It is challenging to define MedTech because it encompasses a broad area of Medical Technology and Medical Devices, with many ways to subcategorize this space. Looking at a few definitions provides a starting place.
The WHO defines Medical Device as “any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material or other similar or related article, intended by the manufacturer to be used, alone or in combination, for human beings” for diagnosis and supporting/sustaining life. The FDA defines 3 classes of medical devices by the level of risk, with more regulation with higher levels of risk (e.g., Class 1: manual stethoscopes; Class 2: powered wheelchair; Class 3: implantable pacemaker).
Can software be considered part of MedTech? The FDA says that software as a medical device “ranges from software that allows a smartphone to view images obtained from a magnetic resonance imaging (MRI) medical device for diagnostic purposes to Computer-Aided Detection (CAD) software that performs image post-processing to help detect breast cancer.”
Other definitions of MedTech may include any technology which is utilized in a care setting, such as capital equipment, disposables, innovative surgical procedures, implants technology, and connected health tools. As you can see, MedTech includes many things, from medical devices, software, and connected health tools,
MedTech can be subcategorized in different ways. For example, TracXn breaks out Healthcare IT somewhat along different types of end-users, with additional breakout within each:
- Provider: PM / EHR Platforms, Telemedicine, Decision Support, Admin Solutions
- Payor: Claims Management, Provider Management
- Value-Based Care: Patient Engagement, Remote Monitoring, Care Planning/Management
- Employee Health: Employee Management, Benefits Admin., Onsite Care, Wellness Platforms
- Diagnostics: In Vitro, Reagents/Kits, Devices/Instruments, Software
MedTech can also be categorized roughly by disease state, as shown by Statista’s top categories: In vitro diagnostics, Cardiology, Diagnostic Imaging, Orthopedic, Ophthalmic, General/Plastic Surgery, Endoscopy, Drug Delivery, Dental, Diabetic Care, Wound Management, Neurology, Nephrology, Ear/Nose/Throat.
Another area of MedTech is digital health (DH), which could include: Telemedicine, Remote Monitoring, Remote PT, AR/VR/Game Therapy, Digital Therapeutics (DTx), Wearables, and Impantables.
How do you define and subcategorize MedTech? It is important to consider because definitions and categories guide our thinking.