scale throughout Asia. For instance, Singapore's Diagnostic Development Hub, a national platform for MedTech development, is setting the bar for medical technology worldwide. While on the Asian front, rising enterprises, healthcare investors, stakeholders, and decision-makers are receiving increasingly prominent attention.
Rise of Augmented Reality: One of Asia's most exciting digital health and MedTech trends, this advancement in AR and robotics has the potential to revolutionise medical care for patients and doctors. Hospitals rely increasingly on augmented reality (AR) systems for surgical support, patient onboarding, and practitioner education. Some examples of Augmented Reality being applied in medicine and healthcare practices include:
• Patient and doctor education when explaining patients' symptoms.
• Finding local defibrillators and saving lives.
• Detection of veins and intravenous assistance, making it simpler for nurses to locate veins.
• With the aid of AR glasses, surgeons can perform heart surgery more quickly and affordably while making decisions that will benefit the patient.
Next-gen Robotics in Healthcare: Robots are reshaping how surgeries are carried out in the sphere of medical technology and can assist speed up supply delivery and cleaning, freeing up time for professionals to spend more time with patients. Surgical robots, also known as robotically-assisted surgical devices (RASD), are in increasing demand because they help doctors improve sights, access constrained body areas, and use management information systems.
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