Clarivate Plc recently released its “Medical Technologies to Watch in 2024” report. This first installment of a two-part series offers a comprehensive predictive analysis of high-growth medical technology markets poised to generate over $1 billion in value or achieve double-digit growth within the next five years.
The report underscores critical areas of significant investment. Clarivate medtech analysts pinpoint five technologies driving substantial clinical and commercial value in devices and diagnostics this year. These innovations hold immense promise for patients, potentially complementing or even supplanting traditional medications and biochemical solutions.
April Chan-Tsui, director, medtech insights, life sciences & healthcare, Clarivate said, “Despite the challenges of the past five years, the medtech industry has shown remarkable resilience, driving forward with groundbreaking technological advancements. Backed by in-depth industry expertise and robust data, this report highlights recent breakthroughs poised to significantly improve patient outcomes. These innovations represent the forefront of medtech’s journey towards extraordinary impact.”
The Five 2024 Medical Technologies to Watch are:
- Surgical robotics: Surgical robotic systems are revolutionizing the field of medicine, offering better visualization, increased precision and better ergonomics for surgeons. These systems go beyond simple robotic systems, providing a platform for minimally invasive surgeries with benefits for both surgeons and patients. Despite being considered innovative technology, robotics has become increasingly common; in the orthopedics space, for example, all major companies now offer a robotic system and have had to do so to remain competitive against their leading peers.
- Pulsed field ablation devices: Pulsed field ablation (PFA) has emerged as a promising treatment for atrial fibrillation (AF), garnering significant attention from the cardiac ablation community. PFA employs electric pulses, not heat, that help in the electroporation of the myocardium without collateral damage to normal heart tissue. Compared to established treatment options, PFA has remarkably low recurrence rates, shorter treatment durations and higher success rates.
- Diabetes care devices: Diabetes care technology is poised for significant growth in the near future, driven by ongoing advancements. Beyond these developments, significant activity is also underway in developing alternative treatment options for diabetes management, including new drug therapies and medical procedures that could potentially impact the growth of the diabetes care technology market in the coming years.
- Neurostimulation devices: The multibillion-dollar implantable neurostimulation device market will grow as new and incumbent competitors expand treatable indications and launch new devices with design and life span improvements. The hypoglossal nerve stimulation device (HGNS) market has, in particular, witnessed rapid growth, and it is expected to surpass most other neurostimulation device markets in size in upcoming years.
- Renal denervation: The hypertension management market will regain its momentum with the dawn of the long-awaited age of renal denervation (RDN) technology. 2023 was eventful with U.S. approvals of devices from Recor Medical and Medtronic poised to impact the hypertension management market in 2024 and beyond.
Exciting technologies are emerging in the medtech sector, but the industry faces challenges including shifting service sites in the critical U.S. market, global supply chain disruptions, the rise of GLP-1 receptor agonists, the emergence of AI/ML, and the fast-changing policy landscape. These challenges will be addressed in part two of the Medtech Trends to Watch report.
