Medtech 2024: Trends, insights, and our impactful advisory initiative

Ekaterina Zharikova

Medtech Software Development Expert

Across the medtech industry, where technology and healthcare intersect, the upcoming journey into 2024 promises a landscape rich with innovation, challenges, and opportunities. This year has been pivotal for the Modsen team—a time of significant strides in technology and a commitment to meaningful initiatives. At the core of our mission is the belief that technology should serve humanity and support healthcare professionals. As we delve into the future, we’ll explore emerging trends and insights gathered from our experience as experts in medtech software development. From breakthroughs to regulatory concerns and cybersecurity, our goal is to navigate the changes, providing solutions and expertise to top companies in the industry while leveraging AI and other pivotal advancements for a better tomorrow.

Modsen counselling project 2023: Supporting non-profit medtech incubators and accelerators

The year 2023 marked a significant stride for Modsen, extending our impact beyond technological innovation into a realm of profound industry involvement. We launched a unique initiative: offering pro bono counselling services tailored specifically for non-profit medical technology incubators and accelerators.

The project wasn’t merely an altruistic endeavour but a strategic step, solidifying our commitment to understanding and actively shaping the future trends in the medtech sector. By implementing the program, we aimed to provide specialized guidance, leveraging our expertise to support emerging ventures dedicated to healthcare technology advancement.

Throughout the year, our team of seasoned consultants dedicated over 500 hours collectively to mentorship sessions, workshops, and tailored advisory meetings. A wide array of topics were specifically designed to address critical challenges faced by emerging medtech entities, including regulatory compliance, software development strategies, cybersecurity best practices, and market readiness assessments.

The impact of the initiative was profound. We directly engaged with 7 non-profit incubators and accelerators, spanning across different regions, providing tailored guidance to 28 startups and emerging medtech companies. Our consultations facilitated the refinement of business strategies, enhancing technological capabilities, and guiding these ventures toward impactful market entry.

Beyond the numbers, this initiative served as a conduit for us to intimately understand the evolving needs and challenges faced by budding medtech innovators. It provided us with firsthand insights into the pulse of the industry, shaping our perspectives and approaches toward future technological developments.

Excitedly, we are eager to share these valuable insights, although we can’t divulge all the details due to our commitment to respecting business confidentiality.

Applying 5 medtech trends in action for 2024

Trend 1. AI and large language models (LLMs) reshaping healthcare practices

The profound impact of AI and LLMs on reshaping healthcare practices is undeniable. These innovations aren’t just theoretical concepts; they’re actively revolutionizing the field with tangible applications and future potential.

Specifically, the incorporation of AI into surgical procedures represents a significant leap. This integration holds the promise of providing surgeons with real-time audio support during operations, thereby improving precision and efficiency. Moreover, it has the potential to streamline personalized post-operative care through automated transcripts, facilitating more precise and comprehensive patient records.

Trend 2. Medtech’s eco-initiative: focusing on sustainability

The increasing emphasis on eco-friendly practices within the medtech industry mirrors a growing environmental consciousness, particularly among younger demographics. Companies are exploring the use of sustainable materials sourced from plants and sugars to create recyclable medical devices, aligning with preservation goals.

Furthermore, this eco-conscious drive extends beyond product development, encompassing software and hardware endeavours. Efforts are directed toward adopting energy-efficient practices, optimizing resource consumption during manufacturing, and implementing eco-friendly software architecture.

Trend 3. The demand for transparent ROI in medtech

In response to the financial instabilities observed in 2023, medtech companies face heightened pressure to showcase clear returns on investment, particularly concerning data and software acquisitions. This intensified demand for transparent ROI necessitates dynamic solutions that seamlessly integrate data, software, and analytics. Companies actively seek comprehensive strategies capable of triggering real-time actions while precisely measuring and tracking the return on investment.

The focus on ROI effectiveness drives medtech companies toward solutions that not only encompass diverse data sets and software capabilities but also prioritize analytics-driven decision-making. The objective is to develop agile systems enabling prompt actions, leveraging real-time insights from data acquisitions and software implementations.

Trend 4. Medtech’s IDN synergy

With integrated delivery networks (IDNs) wielding purchasing power, medtech companies are increasingly forging deeper collaborations. These alliances are not merely about tapping into a larger market but entail establishing strategic partnerships to provide comprehensive solutions across various medical specialities. The focus isn’t solely on individual product sales but on creating innovative contract structures that offer bundled solutions catering to the diverse needs of these networks.

The success of such collaborations hinges on the integration of robust data insights. Medtech companies aiming to thrive within IDNs recognize the paramount importance of leveraging data analytics to understand the intricate needs and preferences of these networks. As a result, they can tailor their offerings, optimizing their solutions to fit seamlessly within the network’s operations and enhancing the value proposition beyond mere product sales.

Trend 5. The power of data: diversity in medtech’s workforce

Granting in-house teams immediate access to real-time data is a strategic move that goes beyond enhancing performance; it catalyzes diversifying the talent pool within medtech firms. The democratization of data access creates an environment where a more diverse range of professionals, both seasoned and new, can thrive. By breaking down barriers to insights, medtech companies attract individuals with varied backgrounds and perspectives, fostering a more agile and adaptable workforce. This amalgamation of experience and fresh viewpoints also contributes to a more dynamic and innovative sales team, equipped to navigate the evolving landscape of the industry.

Guiding principles: Modsen’s five medtech recommendations

As the medtech landscape undergoes significant shifts driven by technological advancements and evolving trends, it becomes imperative for companies to navigate these changes strategically. Here are actionable insights gleaned from our experience, intended to guide medtech firms through this transformative phase:

1. Don’t neglect cybersecurity: Establishing robust security measures to safeguard sensitive medical data and mitigate the risks associated with cyber threats is a non-negotiable aspect of medtech operations. Ensuring data integrity and patient confidentiality is pivotal in the digital age.
2. Stay informed on regulatory changes: Keeping abreast of evolving regulatory standards, especially concerning Software as a Medical Device, is critical. Adapting swiftly to these changes ensures compliance and upholds the highest standards of quality and patient safety within the medtech industry.
3. Rethink silos and embrace the cloud: Breaking down silos within product portfolios by adopting integrated ecosystems, fortified with scalable technology stacks, is paramount. This approach fosters seamless communication and data sharing, enabling more efficient operations across the entire medtech spectrum.
4. Rather than focusing solely on devices, think about the system: Prioritizing digital innovation and fostering a network of connected devices that work collectively to elevate patient care is essential. By focusing on holistic systems rather than individual devices, medtech companies can significantly enhance the quality and effectiveness of healthcare delivery.
5. Pursue global market expansion with local adaptation: Tailor your products and services to meet the specific cultural, linguistic, and regulatory nuances of different markets. Establishing strong local partnerships and understanding regional needs are critical for successful global penetration.

By integrating these strategic pillars into their operational framework, medtech companies can navigate the dynamic landscape with resilience and innovation, thereby fostering advancements that positively impact the healthcare sector.

Instead of conclusion

Embrace these insights to drive impactful change within the medtech sphere. The future of healthcare technology is calling for innovation. Will you be the architect of transformation?

Moreover, in our pursuit of driving progress, we’re excited to continue our advisory initiative in 2024. We welcome new partnerships in this endeavour, fostering collaborative efforts to shape the future of medtech.