Background: The adoption of technologically advanced medical devices assisted healthcare providers to examine and treat diseases. However, technological advancements could increase the threats to safety, security, and reliability of the devices from complications associated with manufacturing, functionality, and the clinical application of the devices. Aim: To examine the safety threats, cost implication, and bioethical standards of the manufacturing processes and the functionality of advanced medical devices. Subject and Methods: The study was a narrative review through a qualitative research methodology. The secondary data was gathered from online databases including ProQuest, ResearchGate, CINAHL/EBSCOhost, PubMed, and ScienceDirect, from books, journals, conference proceedings, and other web publications between 2007 and 2017. Results:There were safety hazards from human errors in the interpretation and the use of the advanced medical devices. Equipment imperfections and poor processes of maintenance and procurement affected the effective functionality of these medical devices. Healthcare expenditure was high, Social and bioethical considerations, users' complaints and post-market surveillance were essential in ensuring the safety of the devices and the maintenance of quality life for the users. Conclusion: Safety hazards and cost implications of the use of technologically advanced medical devices were significantly high Social and bioethical standards in the manufacturing of medical devices contributed towards the production of safer devices.