Here are 6 trends that will shape MedTech in 2024

The healthcare industry is fast-moving with evolving healthcare needs, staffing shortages, and rising demands all increasing the pressure to deliver timely and effective care. To keep up, healthcare organizations are increasingly looking toward innovation for solutions to make treatments more time- and cost-effective, while improving patient outcomes.

While most of the headlines in 2023 were dominated by artificial intelligence (AI), other technologies such as wearable devices, Internet of Things (IoT), and telemedicine have played a crucial role in advancing healthcare.

In previous years, the healthcare industry has been criticized for being too slow to adopt the latest innovations and breakthroughs – largely due to the many barriers such as regulatory hurdles and data collection that make innovation adoption a long process. However, 2024 will see the latest technologies more commonly and effectively deployed across a variety of different practices. The healthcare industry is on the brink of transformative change, and these are the six trends that are expected to be at the forefront of this transition.

1. AI is here to stay
Generative AI was at the center of the healthcare industry in 2023. The year began with services such as chatbots and virtual assistants being rolled out to help better serve patients by analyzing complex data sets and creating personalized treatment plans. The long-term implications will prove to be significant, increasing productivity and accuracy, as well as reducing costs and easing pressures on staff shortages.

With AI still in its infancy years and rapidly evolving, we can expect to see the technology more commonly used on a much wider scale, supporting health services with data-driven tasks. As a result, staff will receive more training on how to get the most out of AI and how to do so safely.

2. The rise of wearable devices
Already we’re seeing more patient monitoring devices and sensors being tested and implemented in the medical setting to track and analyze patient data in real-time, such as heart rates, sleeping patterns, and blood pressure to provide more accurate insights into patient wellbeing. For patients, this information is particularly useful for self-monitoring and will help them proactively make any necessary adjustments to their lifestyle and give them more independence.

Medical devices that can transfer this data directly to healthcare professionals will provide patients with peace of mind and reduce the need for unnecessary hospital or community nurse visits. Combining such devices with AI capabilities will prove invaluable in 2024, allowing for faster and more accurate data collection, helping to save time, money, and resources.

3. Personalized approach
With strains on resources, healthcare services can be time short and not provide a treatment plan suitable to the unique needs of each patient. As AI and medical technology combine, healthcare will be able to increasingly adopt more personalized treatment plans best suited to the individual. Through the analysis of medical history and health assessments, AI can formulate more personalized treatment plans. This will be further supported by new services such as virtual healthcare assistants that can answer medical queries, questions, and assist with appointments and scheduling.

New treatments are also considering differences in people’s genes, environments, and lifestyles – known as precision medicine. By considering these characteristics, the most effective treatment can be given and enables doctors to easily determine the efficacy of medications, along with the likelihood of adverse effects. 2024 will see more patient-centric treatments as these technologies and considerations are further implemented into care pathways.

4. Advancing telemedicine
During the pandemic, telemedicine facilitated the use of remote consultations and was an invaluable tool for delivering non-urgent patient care. Post-pandemic, telemedicine has enabled the adoption of a hybrid model, combining in-person visits with online appointments. This enabled flexibility and convenience for patients and healthcare professionals.

As healthcare services prioritize tackling backlogs and waiting lists in 2024, telemedicine will continue to support the delivery of non-urgent care and remains an effective alternative to in-person visits. As telecommunication platforms advance, these services will improve patient satisfaction, help deliver timely care, and facilitate the rollout of virtual wards, allowing patients to receive the care they need safely and conveniently at home.

5. The fight against cybercrime
Despite the countless benefits of innovation adoption in healthcare, risks to safety and security remain a leading threat. Cyber-attacks can compromise patient data and cause significant reputational and financial damage. A critical insight report revealed 40 million people have been affected by healthcare data breaches – the highest number recorded in the reports since it began. Healthcare provides a lucrative target for cybercriminals due to the vast amount of personal data it stores.

The rise of medical devices and telemedicine being integrated within healthcare networks has only exacerbated this threat due to the increase in the number of entry points for criminals to attack. As a result, healthcare organizations are becoming a lot more vigilant. In response, we can expect to see more investment from healthcare organizations in their cyber defenses.

6. Prioritizing sustainability
There’s general consensus that the healthcare industry can be more sustainable. The focus on prioritizing patient care has come at a cost, resulting in the increased use of single-use plastics, high energy consumption, and increased waste, negatively impacting the environment. While healthcare has made significant efforts to reduce this, 2024 will see pressure mounting to adopt more conscious solutions. This is especially true for manufacturers who provide materials and devices to hospitals.

Reduced dependency on single-use plastics, embracing energy-efficient technologies, and the use of telemedicine to reduce the distance traveled to hospitals, will all contribute to reducing the impact on the environment.

A brighter future
2024 will be another progressive year for the healthcare industry, with further challenges and pressures to navigate. Striving for better patient outcomes requires the ongoing assessment and improvement of current methods of care, which is time-consuming but necessary. Healthcare systems should embrace innovation to address any gaps or unmet needs in care to improve patient outcomes and manage the increasing demands of treating an aging population. It’ll be another difficult year for the industry, but one with many promising solutions offering long-term and effective improvements. Today’s Medical Developments