Medtech Trends to Watch in 2024

Artificial Intelligence

Artificial Intelligence (AI) is revolutionizing the medtech industry in countless ways, which is why the top cases of AI-based software revenue in healthcare are projected to grow from $3.7 billion in 2019 to almost $67 billion by 2027. Startups worldwide are seizing the opportunity to leverage AI-enabled medtech innovation, particularly with the digital requirements of the post-pandemic world in mind.

The numerous beneficial applications of AI in the medical device industry include data management, remote surgery, diagnostic and procedural assistance, clinical care trials, etc. By implementing machine learning (ML) algorithms, AI can enhance medtech companies’ efficiency and minimize risk. For example, computers can process vast amounts of data, learn from mistakes, and deliver continuity, leading to increased productivity and eliminating human errors.

After all, AI-powered medical techniques have the potential to enhance patient experiences and increase the number of them treated in hospitals and other healthcare facilities. Robust AI platforms prioritize and automate patient safety measures, allowing hospitals to meet the increased medical demand and better manage operational costs. That is because they can monitor wait times and reduce the duration of inpatient and emergency department stays.

Medical Robots

Verified Market Research reports that the global market for medical robots is projected to reach $35.05 billion by 2030. Among medical devices of critical importance in healthcare, surgical robots dominate the market and demonstrate a real patient benefit. Thus, the demand for surgical robot technology has experienced significant growth in recent years.

Recent investments in robotic surgery medtech companies have played a crucial role in the rise of VC funding in the medical devices category, despite the reduction in elective surgeries. Also, many experts assert that robotic technology is mainly advantageous during COVID-19 as it eliminates the need for physical human contact.

In healthcare, robots have many applications besides assisting during surgeries. They also aid patients in recovery during rehabilitation, facilitate hospital sterilization and delivery, diagnose conditions, and improve telemedicine. Notable examples of the modified medical techniques in terms of robotics involve the Da Vinci surgical robot (it helps with minimally invasive surgeries), the Xenex Robot (it disinfects hospitals), and the AquaBeam robotic system (it is used in robotic therapy to treat lower urinary tract symptoms).

Virtual Reality Healthcare Applications

Virtual Reality (VR) is one of the most innovative medtech trends. Verified Market Research states that the VR healthcare market was worth $2.14 billion in 2019 and is projected to reach $33.72 billion by 2027. The advent of VR technology in the medtech industry has the potential to reduce the necessity for human experimentation and trials. The healthcare sector can reap several advantages from VR, including medical training, patient treatment of an immediate threat, medical marketing, and raising disease awareness.

In addition, VR enables medical professionals, researchers, and medtech manufacturers to create real-life scenarios and situations in a simulated environment, eliminating the need for actual patients. Meanwhile, several clinics have already started using virtual reality to create safe and controlled situations that worsen the patient's condition. That allows for quick repetition or termination of new treatment sessions based on the patient's progress.

Hospital-to-Home Care

Using remote monitoring medical devices that can be applied and managed by patients at home is already among the key medtech industry trends and is expected to rise. Coupled with telemedicine app development solutions, such technology enables patients to manage their medical conditions remotely.

At the same time, creating a more circular healthcare system can decrease the requirement for frequent visits to healthcare providers, which is a real patient benefit. The implementation of high-quality monitoring equipment has the potential to increase efficiency, as patients receive high-quality remote treatment only if needed.

Ultimately, building telemedicine apps is an option even for healthcare organizations with limited budgets. That will allow them to care for patients at home and support frontline medical staff under immense pressure. Thus, patients can deal with medical issues at home and get efficient new treatments that previously would have required a visit to the hospital. Modern virtual platforms help people heal, improve their mental health, assist with menopausal women’s issues or hormone replacement therapy, etc.

Additive Manufacturing And 3D Bioprinting

Additive manufacturing, also known as "3D printing," is among the main medtech trends because of its significant growth in the medtech industry. In 2019, the market for 3D-printed medical devices was valued at $1.1 billion, and it is expected to reach nearly $4 billion by 2027. This growth is mainly due to advancements in 3D printing technology. The medical field has found many applications for 3D printing, including producing surgical tools, prosthetics, implants, and tissue engineering products.

While 3D printing is often used for rapid prototyping, it has become a common practice among the top 50 medical device companies to utilize this tech to create prototypes quickly.

Additionally, during the COVID-19 pandemic, an increase in demand for 3D printing in the healthcare sector can be attributed to supply chain disruptions. That has made it difficult to obtain sufficient amounts of suitable personal protective equipment (PPE), testing materials, and other medical devices needed to fight against the pandemic. As a result, 3D printing has played a crucial role in producing these essential life science items.

The market for 3D bioprinting is rapidly expanding. Similar to traditional 3D printing, this technique is specifically used to print biological materials. Aspect Biosystems, a Canadian startup, is a pioneer in this field, focusing on 3D bioprinting of human tissues.

Biometric Devices

The use of biometric devices is the last of medtech industry trends to discuss. It continues to grow is critical in increasing awareness of ongoing health tracking. The trend has also contributed to the widespread adoption of wearables. Many medical technology companies are developing various devices that track multiple metrics, from physical activity to women's health. These devices are part of the Internet of Medical Things (IoMT). And often coupled with big data technology, they can create a robust circular healthcare system.

According to Research and Markets, the wearable technology industry is expected to grow at a compound annual growth rate (CAGR) of over 25% from 2020 to 2027. The report also predicts that the wearable market will exceed $60.4 billion by 2027.

Final Thoughts

As the medtech industry quickens and evolves in the coming years, it will face challenges and opportunities. Solutions that improve patient monitoring and overall care while reducing costs will encounter fewer obstacles in adoption. Integrating healthcare web design into these solutions can further enhance patient engagement and accessibility to care. That allows for more opportunities to bring value to each healthcare system and change healthcare providers' current standards regarding inpatient and outpatient treatments.

However, the mentioned trends in medtech must also address new challenges, such as establishing a reliable supply chain, addressing the growing global climate crisis, and promoting long-term sustainable solutions. If modern medical technology can continue to prove its ability to deliver better clinical outcomes, the future will remain promising for medical device manufacturers and their medtech solutions.