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MedTech Market Trends for 2024

At CLEIO, we’re already envisioning the future of medical technologies. Our experts are leading the change in innovation, tackling ambitious projects that will significantly advance healthcare.
Now, let’s dive into the major trends in the MedTech industry for 2024.

Artificial intelligence in medical diagnosis

Artificial intelligence (AI) is the buzzword of the moment and has created a tsunami effect across all industries. In MedTech, it holds considerable potential to improve healthcare efficiency, especially by speeding up data processing and analysis, and by generating personalized recommendations based on the results.
In 2024, AI’s influence in the industry will continue its growth, playing an increasingly vital role in early disease detection and treatment. It is expected to enable more accurate diagnoses and accelerate healthcare professionals’ decision-making regarding patient treatment plans.

According to a Deloitte survey, 80% of industry leaders indicate that their most significant investments this year will be in AI.

Wearables for remote patient monitoring

Similar to AI, wearable medical devices are increasingly popular across various sectors. It’s even projected that the global market for these technologies will reach $161 billion by 2033, marking an average annual growth rate of 6% starting from 2023.

Capable of connecting real-time data on patients and offering personalized monitoring at their fingertips, these devices are invaluable tools for healthcare professionals.
While the market already features many such devices, there’s still room to make a significant impact, particularly with devices that facilitate remote patient monitoring. This can help to reduce the pressure on hospitals and healthcare facilities.

To ensure you don’t miss out on this technological revolution, our IoMT solution experts are here to assist you in creating smart, cutting-edge, connected devices.

Augmented reality and virtual reality for healthcare professionals training

Augmented reality and virtual reality hold a promising future in the MedTech industry, especially in training healthcare professionals.

They allows surgeons to practice and simulate complex operations in realistic conditions. Beyond helping in the development of new skills, these technologies also improve decision-making abilities.

The virtual reality market in healthcare, valued at $2.14 billion back in 2019, is forecasted to reach $33.72 billion by 2027.

Bioprinting to build artificial organs

Bioprinting represents a revolutionary advance in healthcare, particularly in the realm of regenerative medicine. With bioprinting, the creation of organs is set to become a much simpler task.

First introduced in the late 1990s, this technique allows the fabrication of artificial tissues or organs based on a digital model. Current advancements are promising, fuelling high hopes for applications in skin and organ transplants, joint regeneration, and even cancer treatment.

Cybersecurity in SaMD

With the boom in connected medical devices, cybersecurity has emerged as a key concern in the industry. A security breach could threaten not only patients but also their personal data.

As of 2023, the FDA has started to include cybersecurity in its review of medical devices that contain software and connect to the Internet. This means that measures to mitigate cybersecurity risks must be thoroughly documented during medical device development.

Cybersecurity is an ever-evolving field, and the ability to adapt to these changes is crucial. That’s why our software development experts undergo annual training to refresh their knowledge and continue implementing best practices.

Discussing industry trends, CLEIO’s VP of Revenue, Connor Remaley, shared the following thoughts for innovators:

A key trend is the growing and critical need for organizations to effectively connect the dots from their product and commercial strategies in terms of conveying key value metrics.

Medical technology is advancing at such a rapid pace. The value a technology can provide may not jump right out to an investor or a potential strategic partner. There’s a risk of perceived disinterest, leading to a missed opportunity to advance toward commercialization.

Companies must now become experts of their intended markets, able to showcase the impact of their technologies, not just to patients, but across the entire value chain. Doing this is now vital to the success of emerging companies raising capital in the current tough landscape.”

Connor Remaley
VP of Revenue at CLEIO

Undoubtedly, new technologies will keep reshaping the healthcare landscape in 2024, presenting new opportunities for MedTech companies.
At CLEIO, we are excited to continue contributing to these changes by taking a leading role in the development of innovative medical devices.

Author & collaborators

Written by
Caroline

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