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Medtech lies at the intersection of the most fast-changing and innovative industries— healthcare and technology. Over the past several years, telemedicine, wearables, and artificial intelligence (AI) advancements have transformed the Medical and Life Sciences industries. With the healthcare market projected to reach $665.37 billion globally by 2028, designing and developing healthcare solutions that enhance user experiences and outcomes has never been more critical. As we look ahead to 2024, several key trends are poised to reshape how we design, develop, deploy, and manage Medical and Life Science digital solutions. Here are a few of these trends and outlooks.
Generative AI has been gaining momentum, and in 2024, we expect to see more support for highly focused, low-risk generative AI. Solutions that improve clinical documentation, structure and analyze patient data, and optimize workflows will be the most sought-after opportunities health systems will look to invest in when it comes to leveraging generative AI.
Digital therapeutics deliver evidence-based therapeutic interventions to patients. High-quality software programs drive these interventions to treat, manage, or prevent a disease or disorder independently or with medications, devices, or other therapies to optimize patient care and health outcomes.
Despite the widespread integration of electronic health records (EHRs) and advancements in precision medicine tools, the process of diagnosis remains fragmented and suboptimal for both clinicians and patients. There were 43.4 million imaging tests reported in England in the 12 months from February 2022 to January 2023. Of these, 3.41 million imaging tests were reported to have taken place in January 2023 (NHS England; 2023 Diagnostic Imaging Dataset Statistical Release). The possible convergence of laboratory, pathology, and imaging test results within the same medical report via Integrative diagnostics could facilitate collaborative decision-making and more accurate clinical diagnosis. In 2024, we expect significant advancements in integrated diagnostics to enable different healthcare specialists to exchange patient data both timelier and more accurately.
In a time when economic pressures are exacerbating discrepancies in healthcare access, healthcare providers and payers are facing increasing economic challenges. To bridge the gaps of cost pressures, labor shortages, and funding challenges, consumer devices and diagnostics are prime for innovation. Wearables enable healthcare providers to maintain a higher quality of patient care while combating the previously mentioned obstacles. The combined market for wearables in the UK was worth £1.6b in 2022. With the market forecasted to expand at a CAGR of 17.65% over the period 2022-2027, 2024 will be a big year for In wearables in helping lessen the dependence on healthcare institutions.
VUI design plays several roles in healthcare processes, including prompting patients to schedule appointments, helping them prepare for procedures, standardizing care information provided before or after treatment, and asking questions during care. The increasing adoption of VUI technology in the healthcare sector is the key factor driving the market's growth. Technavio reports that the Voice User Interfaces (VUI) Market size is estimated to grow at a CAGR of 23.39% between 2023 and 2028.
As we enter 2024, the adoption of new or cutting-edge technologies will pave the way for innovative solutions across the entire healthcare system. What we’ve listed are just four trends we see. For a full list, download our guide.
techUK has launched a Life Sciences workstream, bringing together members actively working in drug discovery, digital therapeutics, data and AI, or those interested in moving into this space. As the Life Sciences sector looks to introduce digital health technologies into its portfolio, techUK are shaping the conversation.
The Interoperability Working Group will work towards achieving the vision set out in NHS England’s 2022 draft standards and interoperability strategy. The group will aim to encourage the adoption of open standards and fluidity of data whilst recognising the commercial needs of members. It will also focus on demonstrating the value of interoperability to NHS senior management and improving the abilities of SMEs to implement interoperability standards.
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