2023 saw healthtech space go through several challenges—funding issues, down rounds, economic turbulence and whatnot. Nonetheless, 2024 is going to be a long exciting year for the healthtech industry.
Experts predict that this will be the year of major industry change. As small fragmented changes come together, we’ll see a makeshift in the way we look at healthcare.
With a big year on the line for healthtech, here are some interesting predictions for you.
Top 2024 healthtech predictions industry leaders are bullish about
AI will become an inseparable part of healthtech
This year saw a growth in adoption of AI in healthcare. Next year, we’ll see AI integrated into the very fabric of healthcare. It will find more useful applications in wearable tech, diagnostics, drug discovery and development, medical admin work, precision medicine, personalised treatment, patient communication, disease prediction and every other aspect of healthcare.
Blockchain will find application in health data security
To address the growing health data privacy and security concerns, blockchain-based security will see a demand in healthcare. Blockchain technology is emerging as a powerful solution to ensure the security and integrity of medical data and will see increasing adoption in the healthcare space.
Telemedicine and hybrid care models will see a boom
With improved patient-doctor communication, better remote monitoring options and enhanced connectivity, telehealth and virtual care will further evolve. Hybrid care models will see better results. Virtual follow-up visits may soon become the new norm.
We’ll see digital health companies capitalising on a blend of in-person and virtual care to enhance the efficiency of patient care delivery.
Personalised and patient-centred models to see more demand
Advances in genomics and AI-infused diagnostics are giving rise to personalised digital health journeys. We’ll see more personalised treatment recommendations based on patient history and real-time analysis of bodily functions. Digital health companies who can nail this proposition right will see a brighter 2024.
Updated or new healthcare standards and regulations
2024 will see regulators catching up with technological advancements in healthcare. Now that there is a clearer picture of AI, machine learning and robotics in healthcare, regulatory bodies will streamline standards to ensure patient safety and health data security.
Outdated standards will be updated, and new regulations or subsections within existing regulations will be created to regulate the use of AI in healthcare.
Predictions for the healthtech funding and investments in 2024
Increased investment in certain sectors
Investors are increasingly interested in startups and companies in the AI-powered healthtech space, as they have the potential to revolutionise healthcare. As a result, 2024 will see increased investment in AI-powered digital health solutions, value-based care, telemedicine, virtual care, hybrid care models and digital therapeutics.
Increased in M&A activity by non-traditional players
Experts predict that more than funding, 2024 will see an increase in M&A activity. Non-traditional players—big techs, technology companies and private equity firms—are looking to enter the healthcare space. They will make the move by acquiring digital health companies with promising technologies and high-growth potential.
Note: While investors’ interest will increase in certain areas, there are possibilities that 2024 might be a rough year for several other startups. It’s that cautious time of history when startup founders need to put their best foot forward to survive. Keeping themselves lean is essential to make it through. Christina Farr wrote an excellent piece cautioning healthtech entrepreneurs about what is in the store. Do check it out here 👉 https://ovsecondopinion.substack.com/p/how-health-tech-founders-can-survive
Some other predictions and trends that will alive in 2024 are:
Use of robots in mainstream surgery and other healthcare needs:
Robots are becoming more sophisticated and are driving precision in procedures and assistance. 11 million robot-assisted surgeries were performed in the first half of 2023 alone. In 2024, this number will rise even further, and we’ll see robots being used in other domains of healthcare, like assisting the elderly and disabled, patient communication, admin work, etc.
Increase in the use of AI-powered wearables and medical devices:
AI-powered medical wearables not only generate real-time data they also analyse the data to enable proactive interventions. As a result, they will be increasingly used in real-time remote monitoring, drug surveillance, disease management, disease prediction and a lot more.
Advancements in wearable technology will see more FDA-approved wearable medical devices hit the market in 2024.
Cybersecurity in healthcare will get heightened priority
With the rise of wearables in healthcare, the amount of healthcare data generated and stored is increasing. There is also a rise in malware and hacking attacks in the healthcare space. As a result, we’ll see more companies focusing on cybersecurity to ensure customer health data remains private and secure.
Integrated or collaborative approach to healthcare
As fragments of healthcare come together, we’ll see more partnerships between tech, healthcare providers and pharma to foster a more integrated approach to patient care.
Increase in prescription-based digital therapeutics
Digital therapeutics hold immense potential by providing cost-effective, accessible and scalable healthcare solutions. As clearer regulatory pathways are established, and reimbursement models are refined, we’ll see more companies dwell on digital therapeutics.
New modalities will emerge in healthcare settings
Innovative care modalities like digital twin technology, virtual and augmented reality, 3D printing, virtual healthcare assistants and generative AI-powered care will emerge as powerful healthcare options.
To conclude
The healthcare industry is embracing technology and innovation at an unprecedented pace. Recent years have seen an explosion of new technical capabilities dramatically improving the patient and provider experience. And that’s just the beginning.
We’re yet to discover what healthcare innovation can achieve when all fragmented pieces come together. 2024 will make a bigger impact in streamlining the sector altogether. As new technologies mature and integrate into mainstream healthcare systems, we can look forward to more accessible, efficient, and personalised healthcare services.
