Clarivate Identifies Five Breakthrough Medical Technologies Set to Transform Patient Care in 2024
On May 22, 2024, Clarivate released its 'Medical Technologies to Watch in 2024' report, spotlighting five breakthrough medical technologies projected to generate significant clinical and commercial impact. These technologies include pulsed field ablation devices for atrial fibrillation, advanced diabetes care devices, neurostimulation devices, surgical robotics, and renal denervation technology for hypertension management. The report forecasts these technologies will generate over $1 billion in market value or achieve double-digit growth within the next five years. Challenges such as shifting service sites, global supply chain issues, and evolving policy landscapes are also acknowledged.
- The report identifies five breakthrough medical technologies expected to generate over $1 billion or achieve double-digit growth in five years.
- Pulsed field ablation devices for atrial fibrillation show low recurrence rates and higher success rates compared to traditional treatments.
- Neurostimulation devices market, especially hypoglossal nerve stimulation devices, is expected to surpass other markets in size.
- Surgical robotics are becoming increasingly common, providing increased precision and better ergonomics.
- Renal denervation technology for hypertension management sees significant momentum with recent U.S. approvals.
- The medtech industry faces challenges such as shifting service sites in the U.S., global supply chain disruptions, and a fast-changing policy landscape.
- The emergence of AI/ML and the rise of GLP-1 receptor agonists present further challenges that need to be addressed.
The identification of five breakthrough medical technologies set to transform patient care is a pivotal development for both the healthcare industry and investors. The technologies highlighted, such as pulsed field ablation devices and surgical robotics, have the potential to generate significant revenue streams, with forecasts exceeding
From a financial perspective, each technology represents substantial growth opportunities. For instance, the surgical robotics market, already seeing robust adoption, promises further expansion due to its advantages in minimally invasive surgeries. Investors should note the competitive dynamics in this space, with all major orthopedic companies now offering robotic systems.
Additionally, the renal denervation technology, expected to impact the hypertension management market significantly, indicates a resurgence in a previously stalling segment. This could lead to positive financial outcomes for companies like Medtronic, who are already gaining approvals.
In the short term, the market might see stock price upticks for companies involved in these technologies. Over the long term, sustainable revenue growth is likely if these innovations achieve widespread adoption.
The report underscores promising advancements in patient care, particularly in areas such as atrial fibrillation treatment and diabetes management. Pulsed Field Ablation (PFA) devices offer a novel, less invasive method with higher success rates and lower recurrence than traditional treatments. This could revolutionize cardiac care, reducing patient recovery times and hospital costs.
Diabetes care devices are also set for significant advancements, potentially reducing the burden of diabetes through improved monitoring and treatment options. This aligns with the broader trend of integrating technology with chronic disease management.
In neurostimulation, the expansion of treatable indications and improved device lifespans could enhance patient quality of life and reduce long-term healthcare costs. The rapid growth of the HGNS market is noteworthy, as it indicates increasing acceptance and potential dominance in its segment.
These innovations not only promise better patient outcomes but also signify a shift towards more tech-driven solutions in healthcare, which could have far-reaching implications for healthcare practices and policies.
The medtech report highlights significant commercial value, particularly in the devices and diagnostics sector. The projected growth rates and market values indicate strong investor interest and potential high returns. Notably, the neurostimulation and diabetes care markets show robust potential, driven by technological advancements and increasing demand.
However, it’s important to consider the competitive landscape and regulatory hurdles that could impact market entry and expansion. Companies venturing into these segments must navigate a complex regulatory environment, which could delay product launches and affect revenue projections.
Furthermore, global supply chain disruptions and policy changes are significant risks. Investors should monitor these factors closely, as they can influence market dynamics and investment outcomes.
Overall, the projected high growth rates present lucrative opportunities, but they come with inherent risks that need to be managed strategically.
New report highlights innovations poised to drive significant clinical and market impact
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:
- 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 lifespan 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. - 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. - 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 theU.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.
Access the full Medical Technologies to Watch in 2024 report from Clarivate, here.
For more Medical Technologies to Watch updates and analyses throughout the year, visit the Medical Technologies to Watch web page and follow Clarivate for Life Sciences & Healthcare on LinkedIn and X. Join the conversation, using #MedicalTechnologiesToWatch.
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 Medical Technologies 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.
Clarivate analysts utilized our new Data Explorer application to highlight markets that have a total forecast market value of more than
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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