MedTech 2024: Top 5 Trends Shaping a Dynamic Industry
The MedTech industry, a sector of monumental growth, has ballooned from a $316 billion enterprise in 2007 to a projected $677 billion by the end of 2024. This continued expansion is a testament to its dominance in healthcare, underscored by ceaseless enhancements and life-preserving breakthroughs. Five trends have stood out within this growth as shaping MedTech in 2024.
Trend#1: Evolving Healthcare Terrain and AI Innovations
2024 will be a transformative era in healthcare topography, notably marked by ambulatory surgery centers (ASCs) ascendance. ASCs count for over half of the U.S. outpatient surgical maneuvers as a cost-efficient alternative to traditional hospitals. Such evolution requires increased travel for medical sales teams, leveraging AI and extensive language models (LLMs) to amplify productivity in transit.
These tech marvels allow audio productivity sans manual intervention, facilitating meeting preparations, electronic correspondence responses, and more during locomotion. Futuristically, AI might also assume a critical role in surgical chambers, audibly directing surgeons and summarizing operative context for post-surgical care.
Trend #2: Escalating Demand for Explicit Investment Returns
Financial instability in 2023 has prompted MedTech companies to focus on demonstrating a clear ROI for all major purchases. Once bought with little scrutiny, data and software are now evaluated for their contribution to outcomes. In response, manufacturers seek dynamic solutions integrating data, software, and analytics, enabling real-time commercial actions. This focus on ROI quantification is sculpting future procurement strategies, accentuating the primacy of data-centric enlightenment.
Trend #3: Intensified Synergy with Integrated Delivery Networks
The recent turbulence of consolidations within healthcare, especially among providers, has delivered integrated delivery networks (IDNs) wielding formidable purchasing influence. MedTech companies are responding by expanding national account teams and partnering with IDNs to offer bundled, cross-specialty solutions. National account leaders are equipped with better data and software to design innovative contracts and operationalize them with sales teams.
Trend #4: Breakthrough Products Will Impact Healthcare Supply and Demand
Breakthrough products, such as Novo Nordisk and Eli Lilly’s obesity drugs, are revolutionizing treatment options and impacting healthcare demand. These developments, coupled with lifestyle changes like reduced smoking rates, are altering the need for certain surgical interventions.
As obesity drugs become more prevalent, their impact on surgeries like bariatric procedures and diabetes treatment will be significant. This shift could decrease the need for some interventions while potentially increasing eligibility for others, affecting overall surgical outcomes.
Trend #5: Access to Data Will Diversify Workforce
MedTech companies are enhancing performance and promoting workforce diversity by providing sales teams with real-time data through commercialization platforms. This democratization of data broadens the recruitment pool, attracting experienced and new sales reps to the industry. Equal access to data helps quickly acclimate new team members and make informed decisions, reducing the impact on sales rep turnover.
Despite prevailing economic headwinds, the MedTech sphere stands on the cusp of continued success and innovation. The confluence of cutting-edge technologies such as surgical robotics and AI, combined with an emphasis on ROI, collaborative endeavors, and data accessibility, is poised to propel growth and enhance healthcare outcomes.
These trends indicate an exhilarating and dynamic trajectory for the MedTech industry, brimming with potential and promise.