New report highlights innovations poised to drive significant clinical and market impact
LONDON, May 22, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today announced the release of the Medical Technologies to Watch in 2024 report. This first installment of a two-part series offers a comprehensive predictive analysis of high-growth medical technology markets poised to generate over $1 billion in value or achieve double-digit growth within the next five years.
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 devicesPulsed 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 devicesDiabetes 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 devicesThe 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 roboticsSurgical 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 denervationThe hypertension management market will regain its momentum with the dawn of the long-awaited age of renal denervation (RDN) technology. 2023 was eventful with the U.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 $1 billion or more by 2028 or have rapid growth rates with high market values. Clarivate experts and analysts evaluated each medical technology in its individual context based on factors such as expected device approval or launch dates, reimbursement potential, competitive landscape, regulatory status, trial results, market dynamics and other key factors.
About ClarivateClarivate™ 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 IvkovicExternal Communications, Life Sciences & Healthcarenewsroom@clarivate.com
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