Medtech predictions, recommendations for 2024

In the dynamic landscape of medtech, the fervor for artificial intelligence (AI) investment is palpable, and we expect the robust investment in AI technologies to continue, even though the meaningful impact will not materialize until beyond 2024. Though there are some noteworthy exceptions to this, such as in diagnostic imaging, the broader industry will have to wait longer for AI's tangible use cases to drive a strong return-on-investment (ROI). A cautionary parallel is drawn from an over-enthusiastic investment in data analytics – leading to some significant localized wins, but a lot of generalized frustration in the CFO office. Keeping abreast of the developments in AI is clearly important, but keeping some financial powder dry for clearer opportunities to crystallize, use cases to unfold, and genuine value to be articulated might be warranted.

Amidst the AI buzz, we see strategic-thinking medtech companies are focused on a more immediate challenge – cybersecurity. 2024 marks a pivotal shift, with the first full year of FDA's new, heightened focus and stringent guidance on cybersecurity for medical devices. Acknowledging the increased requirements, and liability, companies recognize failure to meet these evolving standards can lead to costly fines, reputational damage, and the reality of significant delays in bringing products to market.

The imperative to prioritize cybersecurity isn’t merely a regulatory compliance issue; it's a business necessity. As cyber threats continue their evolutionary process, forward-thinking medtech firms understand proactive cybersecurity measures are critical. In the face of today’s real and tomorrow’s mounting risks, focusing more of limited budgets on cybersecurity in 2024 is paramount for both more practical and strategic players. While AI promises significant impact, it’s the judicious attention to immediate concerns such as cybersecurity that may set the foundation for sustainable success in the medtech landscape.