Global healthcare spending was $8.5 trillion in 2018 and is expected to reach over $10 trillion by 2022 as per a report published by www.policyadvice.net. Diagnostics form the backbone of healthcare with over 70% of medical decisions based on diagnostic test results. Early diagnosis and management of conditions is important aspect of health management.
Diagnostic device primarily consists of In-Vitro Diagnostics (IVDs) and Diagnostic Imaging Equipment. Innovations are the engine of growth in both these segments.
Diagnostics transformed the practice of medicine in the 20th century as blood tests, imaging, endoscopy and biopsies offered physicians an insider’s view of a patient’s signs and symptoms. The way these tests are done have undergone enormous change. Even the diagnosing of a bacterial infection through cell culture on serum samples is changing with the advent of genomic sequencing.
Now diagnostics are poised to help lead another revolution in medical care toward the more predictive and preventive care of precision health. Already diagnostics are being used to predict disease using genetic markers rather than just detect diseases after it occurs- genomic sequencing and molecular diagnostics is the field. Diagnostics are also coming closer to the patient, following the general trend of patient centricity of medicine, in the form of point of care diagnostic. The use of algorithms and machine learning in diagnostics is another key change- where a physical test is complemented with an algorithmic test in addition to medical judgment to make a diagnosis.
How can EPPIC help?
- Networking within medical device, diagnostics and healthcare industry: EPPIC is a platform to engage with industry participants, build your network and keep oneself abreast of latest advances and challenges in the industry. EPPICs members include leaders from academia, medical device industry and healthcare. Our members include people with extensive experience in device innovation, development and regulatory affairs. If you are a diagnostic device professional EPPIC platform could help broaden your network and exchange thoughts. See the Keynote speech of Deepak Nath, PhD, President ,Siemens Helthineers delivered at EPPICON 2019 held in Santa Clara Convention on the future of Healthcare with combination of diagnostics technologies, personalized data and AI.
- Provide an ecosystem to nurture your start-up: EPPIC platform could help you find risk capital, mentorship and development partners. Our members include angel investors and healthcare venture capitalists who have decades of experience in building life science companies. See how Ashotush Shastry, PhD, CTO of Evanostics and Board member EPPIC, has lead the development of a revolutionary POC diagnostic device from scratch with a nimble and highly multidisciplinary team of scientists.
- Exposure to the possibilities of technology: As a Silicon Valley based healthcare networking group, EPPIC is in a vantage position to observe the latest innovations in diagnostics and bring it to its members. Our events showcase some of the cutting edge technology and KOLs in the medical device and diagnostics industry. See Pushkar Hingwe, PhD, EPPIC EC member, can expose EPPIC members to robotic technologies being used in lung tumor diagnosis through accurate biopsies