The common thread through all applications of medical technology is the beneficial impact on health and quality of life. They all contribute to living longer, better and empowering citizens to contribute to society for longer. In so doing, they improve the quality of care, and the efficacy and sustainability of healthcare systems. In Europe, medical technology is also a major contributor to the EU economy, employing over 730,000 people in high quality jobs. The market size is estimated at roughly €120 billion in 2018.
Medical technology can be considered as any technology used to save lives in individuals suffering from a wide range of conditions. In its many forms, medical technology is already diagnosing, monitoring and treating virtually every disease or condition that affects us. Medical technology can be familiar, everyday objects such as sticking plasters, syringes or latex gloves. Alternatively, it could also be spectacles, wheelchairs and hearing aids. Meanwhile, at the high tech end of the scale, medical technology includes total body scanners, implantable devices such as heart valves and pacemakers, and replacement joints for knees and hips. In fact, there are more than 500,000 medical technologies currently available and they all share a common purpose: improving and extending peoples’ lives.