MEDICAL TECHNOLOGY PLATFORM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

• High costs and limited reimbursements: The high costs of procuring and implementing advanced medical technology platforms along with a lack of reliable reimbursement is hindering market growth, especially for smaller clinics and healthcare providers with budget constraints. While these platforms help improve efficiency and outcomes, the upfront costs of installations and cost per test remains high. Reimbursement policies also  limit coverage of remote monitoring solutions and digital therapeutics.
• Cybersecurity risks: Healthcare organizations are prime targets for cyberattacks with  the bulk amount of sensitive patient data that are with them. As medical platforms get deeply integrated with IT networks and cloud based systems, they become more susceptible to risks like ransomware, phishing, data breaches, and others. Stringent patient data regulations also necessitate robust cyber security measures which place additional demands on healthcare IT budgets. Data security concerns may hamper adoption among smaller providers.
• Counterbalance: The market key players should focus on providing proper reimbursement policies to the smaller clinics and healthcare providers.
• Growing prevalence of chronic diseases: The rising prevalence of chronic conditions such as cardiovascular diseases, diabetes, cancer, respiratory diseases is a major factor driving the growth of the medical technology platform market. Chronic diseases are the leading causes of mortality worldwide, accounting for over 60% of all deaths annually. The increasing patient pool and need for improved diagnosis and treatment of chronic diseases is expected to increase adoption of advanced medical technology platforms like AI-based imaging systems, remote patient monitoring devices, and data analytics software. These platforms enable earlier disease detection, personalized treatment, and better disease management, which improve patient outcomes. For instance, in 2023, according to data published by Center for Disease Control and Prevention (CDC),  in 2021, about 2 in every 10 deaths were reported in adults, less than 65 years old.
• Advancements in healthcare IT and connectivity: The integration of advanced technologies like artificial intelligence (AI), cloud computing, big data analytics, Internet of Things (IoT) with healthcare IT systems and medical devices is catalyzing growth of the medical technology platform market. Connected and intelligent systems allow collection and analysis of vast amounts of medical data to derive predictive insights. Real-time data aids clinical decision making, enhances workflow efficiency, thereby helps to avoid errors and enables better patient care coordination. The emergence of 5G networks will further accelerate device connectivity. Adoption of healthcare IT systems integrated with such robust technologies continues rising rapidly.
• Growing investments in digital healthcare: Increased public and private sector investments to build and enhance digital health infrastructure globally is a key factor driving the market growth. Governments across developed and developing nations are making significant investments to boost eHealth platforms and services. Strategic partnerships between public and private players are on the rise to undertake large-scale digital health projects focused on advancing platforms and solutions for telehealth, mHealth, connected care, precision medicine, and population health management. These investments aim to improve access to care while reducing costs.