Is Medtech The Next Revolution?

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Is Medtech the next revolution?

Have you ever thought of the technology which has been playing major role in curing various dreadful diseases? Did you ever heard about organ transplantations? Did you ever think of as how people are able to live longer than before? How the life span of people has increased to more than 65 years? All these things have become possible with a new revolution called medical technology revolution.

Medical industry plays an active role in every stage of treating a patient. Starting from prevention to rehabilitation, these medical devices such as audio-phones, thermometers, pacemakers and specialized scanners are considered as very crucial.
Medical technology comprises of procedures, equipment, and processes through which medical care is imparted. Technological changes have given way to new medical as well as surgical procedures such as joint replacements and angioplasty, drugs such as biologic agents, medical devices such as implantable defibrillators and CT scanners, new support systems such as telemedicine, electronic medical records etc.
Developments in ...
... medical technology have increased the life span of the people. Along with it, it has brought a whole new set of aging problems such as cancer, aging-worn-out joints, and hernia as well as bladder problems and so on. The medical industry is developing life enhancing technologies. Thanks to the innovative medical care products that are helping the people to live a comfortable life.

Globally, the medical technology industry is estimated at £150-170bn. Some industry experts have forecasted that the growth will be more than 10% in the next 5-6 years. This growth will be essentially driven by aging people who are in need of treatment for chronic diseases. The increase in the income level in developed and developing economies has increased the growth of the medical industry.

A study by Advanced Medical Technology Association (AdvaMed) indicates that the medical technology industry is growing to newer heights. In-addition, it is hugely contributing to the economy of US. An interesting fact revealed by this association is that around $136 billion worth of medical technology products are sold, till now. Each dollar of a medical employee produces $1.12 payroll for the respective state. Additionally, each dollar sale of medical technology produces another $0.90 sale. Also, a medical technology industry professional is generating another 1 to 2 jobs in the states of US.

Lewin Group’s "The State Economic Impact of the Medical Technology Industry" has researched extensively on this subject in around 50 states of US. According to them, the member companies of Advanced Medical Technology Association (AdvaMed) who are producing technologically advanced diagnostic products, health information systems and medical devices account to nearly 90 percent of health care products in US. Around 50 percent of these products are sold globally. These products play a crucial role in improving the patients’ quality of life. According to AdvaMed President and CEO Stephen J. Ubl, “policy makers of federal, state as well as local levels have to realize that medical technology industry is strengthening the economies of respective governments.

Eucomed, the authorized body representing medical technology industry in Europe has stated that the industry is employing around 529, 000 persons in the sub-continent. However, only 20% of these companies are MNCs while the other ones are small scale industries. They account for nearly 80 % of the industries.

Ireland is employing nearly 30, 000 people in the medical tech industry. It is home to several medical technology companies and is popular for HV manufacturing, research and development companies. Last year exports of Ireland are estimated at a cost of $6 billion. Latest results of CSO have indicated that the growth rate of medical technology companies is 7% to 14%.

Medical technology companies of United States have highest regards among the patients and health care providers for providing quality health care services. Apart from it, the medical technology industry is helping several countries to boost up their economy. The new surveys prove that it is playing a major role in contributing to economic growth and also in generating highly paid jobs.

There are several factors that are influencing the growth of medical care. The dire need for better health is the important factor coupled with rising income levels. The major driving force behind the development of medical technology is the growing demand to stay healthy.

The need of health care facilities, advanced technologies as well as drugs, rises due to the increased income levels. Thus the wealthier nation paves way for newer innovations in medical technology.

Health insurance is another important factor which is encouraging advances in medical technology industry. As the cost of medical treatments is too high, medical care can be provided only with the help of insurance companies. This insurance is providing assurance to the medical suppliers and researchers to develop more products. This will also increase the demand for health insurance policies, which in-turn will benefit the insurance companies.

The new media verticals such as the electronic media, web media have further increased the awareness of being fit and healthy. In-addition, cosmetic surgeries have become very common in most of the countries. All these things have taken the medical technology industry to a newer level. Even in the present economic downslide, medical technology industry is playing a significant role in providing lakhs of jobs to the youngsters and thus impacting the global economy. And therefore, there is no doubt to say that med tech is the next revolution after Information Technology & Biotechnology revolution. Make best use of this revolution and stay healthy!
For more information please visit http://www.gyanfinder.com/blogs/1/40/is-medtech-the-next-revolution

Gyan Web Solutions is a software product-based company. It was founded in December 2010, in Hyderabad, India by two enthusiastic and determined men with years of dynamic experience in the fields of electronic and computer engineering.