Top Medical Device Trends & Outlook for 2024

Written by Nicole Sheynin

https://www.alpha-sense.com/blog/trends/medical-device-trends-outlook/

The medical technology, or medtech, industry incorporates various technologies—both physical and digital—that are designed to improve patient care, increase efficiency in the healthcare system, and create more equity. 

Medical devices are the physical subset of those technologies, which encapsulate any instrument, apparatus, machine, tool, implant, or similar product that is used to treat, prevent, diagnose, mitigate, or cure disease and other health conditions.

Though medical devices are not new to the medtech market, their most recent boom can be attributed to the 2020 global pandemic. Like most other industries, this space was adversely affected by COVID-19 due to supply chain issues and reduced budgets for product innovation that brought production to a halt. But unlike other sectors, the pandemic proved to be a catalyst for accelerated growth in this space—a trend expected to continue into the foreseeable future.

More than anything, the pandemic highlighted the capabilities of this industry to generate better patient outcomes and improve healthcare processes. With rampant possibilities in almost every healthcare sector, the medical device industry is well-positioned for continual growth and is in high demand for investors.

The overall forecast for the medical device market is overwhelmingly positive, with an expected global revenue of $595 billion in 2024 and a CAGR of 6.1% from 2022 to 2030. The healthcare sectors expected to be most affected by growth in the medical device space in the near future include:

• Cardiovascular

• Orthopedic

• Neurovascular

• Urological

• Diabetes

2024 Medical Device Trends at a Glance

1. Continued rise in digital therapeutics and at-home diagnostics

2. Growing use of biometric devices and wearable technology

3. The potential impact of weight loss drugs

4. Marketplace challenges within the European Union

5. Increased speed to market for medical devices

6. Greater emphasis on inclusivity and access

7. Greater focus on sustainability and environmental, social, and governance (ESG)

8. Generative AI opportunities in manufacturing and distribution