In 2024, MedTech stands at a fascinating crossroads. The COVID-19 pandemic left its mark, reshaping how we approach healthcare and innovation, and the recent rise of GLP-1 drugs shook up the market for obesity-related medical devices. As we look ahead to 2024, it's crucial to understand the trends and developments that will shape the industry in the coming months.

In 2023, the MedTech sector regained stability after a few tumultuous post-pandemic years. Low procedure volumes, supply chain disruptions, and staffing shortages gradually eased, allowing companies to regain footing. Financial reports from industry giants like Medtronic hinted at a more stable operating environment, marking a potential turning point for the industry.

However, analysts started to worry that the adoption of GLP-1 therapies would have an outsized impact on obesity-related medical devices, and related MedTech stocks dipped 17 percent as the sentiment solidified that the need for device-enabled diagnostics and interventions would reduce dramatically.

Now, let's turn our attention to the present. We’re exercising cautious optimism and looking ahead to improved business trends and stability on the horizon. The MedTech market is poised for growth, driven by technological advancements, regulatory changes, and increasing demand for healthcare solutions. 

We expect several trends to shape the MedTech landscape in 2024. 

M&A Activity 

One notable prediction is the resurgence of merger and acquisition activity, driven by favorable market conditions and a focus on innovation. Companies will continue to invest in research and development, particularly emphasizing emerging technologies such as artificial intelligence and digital health solutions. Take Boston Scientific's recent acquisition of Axonics. Additionally, regulatory changes, particularly around lab-developed tests, may impact industry dynamics and innovation strategies.

Emerging Technologies 

In 2024, we anticipate significant advancements in various areas of MedTech, including continuous glucose monitoring, automated insulin delivery, and wearable health monitoring devices. Companies like Dexcom, Abbott, and Medtronic are leading the charge with innovative products that aim to revolutionize patient care and management. 

Dexcom’s direct-to-Apple watch stands out, as do Insulet’s Omnipod 5 automated insulin delivery system and Roche Diabetes Care’s Accu-Check SmartGuide CGM. These technologies promise to improve outcomes and enhance the quality of life for patients worldwide, and they will likely attract significant attention from both consumers and investors. We also want to call out Medtronic's MiniMed 780G automated insulin delivery system, which aims to provide advanced therapies to diverse patient populations, highlighting the focus on diversity in diabetes research for 2024.  

While the future looks promising for the MedTech industry, it's not without its challenges. Companies must navigate regulatory hurdles, market competition, and evolving consumer preferences to succeed in 2024. However, with the right strategies and a commitment to innovation, this dynamic sector has ample opportunities for growth and advancement.

If your organization is interested in supporting your 2024 roadmap with targeted research and patient insights, we invite you to contact our sales team.

About the author

Adam Zandman

Adam Zandman

Adam, Thrivable's Marketing Director, is a passionate advocate for improving the patient experience, driving companies to prioritize the patient voice in their decisions