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The WHO (World Health Organization) defines the concept of MedTech as “the application of knowledge and skills organized in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of life”. MedTech, therefore includes all technologies for the healthcare environment, from an online appointment booking site to an artificial organ or a surgical robot.
MedTech is of great benefit to healthcare providers. The primary objective of advances in MedTech is to improve the overall quality of patient care in a medical setting. These devices help them by producing accurate results. This allows clinicians to structure a more effective and improvement-oriented patient treatment plan. Since the initial results, i.e., lab results and scans, are error-free, the patient’s condition is likely to improve much more quickly. In addition, MedTech devices and procedures save time for clinicians and patients. Today, procedures are made much less complicated. MedTech also creates better more advanced and less invasive treatment options. Finally, MedTech is helping to reduce the length of stay in hospitals and the demands of rehabilitation. The accurate, fast, and less complicated nature of MedTech makes it an easy and comfortable tool for healthcare providers.
To give some figures, in 2018, the MedTech industry registered more than almost 14,000 patents at the EPO (European Patent Office). This is approximately the same number of patents filed in the Pharma (7,441) and Biotechnology (6,742) sectors, combined! 115 billion in Europe, and there are 27,000 MedTech companies in Europe with over 675,000 employees. In vitro, diagnostic devices are forecast to remain the best-selling device category and will be the largest device sector in 2024.
In addition, the global MedTech market is estimated to be worth $350 billion. The Canadian industry is primarily based in Quebec, Ontario, and British Columbia. The Canadian MedTech market alone is valued at $6.4 billion, which represents just under 2% of the global market. Quebec accounts for one-third of the Canadian medical industry and more than 30% of the Canadian medical technologies approved by the US Food and Drug Administration come from Quebec. In addition, MedTech employs more than 35,000 Canadians with more than 1500 companies across Canada.
To foster the development of MedTech in Canada, Health Canada has established an action plan in 2019 to improve the safety and effectiveness of medical devices and optimize patient health outcomes. This action plan outlines a three-pronged strategy, which will be implemented by improving the way devices are brought to market, strengthening surveillance, and tracking of devices once they are used by Canadians, and providing more information to Canadians about the medical devices they use.
In conclusion, the medical technology industry is simply crucial to the economic strength of Quebec and Canada. It creates quality jobs, contributes to the improvement of society’s health conditions, and represents a major economic sector for the province. As part of this industry you may be entitled to several financial incentives including SR&ED, government grants, and more! Connectwith our specialist to learn more!
