7. The global medical devices market in 2020 was valued at $442.5 billion
The medical devices industry was worth a whopping $442.5 billion in 2020.
This figure is the result of an increased number of healthcare units being opened up across the globe, an increase of PPE (Personal Protective Equipment) and ventilators manufactured to combat COVID, and a higher need and level of medical technological advancements. It’s a growth of 4.4% since 2015.
Strangely enough, COVID has also caused a slight dip in the medical devices market. Local US lockdowns caused the value to drop from $456.9 billion in 2019 to $442.5 billion in 2020 as restrictions hindered the supply chain. But, this number is expected to completely recover and experts predict that the industry will be worth $603.5 billion by 2023.
8. The surgical robot market is expected to reach over $24 billion by 2025
Back in 2018, the global robotic surgery market was valued at $5.5 billion. However, technological advancements in the field have skyrocketed the use of robots in hospitals since then and by 2025, the industry’s value is predicted to grow by 24.4% to a shocking over $24 billion.
One of the most impressive medical technology statistics, robots are mainly used for minimally invasive surgery. But, the growth of the industry will soon make many more types of operation possible, including Neurosurgery, Orthopedic surgery, and Gynecology surgery.
9. Artificial intelligence can now be used to detect pandemics
Artificial Intelligence is one of the top emerging medical innovations in the world, however, coronavirus caused a recent shift in priorities. They are now being developed to help combat global infectious diseases and prevent a catastrophe like COVID hitting us this hard in the future.
The new type of technology is a machine learning algorithm that tracks trends in data that detect new outbreaks of disease. It analyzes and predicts the spread of disease, the infection rate, and the infection trend, and then provides an early warning or alert.
This data is so advanced that, Canadian artificial intelligence BlueDot, actually predicted the coronavirus pandemic before the WHO even notified the public.