Digital Surgery Trends: AI, Robotics, and Industry Challenges
LSI Europe ‘23 brought together leaders and innovators to discuss the future of healthcare technology. One of the highlights was a session with Dan Stoyanov, a professor in computer science at UCL and Chief Scientist in Digital Technologies at Medtronic. His insights into digital surgery, the role of AI, and the challenges of integrating new technologies into healthcare were particularly enlightening. Here are the key points from his discussion, highlighting the evolving medtech market and the perspectives of medical device investors.
Bridging Academia and Industry
As Dan Stoyanov exemplifies, balancing roles in academia and industry can be challenging but rewarding. The transition from academic research to real-world applications in industry demonstrates the potential for academic innovations to impact patient care globally. Stoyanov stated, "The exciting part is really seeing technology that we started developing in academia 20 years ago now transitioning to becoming a product. Some of the solutions that we have been developing are now deployed in 15 countries and are being utilized on a daily basis."
Defining and Implementing Digital Surgery
Digital surgery involves integrating digital technologies to enhance surgical processes and outcomes. This includes utilizing consumer electronics, streaming information, and analyzing data to support real-time decision-making in the operating room. Stoyanov explained, "The operating room is still much more manual than a lot of our lives are outside of the operating room—and that’s where we have an opportunity to digitize. Can we understand the surgical process in a very quantitative way? Can we see the events and actions taken by the surgeon in a quantitative and digital way?"
Challenges in Monetizing Digital Solutions
Monetizing digital surgical solutions involves exploring new business models, such as software as a service, and developing smarter surgical instruments that enhance decision-making and efficiency. Stoyanov highlighted, "Something that is exciting with digital solutions is that they offer the opportunity of software as a service or a model where you pay for the amount of usage that you use with the technology."
Overcoming Barriers to Hospital Integration
Integrating digital solutions into hospitals involves addressing IT challenges, regulatory hurdles, and long sales cycles. Specialized sales teams and streamlined processes are essential to overcoming these barriers. "Sales cycles of 12 months plus are not uncommon for a digital product. Sales teams and the deployment teams of digital solutions must be specialized in digital solutions," Stoyanov emphasized.
Regulatory Considerations for Digital Products
Regulating digital solutions differs from traditional medical devices. Collaboration between regulatory and R&D teams is crucial to ensure safety without overcomplicating the development cycle. "It's very important to work with your colleagues in the RA side of the organization. These are new products, so you need to work together to figure out how to create a system that is safe for the patient and not overly cumbersome," noted Stoyanov.
The Role of AI and Robotics in Surgery
AI and robotics offer tremendous opportunities to improve surgical outcomes. By collecting and analyzing data from numerous operating rooms, Medtronic aims to create smarter instruments and real-time systems that enhance clinical decision-making. Stoyanov shared, "We have an opportunity to understand what happens in those operating rooms and drive our instrumentation to become smarter. We're making headway in categorizing the important high-volume procedures to us and creating a portfolio of solutions."
Medical device investors are keenly observing these advancements, recognizing the potential for significant returns and improved patient care. Stoyanov’s insights illustrate the medtech market’s dynamic nature and the opportunities for innovators and investors alike.
Conclusion
The full recording of the panel can be found in LSI’s resource hub at the link below:
Digital surgery represents a transformative force in the future of healthcare, offering unprecedented opportunities to enhance surgical precision and patient outcomes. As innovations in AI and robotics continue to evolve, integrating these digital solutions into operating rooms promises to redefine surgical practices. However, overcoming challenges such as regulatory hurdles, hospital integration, and the monetization of digital tools will be key to realizing their full potential. The ongoing collaboration between industry and academia, coupled with a focus on smarter, data-driven solutions, will pave the way for a new era in digital surgery, improving both the quality of care and efficiency across healthcare systems.
