At the beginning of yet another new year, it is always interesting to take a moment to reflect on the growth and future prospects within the life sciences. Wondering what the main Medical Device and In-Vitro Diagnostics industry trends are for 2023? Then read on quickly!
Medical Devices & IVDs: growing markets
According to a report by MedTech Europe, the European medical technology market was estimated at around €150 billion in 2021. In terms of growth, the IVD market has been boosted in recent years by the COVID-19 pandemic, reaching a growth rate of 25% in 2020.
The MD market declined from a 9% growth rate in 2019 to 2.9% in 2021, but looking at the overall growth rate over the past decade, this does not appear to be an exceptional trend and the projections are positive.
Where the pandemic resulted in positive growth for IVDs, the MD industry had its challenges. One possible factor is a decrease in the number of surgeries and hospital procedures during the peaks of the pandemic.
The diagnostic devices segment is expected to dominate the market due to rising demand for early diagnosis and treatment, including point-of-care testing.
For both medical devices and IVDs, North America remains the largest market, followed by Europe and Asia Pacific. In Europe, Germany and France are the largest markets. Below we explore some of the key trends within these industries.
5 Medical Device and IVD industry trends
1. Accelerated consumerization of diagnostics
Technological innovations are leading to more accurate, convenient, faster, and cheaper tests that give people insight into their physical condition. Devices that can measure and deliver this information will become increasingly accessible by 2023.
Combining advanced technology with analytical software will increase the number of home diagnostic devices. This, in turn, could reduce pressure on the health care system through fewer visits to health care providers.
2. The rise of telemedicine and digital health
Telemedicine, or the practice of providing healthcare remotely using technology, has been on the rise in recent years as a result of the pandemic.
In 2023, its use is expected to increase as patients and healthcare providers continue to seek secure and convenient ways to communicate and access healthcare.
More healthcare organizations are using electronic health records and other digital tools to improve the efficiency and effectiveness of care.
This is likely to increase demand for medical devices that enable remote monitoring, diagnosis, and treatment, such as electronic health record systems, remote monitoring software, wearables, and virtual reality tools.
3. The growth of personalized medicine
Personalized medicine has been on the rise for several years, leading to significant developments in the treatment of various diseases.
This growth will be fueled by advances in genomics, which will allow physicians to better understand the underlying causes of diseases and tailor treatments accordingly.
Medical devices and diagnostics that enable personalized medicine, such as DNA sequencers and diagnostic tests, are expected to see strong growth.
4. The emergence of AI and robotics
Artificial intelligence (AI) and robotics are expected to play an increasingly important role in the medical device sector in 2023.
AI-driven devices, such as diagnostic instruments and surgical robots, are expected to become more advanced and more widespread.
Read more on the advent of AI and Machine Learning in Medical Devices
5. Increased focus on critical thinking in the validation of automated systems
More emphasis is placed on critical thinking and identifying the most critical impact throughout the process, rather than focusing on documentation and formal testing when validating computerized systems used as part of the medical device manufacturing or quality system.
Critical thinking is a complex subject that is difficult to define. In general, it is the rational, skeptical, and unbiased analysis of factual evidence. The ability to reason is a critical thinking skill combined with process knowledge.
Currently, critical thinking is already included in the second edition of GAMP5 and is adopted by the FDA in the draft Computer Software Assurance guidelines.
Overall, there are no signs of a slowdown in innovation. In Europe, patent applications in the field of medical technology continue to rise every year since 2016.
The number of applications nearly rivals that of the digital communications industry, which was the largest industry in terms of patent applications in 2021.
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