With much of the world on lockdown (or still dealing with its effects) and social contact discouraged, healthcare provision has taken on a whole new complexion.
Telehealth/telemedicine – the remote diagnosis and treatment of patients unable to visit a clinic or surgery – has proved not only a life-saver but to be highly cost-efficient. According to some reports, video and online medical appointments rose by more than 4 000% in 2020. The global telehealth and telemedicine market is expected to grow from an estimated USD 38.7 billion in 2020 to reach USD 191.7 billion by 2025, not least due to increasing technology adoption in the wake of Covid-19.
A heightened awareness of health issues has increased the use of applications and wearable personal health trackers, reducing appointment pressures on surgeries. Technology in the form of internet and mobile applications has helped governments needing to track and trace the infected.
One technology consulting group claims that the reliance on big data will play a key role in the future of medical technologies, along with software that allows clinicians to sift efficiently through heaps of information. Artificial intelligence, virtual reality and augmented reality will contribute to helping doctors weave their way through an increasingly digital world. The transparency of data offered by the Internet of Medical Things promises to make healthcare an altogether fairer industry.
Medical technology is characterised by constant innovation. In 2019, nearly 14 000 patent applications were filed with the European Patent Office (EPO) in the field of medical technology, more than in any other technical field. In Europe, there are more than 32 000 medical technology companies, employing some 730 000 people.
We believe some of the key investible themes in medical innovation include
- The plummeting cost of genome analysis enabling better targeted disease treatment
- Improved methods of targeted drug delivery
- Miniaturisation of devices for non-invasive treatments and diagnostics
- Big data solutions for analysis and telemedicine.
These approaches could lead to more accessible, cost-effective and coordinated care.
Check out our infographic to see the potential investment opportunities in medical innovation
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