Technological developments are what drives industries forward. All it takes to see it is to look at the MedTech industry – one which brings together medicine and new technologies, to introduce products that will change our lives in the future. It also is worth pointing out, that the hottest startups on the market currently operate in the MedTech industry.
MedTech is an incredibly broad term, as by definition it comprises basically any technological products that can be used in treatment, saving lives, or disease prevention. As medical technologies, one can classify both cutting-edge PET scanners and a simple stethoscope, a bionic arm replacement and latex surgical gloves. What all these products have in common is a purpose – to improve the quality of diagnosis and treatment and make the lives of sick people, a bit less unpleasant. As it was reported, there are around half a million MedTech products registered in Europe – a mind-boggling number.
The MedTech industry is driven by innovation – in 2016, around 12,000 patent applications were submitted to European Patent Office in medical technologies alone – this was the biggest share from all the fields – nearly 8% of all applications. The number of patents grows year by year, just like employment in this sector – the same year, there were 700,000 people working in medical technologies in Europe.
In 2018, the medical technologies market was supposed to hit 420 million USD in value. It’s not a surprise to anyone, that the biggest amounts are invested in the USA, where the biggest and most successful startups were established – like 23AndMe. Globally, the whole market attracted nearly 6 billion dollars in investments.
The MedTech field which currently seems to grow at the fastest pace is telemedicine – its worth is now estimated at 26,5 billion USD, and experts predict it to grow to over 41 billion by 2020.