In the coming months, drivers of innovative approaches to healthtech will revolve around extending the clinical setting, engaging patients wherever they are, and evolution of healthcare knowledge. The traditional boundaries of the industry will dissolve, and new roles will emerge in the future of health as exponential innovation propels the industry.
Deloitte forecasts that a wave of innovations in telemedicine, health wearables, and neurotechnology will push medtech companies to spend more in the next few years. On the other side, Statista reports that the revenue in the medical market is projected to reach US$612.50 billion in 2023, a 6.5 per cent increase compared to 2022.
Trends will always set a pace and benchmark for the operations of companies and caregivers. Taking a cue from the previous year, it's inevitable that trends will have a spotlight on:
- Healthtech proves return on investments
With healthcare costs increasing and margins shrinking, providers demand that healthcare technologies demonstrate a strong return on investment. Healthcare software vendors in 2023 will need to adapt their priorities to succeed.
- Faster approval processes
Investors might steer towards companies with IPs that can be utilised for large international markets with faster regulatory approval processes. As companies push to speed up the product development and approvals of therapies, vaccines, and devices for COVID-19, they are likely to engage even more intensively with regulatory agencies.
- Utilisation of machine learning, AI and data analytics in healthcare
It is expected that AI will accelerate clinical research and drug discovery, especially when detecting side effects or finding the most efficient combination of medicines.
- Smart implants
In 2023, more implant-related choices and technologies will enter the healthcare market in the US and worldwide. This promises exceptionally higher efficiency of regenerative medicine, patient rehabilitation, and a cure for many types of disabilities that have previously been considered incurable.
- Boost in preventive medicine
People are becoming more health conscious now. This is why they are banking on wearable devices powered by AI predictive analytics, Internet of Medical Things, Big Data, and more to manage their health effectively. We will see increased adoption of intelligent wearables in 2023. Similar technologies like Brainomix have shown to help reduce stroke disability, and the time between stroke and treatment by more than 60 minutes is expected to emerge.
- Fast healthcare interoperability resources
Healthcare accompanies us everywhere now. Improving interoperability will support the growth and value of remote medical devices and the internet of medical things (IoMT). Providers and vendors will focus on device integration as more care moves out of the hospital and into the home. This will give patients fast access and connect patients with doctors and providers to plan, schedule, and manage their care.
- Patient’s experience will evolve digital experience
Healthcare providers and software vendors will focus more on patients’ digital experience in 2023. This means advances in the digital front door to engage, inform, and serve patients.
There will be more focus on digital health start-ups that show a measurable return on investment (ROI) and clinical validation of the technology's platform. In addition, the need for clinical validation and evidence that tech solutions improve clinical care is not new in the digital health sector but is now taking priority as the sector matures.