2023 was a banner year for MedTech, especially in terms of technological innovations. Incidentally, it also witnessed the largest ever number of FDA approvals on novel medical devices in a single year. This list included a number of AI-enabled MedTech products, among others.
These approvals come as a strong nod to digital care delivery that is focused on driving positive outcomes for patients. Earlier this month, a new AI tool that helps doctors spot early signs of heart failure received FDA clearance – showcasing developments solely aimed at improving quality of care have picked up pace since.
MedTech firms must continue capitalizing on this progress as personalization and digital transformation is no longer an afterthought.
The path ahead will be defined by technology that ensures faster, more intuitive, inclusive, and secure care at affordable costs.
Nurturing tomorrow: Redefining patient experiences
As the market evolves, MedTech firms are pressed to keep up with the changes afoot for competitive edge and business growth. The early mover advantage will be a crucial factor here as the heat intensifies. Three key areas are continuing to shape the industry:
- IoMT for connected care
Delivering personalized care is the need of the hour, and MedTech leaders are turning to intelligent devices and AI-powered, cloud-first platforms to fulfill this. For instance, many providers are adopting intelligent devices equipped with smart sensors that can accurately relay patient data in real-time to an AI-enabled, cloud-first application for remote patient monitoring.
The Internet of Medical Things (IoMT) is a transformative technology that allows healthcare providers to deliver remote care using connected medical devices and software that transmits patient results online.
IoMT allows physicians and experts to analyze data in real-time to provide optimized patient care through informed decision-making and timely interventions. This is especially true in today’s scenario, where chronic diseases are straining already limited medical staff and resources.
Thus, IoMT offers a potential solution by enabling effective and affordable remote patient monitoring while significantly reducing the response time in emergencies. Integrating AI further improves the process.
However, MedTech firms must approach this issue cautiously to uphold the security, safety, and reliability of sensitive data and device compliance.
- AI, the better care ally
AI, and more recently GenAI, presents a plethora of opportunities in medical imaging and chronic disease management. Here, data is the key.
For instance, several medical players are integrating AI systems with medical devices such as colonoscopy equipment to scan every image taken during the procedure in milliseconds, flagging potential lesions. The AI system can sift through tremendous amounts of data to provide insight-driven care and significantly improve the chances of early detection of colorectal cancer. This is just one example of AI transforming healthcare by empowering MedTech advancements.
Besides, AI algorithms can analyze vast amounts of patient data, including medical history, genomics, demographics, and lifestyle choices collected by MedTech devices. This helps to personalize the treatment by recommending medication, diet, and exercise regimes tailored to the patient’s unique genetic markers and lifestyle factors.
- Digital platforms for accessible care delivery
Patient care has reached beyond the four walls of the hospital. Through continuous monitoring, virtual hospital wards and e-clinics powered by wearables, AI-powered cloud platforms, AR/VR, and connected devices are set to reduce in-patient visits. Recently, the FDA cleared a digital clinic that leverages virtual reality (VR) and augmented reality (AR) technology for at-home therapy.
Digitally equipped platforms like this can be used by hospitals, critical care centers, and rehabilitation centers to tackle a wide range of mental, physical, and occupational health challenges, including chronic pain, anxiety, fibromyalgia, and even dementia.
Delivering future-forward care
As the MedTech industry enters the next phase of digital evolution, it’s important to diversify the perspective – and think of accelerators like GenAI, cloud, and IoMT as tools for enhancing patient care and engagement. This will also aid providers and payers, who will now benefit from intelligent workflows, connected data streams, and preventive interventions, ultimately reducing costs and administrative burdens.
This synergy between payers, providers, and MedTech firms will also have a significant impact on public health. Cloud-based technologies and IoMT devices can facilitate remote patient monitoring and telehealth consultations, expanding access to care for individuals in underserved areas or those with limited mobility.
Moreover, AI-powered tools can determine potential health risks and enable early disease detection. This allows for preventative measures that can be rolled out before a condition progresses – leading to a healthier population overall.
To conclude, the digital transformation of MedTech will result in improved collaboration between stakeholders, paving the way for an interoperable and patient-centric ecosystem.
Photo: marchmeena29, Getty Images
Dhaval Shah, Executive Vice President and Market Head, MedTech, at CitiusTech, is responsible for developing the vision, capabilities and solutions for partnering with leading healthcare and life sciences organizations. He has more than two decades of experience in healthcare IT, including senior level roles in engineering, research, software development and IT architecture and management roles serving pharmaceutical companies, physician practices and health insurance companies.
