Medical technologies save lives, improve health and contribute to sustainable healthcare. These technologies are developed and produced by the MedTech industry. But how exactly does medtech bring all this value? Which benefits do these technologies bring to patients? And how can medtech put a brake on healthcare costs which are spiralling out of control?
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The benefits that our industry brings to the table are threefold, bringing value to patients, the economy and society at large. Our technologies benefit European citizens from diagnosis to cure. Patients enjoy improved outcomes of care, quality of care and greater access to care while empowering them to manage their own health and allowing them to return to an active lifestyle faster.
Aside from value to patients, the societal value we bring to Europe cannot be underestimated. Being a “healthy” industry, we employ over 575,000 people, working in 25,000 companies. With a market size of roughly €100 billion and 4% growth per annum, we contribute to creating a dynamic Europe that realises the promise of its Health Strategy which is to create a smart, sustainable and inclusive region fuelled by a healthy population.
Equally important in achieving this goal is the industry’s economic contribution which serves as a brake on the rising healthcare costs. There are 3 broad ways in which medical technologies help keep the rising health expenditure in check.
Firstly, our therapies limit the cost of care of patients with chronic diseases. Early diagnosis and improved monitoring allow for more effective treatment which in turn lowers the cost of hospitalisation. Secondly, they limit the use of ineffective, unnecessary treatment and provide personalised care so healthcare professionals and governments alike are better informed about the effectiveness of certain therapies on specific patients. Thirdly, medtech innovations limit the cost of care by lowering the time patient has to spend in hospital or allowing a patient to be treated in a more cost-effective setting such as the home or a community care centre.