New report highlights challenges and opportunities in resilient MedTech industry
LONDON, July 2, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, today announced the release of the MedTech Trends to Watch 2024 report, the second installment in a two-part series offering a predictive analysis of emerging trends shaping the MedTech industry. Highlighting both challenges—such as economic uncertainty, regulatory shifts and fragile supply chains—and opportunities such as the rise of ambulatory surgical centers and AI in MedTech, the report provides a comprehensive outlook on industry trajectory.
2024 marks a pivotal year for the MedTech sector following the impact of COVID-19 with significant advancements in technologies like pulsed-field ablation and ongoing growth in areas such as diabetes care and surgical robotics, as detailed in this year's Medical Technologies to Watch 2024 report. However, these innovations are directly affected by external factors such as economic uncertainty and macroeconomic trends. Industry leaders must adapt to these dynamics to navigate challenges and capitalize on emerging opportunities.
Juliane Ray, Vice President, MedTech Strategy, Life Sciences & Healthcare, Clarivate said: "Amidst a period of unprecedented change, the MedTech industry has demonstrated remarkable resilience and innovation. From the advent of groundbreaking technologies like pulsed field ablation to advancements in diabetes care and surgical robotics, there is a vibrant cycle of innovation. However, this progress is intertwined with significant challenges, including financial uncertainties, regulatory shifts, and supply chain vulnerabilities. The new MedTech Trends to Watch report explores how this resilient industry is navigating these complexities and seizing emerging opportunities such as AI integration and the growth of ambulatory surgical centers, to not just to recover, but to redefine the future of healthcare."
The MedTech Trends to Watch 2024 are:
- Shifts in sites of service - To keep pace with the changing landscape of sites of service for surgical procedures, medical device companies are under pressure to evolve their sales and marketing strategies to the expanding non-hospital market. Clarivate data show that traditional inpatient procedures are increasingly shifting to outpatient settings.
- The impact of GLP-1 receptor agonists - The initial uptake of GLP-1 receptor agonists for weight-loss applications promised significant disruption across the MedTech sector. While concerns have moderated, uncertainty remains about their long-term impact on markets such as obesity intervention, aesthetics and orthopedics.
- Deals in MedTech - The overall outlook for the MedTech industry in 2024 remains positive. Macro trends, such as an aging global population, increasing access to healthcare, and technological advances, are setting the stage for further innovation and investment in this space. The rise of value-based care and digital ecosystems favors larger companies that can be end-to-end partners to healthcare systems.
- Supply chain - Supply chain challenges in the industry have hindered organizations' ability to promptly respond to external pressures such as labor shortages, environmental disasters, and geopolitical conflicts. In recent years, particularly since the COVID-19 pandemic, major MedTech companies have worked to improve their supply chains and continue to invest strategically in operational efficiencies to ensure supply chain resiliency and minimize future impacts.
- AI in MedTech - AI is transforming global medical technology, revolutionizing practices in fields like endoscopy and diagnostic imaging. As its applications expand, promising enhanced precision and patient outcomes, navigating diverse regulatory frameworks worldwide remains crucial to ensuring safety and healthcare excellence.
- Regulatory changes in Mainland China - Volume-Based Procurement (VBP) in Mainland China has drastically impacted market and competitive dynamics in the country. In addition to significant price cuts and the associated effect on revenues, the rollout of VBP has prompted multinational and domestic firms to strategically adjust their operations amidst its phased implementation across product categories and regions.
Access the full MedTech Trends to Watch 2024 report from Clarivate, here.
For more MedTech Trends to Watch and Medical Technologies to Watch updates and analyses throughout the year, visit the MedTech Content Hub web page and follow Clarivate for Life Sciences & Healthcare on LinkedIn and X. Join the conversation, using #MedtechTrendsToWatch.
To learn more about how Clarivate can help MedTech companies evolve their commercialization strategies and answer new types of business questions by obtaining actionable MedTech insights across the entire R&D lifecycle, visit here.
Methodology
To identify this year's MedTech Trends to Watch, Clarivate drew from the expertise of over 40 analysts, covering over 80 medical device markets across more than 50 countries globally, and integrated MedTech intelligence datasets that span the R&D and commercialization life cycle, along with other industry sources, including company press releases, financial filings and peer-reviewed publications. Clarivate proprietary data and solutions used include MedTech 360, commercial targeting (Procedure Finder/Healthbase), tracking tools (Marketrack/PriceTrack), and Cortellis Competitive Intelligence™ and Cortellis Deals Intelligence™ and other real-world data analyses, including claims data and government data analytics.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com
Media Contact:
Luna Ivkovic
External Communications, Life Sciences & Healthcare
newsroom@clarivate.com
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SOURCE Clarivate Plc
