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MedTech Outlook | Wednesday, June 22, 2022
As much as the pandemic caused destruction, it has offered various opportunities to the MedTech companies as remote healthcare, and contactless engagements have become the norm.
Fremont, CA: It is no secret that the global market for medical devices has grown significantly in recent years and is one of the most active, generating hundreds of billions of dollars annually. This country has a demonstrated advantage with more than 1,200 businesses functioning in Israel's life sciences sector. Among the numerous life sciences, companies are those that manufacture and export medical equipment, biopharmaceutical companies that develop medications and vaccines, and digital medical service providers that offer remote healthcare.
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How has the pandemic accelerated advancements in MedTech companies?
It appears that the impacts of the COVID-19 epidemic will be with us for quite some time. The nearly hermetic isolation of the economy over the previous 18 months has resulted in a widespread decline in trade. In spite of the most significant economic and health crises in many years, there have been several opportunities.
The epidemic appears to have confronted the globe with two major challenges: technological and health-related. The health issue is clear: finding a vaccine or treatment for COVID-19 and its variants. As a result, there are enormous financial prospects for companies working in the space, as this is a global need.
Remote healthcare is one of the most quickly expanding industries in recent years. This refers to therapies administered by a therapist when the patient is not in the same physical location. Although remote medicine is not a new phenomenon, there is no doubt that the COVID-19 pandemic has expedited its use, and the post-pandemic medical landscape will be radically altered. Through the development of thousands of new technologies and applications that reduce the need for any physical encounter between a patient and physician, there are now over half a million mobile phone applications worldwide, and there has been a massive investment of resources by governments and health organizations to take advantage of the many opportunities, while also attempting to minimize the many risks inherent in remote medicine.
This new era of remote healthcare has not eluded the medical business and health organizations in Israel, also known as the "Startup Nation." Its enormous influence on the local high-tech industry is evident. There are currently more than 1,500 start-up companies in Israel, including approximately 250 in the health sector and 100 in the digital medicine and remote medical sectors.
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