An overview of the possibilities of modern medicine and the prospects for its development. Medical technology.
We often share medical news with you, talking here about new medical technologies. The discoveries of scientists from different countries give new chances and hope for recovery to the patients. Due to the efforts of medical practitioners and researchers from scientific centers many diseases that were previously considered incurable are no longer so. Today and in the next few publications, we will make a general overview of modern medicine, its trends and development prospects. But in our time, medicine is not only doctors, different forms of medications and treatment protocols that have been habitual for a long time, medicine is nowadays impossible without the use of high technologies. That’s why the information in our publications will be made specifically on the development of medical technologies. For our articles, we will rely on the Bulletin of the Austrian Federal Economic Chamber (WKÖ), which bases on data of the EvaluateMedTech® World Preview 2018, Outlook to 2024.
High technologies on the times pulse and at the health service.
Demographic, social, economic changes, coupled with the theme of integrating new innovations such as digital health, are constantly increasing the demand for new solutions in the field of medicine. Therefore, healthcare and medical technology are considered to be particularly dynamic sectors of the economy. Across Europe, almost ten percent of all workers are employed in these fields.
Digitalization is on everyone’s lips. It influences all industrial sectors, businesses and private households around the world. The situation with Covid 19 contributed greatly to this process. This also gave a huge impetus to medical progress. Medical technology and natural sciences are the most important technological and economic sectors of the 21st century.
Innovative medications and new digital medical devices are lives seviors. They accommodate demographic changes and benefit patients. Successful companies have enormous social and economic benefits. This growth trend will continue over the next few years. The global market volume will grow from € 340 billion in 2017 to just under € 500 billion in 2024, it means increase of 47%.
In addition to increasing price pressures and constant competition, strict requirements and strong competition from the Asian region have the biggest challenges for international healthcare companies.
According to the experts opinion, the Asian region also has great potential. Their market size will increase significantly over the next few years. This development can be attributed to a growing middle class, an aging society, large investment and huge demand for medical services. In the future, Asia will replace Europe as the second most important medical technology market. Medtech companies that position themselves early in the market will be at the forefront.
Companies that can adapt to the rapidly changing conditions in this area and which are aware of all the opportunities that are opening up will also be able to make themselves known in the international market.