The medtech industry is a fast-growing sector, and the devices market is growing even faster still. COVID-19 created an unusual environment for medical device growth—on one hand, it highlighted the need for improved medical technology. On the other, delays, supply chain issues, and cuts to research and development slowed production considerably. As these restrictions have eased over the years, the medtech device market has taken off. Here's what to look forward to in 2024:
Digital therapeutics encompasses software-driven therapeutic interventions that help physicians and patients treat, prevent, or manage diseases. Many of these rely on artificial intelligence to crunch data and provide evidence-based help. A subset of this is at-home diagnostics, which help patients take control of their health.
While these concepts aren't new, there's a heightened push to work with AI. AI models are increasing in size and efficiency, and proponents have lobbied to include this tech everywhere possible—from supermarkets to cybersecurity, to hospitals. While artificial intelligence isn't a device in itself, expect an increase in medical wearables, health-tracking apps, and other peripherals that rely heavily on AI.
For example, GE Healthcare signed a deal to acquire MIM Software, an AI developer. MIM's offerings include medical imaging analysis, as well as systems for integrating these analyses and diagnostic images into patient treatment plans. They aren't the only ones, either. Several medtech businesses operating in different specialties are seeking to collaborate with, build, or acquire AI-powered platforms of their own.
Surgical robots are experiencing a bit of a renaissance. While the concept and general tech aren't new, it is becoming more widely accepted and utilized. Accompanied by the push to integrate AI into medical technology, this new generation of surgical robots is smarter and more efficient than their forebears.
This means that they're not only better during surgery, but they're also valuable training tools for the next generation of surgeons. These robots can be paired with virtual and augmented reality, giving users a way to learn and refine surgical skills. Expect to see an increase in the prevalence of surgical robots, as well as new surgical devices that are AI-driven and AR or VR-capable.
Medtronic and Boston Scientific are in a pitched battle for the next generation of cardiology tech. Last December, Medtronic received FDA approval for a new treatment for a type of cardiac arrhythmia called atrial fibrillation (Afib). Their PulseSelect pulsed field ablation system selectively targets the cells that cause irregular heartbeats using specially tuned electrical pulses while avoiding damage to surrounding tissue.
Boston Scientific, meanwhile, started a key trial of its own FARAPULSE™ pulsed field ablation system. This trial intends to test the use of this system as a front-line treatment for persistent atrial fibrillation, in comparison to conventional therapy with anti-arrhythmic drugs.
If pulsed field ablation systems prove to be safe and effective, they could be life-changing for people with AFib. This could allow them to avoid the danger of blood clots, stroke, or heart attack, as well as the occasionally severe side effects of conventional drug therapies.
Butterfly Network, developers of handheld ultrasound devices, recently received FDA clearance for its next-generation ultrasound system. This system, called the Butterfly iQ3, is a handheld, semiconductor-based, point-of-care ultrasound system and software.
The Butterfly iQ3 offers roughly double the data processing speed of its predecessor, for better sensitivity, penetration, and image resolution. It can also create 3D images more quickly.
While the majority of diabetes patients are living with type 2 diabetes, the majority of insulin delivery systems are targeted toward people with type 1. Embecta seeks to change that with its disposable, patch-based system. This system is discreet, wearable, and offers 300 insulin reservoirs, and plans include integrating it with an algorithm for timely, accurate dosing. The company recently submitted this device to the FDA for review. If it's approved, it'll be one of relatively few systems created with type 2 diabetes treatment in mind.
Overall, medtech device companies are seeking to leverage AI to a greater extent. While there are also new devices and systems for treating or managing everything from arrhythmias to diabetes, artificial intelligence is driving a lot of growth in this market.
