Consumerization of MedTech: What to Expect in 2023

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Research made by Cyborgcare

Consumerization of MedTech: What to Expect in 2023

The digital technology revolution can be felt through a variety of user-facing wearable devices, offering an undeniably exciting window into our own personal health. Despite the early interest by consumers in fitness trackers, recent years have wrought considerable reticence to use them due to privacy concerns; in turn, regulatory bodies now closely monitor any applications that boast medical functionality. But despite this skepticism and enforced regulations, the dawn of a new year signals incredible potential within the world of wearables. With expanded capabilities in terms of accuracy and content, users everywhere stand to gain invaluable insights into their individual day-to-day well-being. We can only imagine what revolutionary developments await us as we welcome 2021!

Health Wearables Attracting Regulatory Attention

Health wearables and their accompanying apps have quickly revolutionized the healthcare technology landscape. This cutting-edge realm of rapid innovation has caught the attention of regulatory agencies like the FDA, who understand both the positive potential for medical applications these devices and programs can offer, as well as the responsibility to ensure a safe production environment for users. To that end, the FDA has vowed to focus on apps that function as an accessory to a medical device or turn a mobile platform into one. Although there are already several diagnostic, prescription, and therapeutic tools available, they are just scratching the surface of this burgeoning field. With scientists admitting that what was once constrained to fantasy is now becoming a reality with voice assistants, artificial intelligence, deep learning algorithms, and more all being harnessed in this space — the future is here, and with responsible oversight like that prescribed by the FDA, medical advancements never seen before are imminent.

Conflicting Interests and Complicated Scenarios Surrounding Health Data

With the vast quantities of health data being produced from increasingly advanced technology, a whole array of privacy and security concerns come into play. Employers are looking to use this data to their advantage — encouraging healthier habits in their employees to lower insurance costs — whereas payers want to monitor patients with the aim of increasing compliance and risk-sharing. This clash of interests leads to a variety of stakeholders being thrust into the same situation, allowing for political and regulatory debate along the way. It’s clear that these scenarios will become more commonplace, but how they’ll be handled should remain an interesting point of discussion.

At-Home Medical Equipment Aiming to Enable Aging in Place

Companies recognize a growing need for technology and specialized equipment to be used in the home. As a significant portion of the population begins to age, there’s an inclination among some to remain in their own homes rather than move into elderly care facilities as long as possible. In response, businesses are developing full lines of equipment designed for at-home use that would otherwise only exist in a hospital or doctor’s office — ranging from ultrasounds and X-rays to ventilators and dialysis machines. Many of these gadgets could have life-altering implications for elderly individuals, allowing them to receive care with the comfort of familiarity and family around them. As this demand rises, the supply of these increasingly accessible medical tools is sure to follow suit.

Integration of Med Tech into Everyday Lives Could Create Significant Cost-Savings

The integration of med tech into everyday lives has the potential to revolutionize the U.S. healthcare system. Not only can it help improve patient compliance, but with the digitization of healthcare and access to preventive tools, it could also reduce drastically the costs associated with hospital or physician office visits and treatments. If med tech companies are able to prove that their devices and apps can result in cost-savings for payers — a goal that is more attainable today than ever before thanks to new technological innovations — then we will see an increase in the number of consumer-oriented products available on the market, improving the experience of those receiving care while simultaneously freeing up resources within the healthcare system.

Conclusion

As technology advances and is increasingly accessible to consumers, we must consider how the consumerization of MedTech will affect healthcare providers and medical device manufacturers. With an influx of competition, new entrants in marketplaces, and modifications to regulations — it’s pertinent for companies to stay ahead by staying informed about these developments. What does the future hold? How can businesses best prepare themselves for change? Let us know your insights!

Research made by Cyborgcare