Medical device industry trends for 2024.

The medical device industry is in a constant state of evolution. We are seeing more sophisticated consumer expectations, advancements in technology, regulatory changes, and changing healthcare needs – just to name a few. As we gaze into our crystal ball, five key trends have bubbled up. Let’s look at what is poised to impact the medical device industry in 2024.

Trend #1: Taking a deeper look at AI/machine learning

Organizations are increasingly integrating artificial intelligence (AI) and machine learning (ML) technology into their medical devices, the experiences that drive consumer awareness and usage, and into the data that powers organizations. Medical device organizations can see the vast opportunities. Yet they also realize that implementing AI/ML tools is a marathon, not a sprint. By starting with the desired outcomes and thoughtfully mapping goals to capabilities, deeper integrations that provide a higher level of meaning for the business and consumer audiences will emerge in 2024.

Organizations are also starting to think about AI/ML as another tool that empowers their human workforce. From algorithms that can quickly surface patterns in clinical trials that can be further investigated by data managers to the consumer care staff member who can quickly access the right information at the right moment. One thing is clear: AI/ML may be most powerful when it’s put in the hands of people.

Trend #2: Consumer-centricity continues to advance

Without question, patient-centricity is the future of the medical device industry, as it is across healthcare. So much so that I don’t think the term ”patient” is as accurate as ”consumer.” Consumers have more choice than ever. They are looking for more personalized, convenient, empathetic, and even educational experiences. This holds true with the medical device websites, marketing, products, and support they access. When marketer’s align these to their consumers, the better chance organizations have of gaining a loyal long-term consumer.

Medical device organizations will be thinking more about the relationships between the organization and consumer and the consumer and their product in 2024. And they’ll be looking for opportunities to drive deeper connections with both.

Trend #3: Health at home and diagnostics

Here’s a shocking statistic: Almost a quarter of the U.S. population will be 65 and older by the year 2060. When we talk about the evolution of healthcare needs, the baby boomer population is driving a good deal of that change. Aging in place; remote monitoring; and products that allow for a safe, healthy, and independent lifestyle will continue to make an impact in 2024 and far beyond.

It’s also worth noting that even though the members of the 65-plus population aren’t digital natives, they have gotten the hang of it. They are using their devices to research and order products; track their health trends; and communicate with family members, friends, and even their healthcare professionals. If your website is not optimized for this new vision of 65-plus, the time is now to transform. Your audience is already well versed in some of the best digital experiences around.

Trend #4: Sustainability and mission

One may look at this trend and suspect it may be driven by younger millennials and Gen Z. But the truth is consumers across age brackets are thinking differently about the products they purchase and the companies behind those products. Organizations in the medical device space are exploring eco-friendly materials, energy-efficient production methods, and other strategies to reduce their carbon footprint. Meanwhile, marketers and sales teams are exploring ways to bring that message to market. It’s a strong one. And when everything else is equal, an earth-friendly story can drive a consumer to choose one product over another.

However, an organization’s eco-friendly story is not the only one that consumers want to hear. They are also interested in learning about a company’s history, mission, values, and philosophy. A recent survey by the World Economic Forum found that 70% of respondents buy from brands they believe reflect their own values and principles. Creating content and digital experiences that articulate those values — and show how your organization is living them — is critical.

Trend #5: Connectivity, security, and trust

As more and more devices are connected, issues of security continue to surface. In fact, conversation swirl around the vulnerability of device security and potential for hacking. We’ve already seen vulnerability in the provider space with health systems being knocked offline and patient data mined. It’s only a matter of time for the medical device industry to be affected.

Tightening security and protecting patient data are only one part of the equation. Consumers’ willingness to provide their health data to organizations outside of their health system has declined since 2020. So it’s not only about creating a safe, secure environment for your consumers. It’s also about communicating that story to them and building up their trust.

Our Digital Healthcare Strategy team helps medical device organizations better understand their audiences, create memorable experiences that drive conversions, and inspire brand loyalty. Contact us today for more information.