Healthcare as an industry has not been curious about adapting to any changes, especially technological innovations. For instance, digital healthcare trends like telemedicine, IoT devices, the inclusion of AI, and virtual reality surgical training were considered futuristic until the beginning of 2020. However, the pandemic triggered massive disruption in the healthcare industry. It pushed the sector to invest more in innovative new technology. Now, new medical technologies attract massive investment, helping the industry improve health equity worldwide. With that, the global medical technology device market has reached a new high, and will value USD 603B in 2025, says industry estimates. Total funding for digital health initiatives hit an all-time high of USD 26.5B in 2020, with the COVID-19 pandemic catalyzing investment growth. Funding for telemedicine alone hit USD 4.3B.
Being among the top 20 markets for medical devices worldwide, India provides a significant opportunity for companies working on innovative medical technologies. India’s medical devices market stood at USD 11B in 2020 and is expected to reach USD 65B in 2024. There is no doubt that the ongoing pandemic has instigated rapid technology advancement and quick regulatory approvals. However, the healthcare industry needs to take innovation seriously even after the pandemic repercussions. With massive scope for improvement, medical technologies can create a better future and greater health equity for everyone.
Understanding the need of the hour, we have come up with a special issue focusing on Medical Technology Trends in 2021. In this issue, we have collated insights and opinions of industry leaders on trends shaping the future of healthcare delivery. We have also featured a handful of companies offering innovative healthcare technology services in this challenging time. We hope our efforts will help readers learn more about the latest medical technologies and their long-term ramifications.