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MedTech Industry

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Health technology is the application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures and systems developed to solve a health problem and improve quality of lives.[1] This includes the pharmaceuticals, devices, procedures and organizational systems used in health care.[2]

Medical technology, which is a proper subset of health technology, encompasses a wide range of healthcare products and is used to diagnose, monitor or treat diseases or medical conditions affecting humans.

Such technologies (applications of medical science) are intended to improve the quality of healthcare delivered through earlier diagnosis, less invasive treatment options and reductions in hospital stays and rehabilitation times.[3] Recent advances in medical technology have also focused on cost reduction. Medical technology may broadly include medical devicesinformation technologybiotech, and healthcare services. Medical devices such as mobile phones and tablets have become important platforms in telemedicineRichard Kimball, CEO of HEXL, says smart devices connected to the internet aids doctors in treating patients remotely, provided the devices have high-definition microphones and cameras.

The impacts of medical technology may involve social and ethical issues. For example, physicians may seek objective information from technology rather than listening to subjective patient reports.[4]

The term medical technology may also refer to the duties performed by clinical laboratory professionals in various settings within the public and private sectors. The work of these professionals encompass clinical applications of chemistrygeneticshematologyimmunohematology (blood banking), immunologymicrobiologyserologyurinalysis and miscellaneous body fluid analysis. Depending on location, educational level and certifying body, these professionals may be referred to as Biomedical ScientistsMedical Laboratory Scientists (MLS), Medical Technologists (MT), Medical Laboratory Technologists and Medical Laboratory Technicians.[5]

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The health care industry, one of the largest and fastest growing sectors of the global economy, estimated to reach over US$7.0 trillion by the end of 2015, with US$700 billion in emerging economies. This growth can be expected to continue during the next decade.

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