A Look At Med-Tech’s Rise And Impact In 2021

As people continue welcoming technology into their every day to encourage fuller, healthier lives, startups across the globe are working hard to provide smarter, increasingly advanced ways for us to communicate, learn, search, and even take charge of our health. We call this the rise of med-tech!

Today, healthcare across specialties is faster and more efficient than ever before. Spending precious time in waiting rooms, feeling limited in choice of providers, and scheduling nightmares are a thing of the past—as the med-tech industry expands and data helps practitioners understand patient needs more precisely, quality care is more easily accessed by members of underserved or less accessible communities.

Technological advancements in healthcare are being used by practitioners and patients alike, with the COVID-19 pandemic and social media helping to spreadhead the shift to med-tech by connecting people to necessary care in real-time.

The Latest Technologies in Med Tech

Greater access to vital data and revolutionary medical devices has created possibilities in med-tech healthcare that nearly sound like science fiction. Optimization is happening daily, and many projects years in the making are going to market now. Here’s a look at various tech advancements currently making a difference in healthcare:

1 - Machine Learning + AI

Technology platforms and devices that leverage machine learning use self-optimizing computer algorithms through the input of new data. As a subset of artificial intelligence, machine learning has accelerated healthcare at speeds that even turn heads among other computer scientists. As a growing trillion-dollar industry, efforts to improve healthcare experiences in the U.S. have spurred the insurgence of technology-adjacent careers with unlimited income potential. Smart records, medical imaging and diagnostics, drug discovery and development, and medical data have all been made better through machine learning playing a key role in a large sum of the latest advances in medical technology.

2 - Robotic Surgery

Since its start in the 1980s, robotic surgery has been fine-tuned to such a degree that this technology is changing the way surgeries are performed today. Robots can be found in the operating room and in clinical settings performing tasks once thought fit for a much more distant future. Robotic surgery has been implemented in a variety of procedures throughout the U.S. and Europe, including hip replacements, total or partial kidney removals, prostate surgeries, and heart surgeries, to name just a few.

3 - Internet of Things (IoT)

IoT can be simply described as physical objects—the things” in IoT—embedded with sensors, software, and processing ability that enable the device to connect and exchange information with other devices over the Internet. You can readily find IoT devices in ordinary households, including the following common examples:

• Gaming consoles
• Smartwatches
• Smart thermostats
• Video doorbells and alarm systems

In healthcare settings, IoT capabilities include remote patient monitoring, which enables visibility for practitioners and patients in monitoring important metrics such as blood pressure, heart rate, temperature, glucose levels, and so much more.

Most recently, the continued evolution of IoT has greatly improved health and safety in healthcare facilities: automated hand-hygiene compliance monitoring (HHCM) systems now offer best-in-class infection prevention by reminding healthcare workers to complete critical handwashing events.

4 - Wearable Technology

Wearables, or smart wear, have created a class of devices embedded in clothing or even embedded in the skin. While innovative, this concept is not new—the first blood glucose meter was invented in 1971—and to give a more everyday example, many homeowners opt to microchip their pets to help bring them home if they get lost.

Some implanted devices like defibrillators and pacemakers can deliver life-saving results, and fitness and sleep tracking wearables are integrating these devices outside of scenarios in which scheduling an appointment with a medical professional is required.

Not only do applications of wearable technology encourage healthier habits, but the data collected over time also drive newer and more advanced technology designed specifically for the people monitoring their health via these devices.

5 - 3D Printing

You’ll find uses for 3D printing in healthcare spanning widely different outcomes, from 3D bioprinting for use in regenerative medicine or 3D imaging used by plastic surgeons to allow prospective patients to preview their results. This level of personalization allows for greater opportunity for patients to make informed decisions about their care, as well as expand their options for treatment.

3D printing technology delivers low-cost prosthetics to patients in need, provides enhanced training for future doctors, and reduces costs for labs and suppliers around the globe, giving them more room to explore future advancements in medicine.

6 - Augmented Reality (AR) + Virtual Reality (VR)

Applications of augmented and virtual reality have seemingly unlimited potential in the future of medicine. Here’s a breakdown of the two:

• Augmented reality creates an interactive experience by integrating computer-generated perpetual information with everyday objects in the real world. This information can be manifested in the form of visual, auditory, haptic, somatosensory, or olfactory experiences.
• Virtual reality takes the components of an augmented reality experience and completely levels up. VR software creates a simulated experience that encapsulates a three-dimensional, computer-generated environment that is presented to the user to interact with and explore.

In medicine, augmented reality applications can look like the following:

• Hospital navigation facilitated by virtual concierges
• Educational tools that generate 3D images for visualizations presented to medical students, patients, and other healthcare professionals
• Programs that offer surgeons a more precise look at human anatomy

Preview Rapidly Growing Med-Tech Companies

With all of this impactful technology blossoming in the healthcare industry today, many companies are emerging to share this knowledge by introducing life-changing medical tech to diverse audiences. Here’s a glance at four med-tech companies doing much more than scheduling doctor’s appointments:

1 - Teledoc Health

A global leader in virtual care, Teledoc connected many Americans to vital care while quarantining in 2020. This platform revitalized the patient experience by offering a full spectrum of care, including mental health, primary care, and access to expert advice to help people make informed choices about invasive procedures choosing providers.

Now partnered with Vivo, Teledoc will make telemedicine accessible to anyone in Brazil, even if they aren’t a Vivo customer. Teledoc also makes it easy for employers to provide care to their workers and will help assess cost-saving potential with virtual care solutions.

2 - GoodRx

People can save up to 80% on their out-of-pocket cost of prescriptions with GoodRx. With studies showing that pharmacies may be overcharging Americans for their medication, many are turning to GoodRx to find the best discounts for the medicine they need. Via the platform, consumers can compare prices on their prescriptions, find free coupons, and stay up to date on drug price changes. Same-day prescriptions are possible, and no insurance is necessary. According to data from GoodRx, over 70,000 pharmacies accept their coupons, and drug price differences can total up to $100.

3 - Ritual

No one can get enough of the Subscription Age, and with it comes heightened personalization delivered to your door. Ritual is a third-party tested, vegan monthly supplement subscription service providing women’s multivitamins. With traceable ingredients and backed by a visible supply chain, Ritual is transforming the way women shop for clinically-approved supplements. Their product line features prenatal and postnatal vitamins, in addition to plant-based, sugar-free protein for adults.

4 - Epic Systems

Epic is an electronic health record (EHR) system, which is a software solution for clinicians looking for a robust patient portal featuring numerous telehealth options, patient monitoring capability, as well as access, storage, and organization of electronic medical records. As an award-winning EHR blowing its competitors out of the water, Epic is the preferred electronic medical record system used by more than 250 health care organizations nationwide, according to Johns Hopkins Medicine.

Be A Part Of The Med-Tech Innovation

There’s no question that med-tech is on the rise, and these often life-saving inventions are ready to hit the consumer market fast, with demand churning just as fiercely. This advancement has opened doors for highly lucrative sales careers requiring little to no experience.

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