In the dynamic landscape of 2023, notable trends have emerged, influencing the medtech industry. These developments encompass groundbreaking innovations, regulatory approvals, and significant shifts in the medtech sector, responding to the evolving needs of healthcare providers and the challenges posed by the economic climate.
Top 2023 Medtech Trend No. 10: Exploring GLP-1 Drugs
Health providers in the U.S. prescribed over 9 million doses of Wegovy, Ozempic, and other glucagon-like peptide-1 (GLP-1) weight loss drugs in a span of three months. This surge raised questions about how these drugs might impact the demand for medical devices. Despite concerns, medtech executives, including those from Medtronic and Intuitive, remained optimistic, suggesting potential synergy between GLP-1 drugs and their technologies.
Top 2023 Medtech Trend No. 9: Escalation of Philips Respironics CPAP Recall
Philips faced an extensive recall involving millions of CPAP and BiPAP ventilators due to potential breakdowns in sound abatement foam. By mid-year, reports related to the issue exceeded 100,000, with 385 mentioning deaths. While Philips agreed to a $479 million settlement for U.S. economic loss claims, legal challenges persist. The FDA also warned of thermal issues in replacement CPAPs leading to burns and fires.
Top 2023 Medtech Trend No. 8: Prolific Year for Diabetes Tech Launches
Diabetes treatment witnessed a surge in product clearances and launches. Dexcom introduced the G7 continuous glucose monitor, significantly smaller than its predecessor. Tandem Diabetes Care received FDA clearance for its Tandem Mobi automated insulin delivery system. Medtronic Diabetes secured approval for its next-gen MiniMed 780G insulin pump system. M&A activities included Abbott’s acquisition of Bigfoot Biomedical.
Top 2023 Medtech Trend No. 7: Disruption in Surgical Robotics
Intuitive faced increased competition in the surgical robotics arena, with companies like Titan Medical winding down and Siemens Healthineers discontinuing the use of its Corindus surgical robotics for cardiology procedures. Despite challenges, Medtronic gained FDA permission for its pivotal trial for Hugo robotic-assisted hernia procedures.
Top 2023 Medtech Trend No. 6: Dominance of Artificial Intelligence (AI)
AI took center stage in 2023, with numerous medtech companies incorporating AI into their offerings. Stryker explored AI’s potential to enhance surgical robotics outcomes, emphasizing the importance of addressing real clinical problems. While AI offers opportunities for data analysis, manufacturing processes, and workflow optimization, experts cautioned against its implementation for the sake of adopting AI.
Top 2023 Medtech Trend No. 5: Unexpected Medtech Shutdowns
Several unforeseen shutdowns affected medical device companies, especially those whose technologies experienced surges during the early years of the COVID-19 pandemic. Avail Medsystems, focusing on virtual connections between medical device sales reps and operating rooms, experienced an abrupt shutdown. The medtech fundraising environment remains challenging, with hopes for a rebound in the long term.
Top 2023 Medtech Trend No. 4: Strategic Refocusing of Medical Device Companies
In response to challenges such as inflation, higher interest rates, and supply chain disruptions, many medtech companies underwent significant refocusing and reorganization. Industry giants like Medtronic and Johnson & Johnson MedTech announced layoffs and restructuring. Spinoffs, including Mozarc Medical by Medtronic and DaVita, marked a trend of strategic adjustments.
Top 2023 Medtech Trend No. 3: Leadership Changes in Medtech
The medtech sector witnessed notable personnel and leadership changes in 2023. Ashley McEvoy stepped down as the worldwide chair of Johnson & Johnson MedTech, with Tim Schmid assuming the role. Bryan Hanson left his position as CEO of Zimmer Biomet to lead the Solventum spinoff. The year was marked by shifts in leadership roles across various medtech companies.
Top 2023 Medtech Trend No. 2: Breakthrough in Pulsed Field Ablation System
Medtronic achieved FDA approval for its PulseSelect pulsed field ablation (PFA) system, the first such approval in the U.S. for treating atrial fibrillation (AFib). Boston Scientific anticipates approval for its Farapulse system in 2024. Pulsed field ablation, a nonthermal method for cardiac ablation, generated excitement for its potential to treat AFib while minimizing damage to surrounding structures.
Top 2023 Medtech Trend No. 1: FDA Clearance for Renal Denervation Systems
After nearly 13 years, Medtronic secured FDA approval for its Symplicity Spyral renal denervation (RDN) system, designed to treat hypertension. Recor Medical also received FDA approval for its Paradise RDN system that uses ultrasound energy. The approval marked a significant milestone, opening possibilities for additional applications, including aiding AFib patients when combined with cryoablation. Ablative Solutions reported positive results in its alcohol-mediated RDN pivotal trial.
These trends underscore the transformative and innovative nature of the medtech industry, shaping healthcare delivery and patient outcomes in 2023.
