Trends to Watch in 2024

As we close out 2023 and reflect on 2024, it is an ideal time to assess market trends and potential impact on career development.  The intersection of what our market cares about, and where it is willing to resource and invest, is where career opportunities live.  The market is more dynamic than ever before, and studying trends can be the most important driver of a focused, productive, and fulfilling career.  Here are a few highlights of big picture trends as well as life science industry specific trends I expect to play a large part in the success of 2024. 

Macro Trends:

1. Investment into #medtech, #healthtech, and #biotech will grow.  2023 was backlash from the gangbuster capital raise in 2020-2022.  Investment has continued in our sector and will continue in 2024 when realistic expectations are set by both a founding team and investors.  Young companies pitching for a capital raise will need to demonstrate clear mission, have experienced leadership, a path to revenue, and benefit to payer, clinician, and patient. 

2. Data will become, Data.  In the last 7 years, I have watched the discussion of “data” and its impact to healthcare build.  With FDA guidance becoming more robust, and years of use cases, we are getting closer to a healthcare environment that will not only collect information, but also use it in a way that provides insight that can be monetized. 

3. Monetization is key.  While on the data component, a trend to watch is changing pricing models.  The implementation of service models with data-based innovation will force the hand on financing.  Lease vs. Buy, pay per click, and active industry partnerships will all create opportunities for new technologies to profit, however, they will need to demonstrate clearly the monetary value they are bringing to all within these centers of care.

4. Strategic Supply Chain Management.  From the experience of a global shutdown and supplier challenges, leaders are working to stay ahead of unforeseen issues with necessary products and services.  In addition to efficiencies and service, suppliers will need to have impact to environment as priority, as the regulation around climate impact continues to grow.    

5. “We are Hiring” sign always ON.  As companies build for success in 2024, hiring critical roles will be strategic vs. reactive.  Organizations are taking their hiring plan and thinking in a broader timeframe, allowing for diligence on both sides of the interview process.  Media allows a company’s hiring brand to be “always on”, allowing talent to stay in wake.

6. Your Individual Brand is always ON.  The gift of media for the individual is the ability to understand marketability while gainfully employed.  It is accepted as norm to have a presence on LinkedIN, connecting to others in the industry that share your interests.  Our industry thrives on the cross pollination of ideas and contributions, and 2024 will be robust for opportunity. Allow your presence on media to do the legwork in the background of keeping you informed and engaged with a larger and more connected world than ever in history. 

Industry Trends:

1. Greater emphasis on inclusivity and health equity.  With data driven insight clearly the future, it will become more important that clinical trials and innovation both represent the greater population at large.  Ensuring drugs and medical devices are safe for everyone, and having the tools that create insight from these clinical trials, will go lockstep into the future as we move towards a more democratized healthcare system overall. 

2. Preventative Healthcare.  Better access to routine testing, growth of telehealth platforms, and the power of wearable technology at home are all playing a part in the growing interest in preventative healthcare. 

3. Expiration of the Public Health Emergency.  Expedited regulatory authorizations (EUAs) allowed for faster pathways for testing, vaccination, and interventional technologies during the pandemic.  On May 11, 2023, this public health emergency expired in the US, creating a regulatory and quality adherence process for a longer period of time for innovation.  This uptick in demand for regulatory and quality understanding and governance will continue in 2024.

4. Show me, don’t tell me.  Regulatory bodies, Payers, Clinicians, Group Purchasing Organizations, Investors, and even Patients/Customers want to see the proof.  How will your technology improve my health, save me time, money, resources, or all of the above? The innovative companies will be challenged in early commercialization in this “show me” model as revenue uptake will be delayed.  However, those astute in reimbursement, market access, and strategy will be in high demand.   

5. Mental Health is Health.  With the staggering number of suicides growing annually, and one of the most common killers of youth under 25, it is important to note the trend towards holistic health involving both physical and mental ailments.  There are innovative companies creating management and intervention tools, and we are also seeing increased screening in the schools, primary care physician practices, and front line care providers.  

6. Women’s Health is Health.  50% of the population, yet technology focusing on the lifetime health of women is an investment fraction of that of traditional medtech.  The trends bubbling together today create robust opportunity in women’s health, including more targeted investors, push towards diverse trial enrollment, and greater acknowledgement of the enormous fiscal opportunity in the market.   

2024 will be one of growth and execution based on lessons learned from the prior few years, and I am optimistic about our future and our great industry. Wishing you all a healthy and fulfilling new year.