Medical Technology, known as MedTech, refers to the various technologies used by healthcare providers in providing healthcare services. These technologies are used to diagnose, treat, and monitor a patient’s health. MedTech uses mobile applications, computer software, insulin pumps, and MRI scanners. MedTech is an essential part of health care treatment today. According to Statistica, the MedTech industry is worth approximately $500 billion globally. The United States is host to most of the most significant medical technology companies, including Johnson & Johnson Medical Services and General Electric Healthcare. The increased global attention to infectious diseases such as COVID-19 has prompted improvements in diagnostics, digital medicine, and medical devices. Hence, there is a surge of investment in MedTech. According to BCC Research, MedTech revenue is projected to reach $800 billion by 2025, marking an annual growth rate of 5.6 percent from 2020 to 2025. The more profitable parts of the MedTech industry include diagnostic imaging, orthopedics, and in-vitro diagnostics (IVD). The in-vitro diagnostic segment is projected to generate $80 billion by 2024. The global economic meltdown of 2007 and 2008 adversely affected the revenue of MedTech companies. However, since 2013 there has been overwhelming growth of the MedTech industry. In addition, the COVID-19 pandemic transformed healthcare services as the health sector shifted many of its services to virtual.

1. A Look at the Growth of MedTech
Roberto Zayas MD

2. Introduction
Medical Technology, known as MedTech, refers to the various technologies used by
healthcare providers in providing healthcare services. These technologies are used to
diagnose, treat, and monitor a patient’s health. MedTech uses mobile applications,
computer software, insulin pumps, and MRI scanners. MedTech is an essential part of
health care treatment today.

3. According to Statistica, the MedTech industry is worth approximately $500 billion
globally. The United States is host to most of the most significant medical technology
companies, including Johnson & Johnson Medical Services and General Electric
Healthcare.

4. The increased global attention to infectious diseases such as COVID-19 has prompted
improvements in diagnostics, digital medicine, and medical devices. Hence, there is a
surge of investment in MedTech. According to BCC Research, MedTech revenue is
projected to reach $800 billion by 2025, marking an annual growth rate of 5.6 percent
from 2020 to 2025. The more profitable parts of the MedTech industry include
diagnostic imaging, orthopedics, and in-vitro diagnostics (IVD). The in-vitro diagnostic
segment is projected to generate $80 billion by 2024.
.

5. The global economic meltdown of 2007 and 2008 adversely affected the revenue of
MedTech companies. However, since 2013 there has been overwhelming growth of the
MedTech industry. In addition, the COVID-19 pandemic transformed healthcare services
as the health sector shifted many of its services to virtual.

6. The various breakthroughs in the medical sector have increasingly attracted investors
to MedTech. Also, the growth of illnesses like diabetes and obesity has resulted in
increased demand for healthcare services. Furthermore, according to a World Bank
report, about 9 percent and more of the world's population is above 65, and this
percentage is growing. Hence, MedTech is increasingly developing technologies to treat
aged and senior citizens

7. According to MedCity News, Eargo, a company specializing in hearing aids, went public
in October 2020 at $18 per share. Eargo stock eventually closed at $33.68, an 87.1
percent increase. Also, DexCom, a remote patient monitoring company, supplies
patients with glucose monitors that send data through Bluetooth to a mobile phone and
then to the Internet cloud. During the height of the pandemic in 2020, the company’s
stock rose 60 percent.

8. Technologies adopted by healthcare workers worldwide during the pandemic for mass
testing, treatment, and vaccination are being considered and scaled to perfect
government responses to future outbreaks and pandemics. Hence, governments
worldwide are investing more resources in digital health services to ensure that
minorities, the aged, the physically impaired, and lower-income earners have adequate
access to healthcare during pandemics and epidemics.

9. According to Medtech Dive, from April to June 2021, investment in medical device
makers reached a record $8.2 billion. Furthermore, the global healthcare sector
invested substantial equity in the heat of the COVID-19 pandemic. Also, MedTech
devices have a significant role in revolutionizing healthcare through data. This branch of
the healthcare sector can help solve the problem of the ever-increasing healthcare
demand of a global population that’s fast-aging amid limited funding provided by the
government. This realization has motivated investors to pump significant funds into the
sector.