Medical technology (MedTech) includes the products, services, or solutions that aim at improving survival and quality of life. These technologies can include preventive, diagnostic, or therapeutic technologies. Key technologies in this space include medical devices, in vitro diagnostics, medical imaging, prosthetics and orthotics, medical signal processing, health informatics and communications technologies, wearables, medical robotics, and regenerative medicine. According to the IQVIA’s “The Rise of Global Medical Technology” report, MedTech worldwide is an extremely valuable market, with an estimated global revenue of US$438 billion in 2017. This is a fast-growing industry, with a compound annual growth rate of 6%, and it is estimated to reach US$585 billion in 2022.
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