10 New Medical Technologies for 2020

The medical industry has grappled with inefficient processes, rising healthcare costs, poor quality of care, poor healthcare access and lack of patient-specific treatment for far too long. But the consistent advances in medical technologies have created huge shifts in the way solutions are rendered.

Today, physicians are able to diagnose and treat patients better. Patients, on the other hand, can access quality, affordable and timely care, sometimes, from the comfort of their own homes.

According to industry analysts, increased accessibility of care is one of the most tangible ways medical technology has changed healthcare. But still, areas like patient care, research, education, and disease control are also seeing massive transformation, thanks to technology.

Healthcare is ever-changing and we expect to see further evolutions in the coming years. But here are 10 new medical technologies for 2020.

1. 5G capability 

5G is a new medical technology trend that’s set to transform medicine and healthcare delivery. Although still in its infancy, 5G is set to transform the healthcare sector by boosting capacity and speed while reducing latency. 5G networks will facilitate telemedicine initiatives, support remote patient monitoring tools, transmit large medical images, and enable more sophisticated uses of Artificial Intelligence, Virtual Reality and Augmented Reality. Additionally, it will allow for faster communication and downloads on smartphones and tablets used in healthcare settings. Ericsson predicts a $76 billion revenue opportunity in 2026 for those addressing healthcare changes with 5G networks.

2. 3D printing

3D printing is a way of converting virtual 3D models into real-time 3D objects. This medical technology is widely used in the manufacturing of medical devices like prosthetic limbs, orthopedic and dental implants, medicine educational models, and surgical instruments. Additionally, 3D bioprinting is used to develop personalized and precision pharmaceuticals as well as living human tissue or cells for use in tissue engineering and regenerative medicine. Patient-specific 3D printed models are becoming increasingly useful in today’s practice of customized treatments and precision medicine – which explains its uptake. The healthcare 3D printing market is estimated to surpass the $5.5billion mark by 2024 at a compound annual growth rate (CAGR) of 21.5% within that time.

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3. Artificial Intelligence (AI)

AI-powered medical technologies are quickly transforming into applicable solutions in the healthcare sector. Deep learning algorithms can handle the increasing amounts of data delivered by smartphones, implants, wearable devices, and other mobile tracking sensors in vast areas of medicine. At the moment, experts are using AI to detect epilepsy seizures, atrial fibrillation, hypoglycemia, as well as diagnose diseases based on medical imaging or histopathological tests. AI and machine learning will play an even bigger role in the coming years, helping healthcare experts with everything from note-taking to oncology screenings. In fact, it is projected to grow from $4.9 billion to 45.2 billion from 2020-2026 at a CAGR of 44.9%.

4. Surgical Robots

Surgical robots are computer-controlled, self-powered devices that can be programed to help in the manipulation and positioning of surgical instruments. Surgeons use robotic surgery because it offers greater visualization and precision. It gives them better flexibility, control, and accuracy. Unlike traditional surgery with incisions, robotic surgery allows for shorter hospitalization, minimal scarring, reduced pain and discomfort, and faster recovery times. In 2019, the surgical robot market was valued at $4.97 billion, but it’s projected to record a CAGR of 21.9% from 2020-2025 (forecast period).

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5. Augmented Reality and Virtual Reality in healthcare

Augmented Reality (AR) and Virtual Reality (VR) in the healthcare market is projected to grow at a CAGR of 30.2% over the period 2018-2023, according to a new Market Research Future report. These new medical technologies for 2020 offer feasible solutions to many challenges in the healthcare industry, including patient diagnosis, medical student training, surgery assistance, and body mapping. AR & VR are broadly used to improve surgical processes, treat neurological and psychiatric conditions, and also as part of hospice care.

6. Internet of Medical Things (IoMT)

IoMT is a group of medical devices and applications connected to healthcare IT systems through online computer networks. The medical devices “things,” which are internet-enabled, allow machine-to-machine communication, that’s the basis of IoMT technology. In 2016, IoMT revenues amounted to $24 billion globally, with the number estimated to rise to over $135 billion by 2025. IoMT not only makes patient care personalized and cost-effective, it also decreases hospital admissions since medical professionals can monitor and even treat patients remotely. The rise of implantable and wearable devices in healthcare has made preventative care accessible to patients around the globe. Please check this website to learn more about IoT.

7. Cloud computing 

The cloud provides on-demand computing by leveraging cutting-edge technology to access, deploy, and use network data, resources, and applications. The broad adoption of cloud computing in the medical sector goes beyond storing data in the cloud. Healthcare professionals are now using this medical technology to optimize workflows, gain efficiencies, offer customized solutions, and lower the cost associated with service delivery. Driven by the increasing adoption of IoT and big data analytics, research shows that the industry is expected to reach $35.0 billion by 2022.

8. Telemedicine

Telemedicine involves the use of digital data and communication technologies like smartphones, wearables, and computers to access healthcare solutions remotely and manage health conditions. This medical technology is widely embraced for a range of reasons, including making health care accessible in remote areas and making services more convenient and readily available for those with limited time, mobility, or transport options. M-health also improves communication and coordination of care among doctors and patients and offers support for self-management of healthcare. According to the Market Research Future analysis, the global telemedicine market is estimated to reach $16.17 billion, with a 22.74% CAGR from 2017-2024.

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9. Chatbots

Chatbots have become prevalent in recent years, mostly because of dramatic technological advances in machine learning and natural language processing. Today’s bots are more responsive, smarter, and more useful, and the best is yet to come. Chatbots mimic spoken or written human speech to simulate interaction or conversation with a real person. These powerful tools can take care of client engagement, lead generation, dispatching information on drugs and medications, and even help with medical equipment. In the face of the Coronavirus, chatbots have been a natural choice for disseminating critical health information to vast populations.

10. Predictive analytics

Predictive analytics is a medical technology that uses past data to make future predictions, customizing patient care. An experienced medical expert can use a person’s demographic, recent medical history, and behaviors to predict the future. For instance, they can identify patients with an increased risk of developing a condition and address the precursors before it’s late. The predictive model also allows providers to react quickly to changes in the patient’s vital and detect deterioration at an early stage before the symptoms are apparent. The global predictive analytics market was worth $2.2 billion in 2018 and is estimated to reach $8.46 billion by 2025 at a CAGR of 21.2%, according to Allied Market Research.

What is the Future of IoT Supply Chains?

A lot has been written about the Internet of Things (IoT) and its impacts on almost all major industries, including transportation, retail, healthcare, finance, and accounting. But one of the most exciting areas of influence is the global supply chain. The Internet of Things shows its fullest potential in processes like supply chains.

Supply chain analysis requires an understanding that the production of any product is inherently dependent on a series of connections and links. When one, or more of the links are weak – whether due to outdated machinery, transport delays, or human errors – businesses end up with poorly functioning supply chains that are costly, with little returns.

The Internet of Things, through its network sensors, offers the much-needed connection in the supply chain – the link between the physical world and that of data. IoT allows companies to transmit critical data across different channels and break them down using powerful analytics engines to optimize any given supply chain component, that helps drive better decisions.

IoT Solutions in Supply Chain Management

Organization and efficiency are two main factors that tend to determine failure or success. If an enterprise can’t locate goods within its system quickly, create delivery schedules efficiently, monitor inventory effectively, or maintain equipment properly, it’s likely to suffer. But the good thing is that organization and efficiency are two areas where IoT excels.

IoT is a collection of interconnected devices that can track, report on, send, and exchange data. These devices (smart devices, chips, mobile sensors, and RFIDs) are linked to computer systems through Wi-Fi or data networks and use sensors to measure different environmental factors, including temperature, location, light levels, handling, movement, humidity, and speed movement. They also automate processes, minimizing human errors.

IoT systems allow businesses to:

IoT-enabled devices are increasingly being implemented to improve the visibility of logistic operations. For example, sensors can be installed in fleets for to offer real-time monitoring updates of transportation and delivery. They also are ideal for asset tracking and fleet management. With this technology in retail outlets and warehouses, there will be more visibility in production, inventory management, and predictive maintenance.

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When connected to the global supply chain, IoT technology can help companies to track and monitor systems in real-time, allowing them to identify and solve problems before they escalate. Such real-time data can also be helpful for businesses to proactively service client demands, reduce downtime, and increase the supply chain’s overall efficiency. And thanks to improved efficiency and visibility across the supply chain, IoT technology enables companies to optimize their assets and ROI.

The Future of IoT Supply Chains

The concept of taking all of the “things” worldwide and linking them to the internet and each other (by extension) is a technological field that’s bursting with promise. The dawning of the age of the IoT is already influencing how supply chain management is happening. Things like organization, efficiency, and relevance are enhancing operations and service quality, with almost unlimited future potential. Here’s what’s in the future of IoT supply chains:

More Companies Will Join In

From the look of things, IoT is coming of age. Studies reveal that the number of enterprises using IoT applications rose from 13% to 25% from 2014 to 2019. The IDC predicts 13.6% yearly growth through 2022. In another survey, 75% of large manufacturers wanted to update their operations using IoT and analytics-based situational awareness by the end of 2019.

There Will Be More IoT Devices

Gartner predicted that there would be a 30-fold increase in internet-connected physical devices by the end of 2020. The same report indicated that IoT would reach 26 billion installed units by the same year and influence the data available to supply chain leaders and how the supply chain works, based on the industry.   

Artificial Intelligence (AI) Will Continue to Grow

AI promises a smart new world of computers that can strategize, plan, calculate probabilities, evaluate options, and make the best decisions. Of course, IoT is the body that gives Artificial intelligence’s brain the ability to act. It also offers the information that AI requires to make smart choices. AI will serve a critical role in monitoring, analyzing IoT data, and sieving it into actionable themes. Machine learning, a type of AI that helps IoT devices to learn without someone having to program them, will then allow systems to adjust according to the company’s preferences.

IoT Will Address Vast Concerns

From what we see today, there are numerous reasons why more and more businesses are incorporating IoT into their operations. From the COVID-19 pandemic and political unrest to environmental concerns like weather conditions, fuel costs, etc. All these affect the way the shipping of goods is done globally. Not to mention today’s consumer, who is very specific about how, where, and when they get products. From consumer electronics, to their healthcare, people will turn to IoT and other technologies to navigate different situations.

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IoT supply chain management will completely revolutionize the way industries get their products and services into the marketplace.

5G Networks Will Continue to Drive IoT Growth

5G network was rolled out in 2019, but the coming years will see many companies switch to this incredibly fast network. 5G promises more ability to connect more smart devices at one go. Greater speeds mean the information gathered by the IoT will be analyzed and managed to a higher degree. It will also drive innovation in companies that create IoT devices (like sensors, identity chips, and computing devices) and boost efficiency and organization. Thanks to 5G, billions more IoT devices can be plugged into the global network, according to Ericsson.

There Will be Supply Chain Digitization 

Efforts to connect all systems as well as implement new digital technologies will still be a priority in the future. Digitization in the supply chain creates transparency, eliminates silos, and enhances responsiveness. PwC foresees a digital environment that removes manual processes and offers a single view of the company and all its supply chain operations.

There Will be Plenty of Big Data 

The growth in IoT, along with the digitization of the supply chain, will yield plenty of big data. IoT will prove valuable for supply chain and logistic managers who want to understand consumer behavior and usage patterns, enhance their inventory management and streamline eCommerce.

IoT Will Become Virtually Invisible

IoT solution will become invisible in the future. The real value of IoT lies in the automation and insights that are enabled when one has access to real-time data on all critical aspects of the business. Manual observation will become uncommon because all alerts will be sent to devices. The future of IoT is billions of cheap, small, low-powered devices that offer instant insights into every system, process, and asset that’s critical to supply chain companies. It is ubiquitous, invisible, and primarily driven by notifications.