Dec 19, 2024
medtech series | author
Weronika Michaluk
MedTech Practice Lead at HTD Health
As 2024 winds down, there are many MedTech trends worth reflecting on. This year brought impressive advancements in medical technology, shifts in regulations, and a stronger focus on improving patient care. At HTD, we started the year by identifying trends likely to shape MedTech’s future—such as connected devices, software integration, and artificial intelligence (AI). Now, we’re taking a closer look at how these predictions played out, what developers can take away, and where the industry might go next.
Free consultation
Still have questions? Reach out to our SaMD expert and chat
We will develop an executive plan for your medical device software
Contact Us
Digital health trends: The top 5 MedTech innovations from 2024
1. Software as a Medical Device (SaMD): From promise to growth
Software as a Medical Device (SaMD) isn’t just a buzzword—it’s a fast-growing sector that’s reshaping healthcare. Research shows this market jumped from $24 billion in 2023 to over $30 billion in 2024, and projections suggest it could reach $74 billion by 2028. This growth reflects the rising need for software-based solutions in diagnostics, remote monitoring, and personalized care.
One key driver of this expansion is the increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, which require ongoing monitoring and management. SaMD solutions offer scalable, data-driven ways to improve outcomes for these patients. Another factor is the integration of AI and machine learning, enabling more accurate diagnostics and predictive insights.
At the beginning of the year, we predicted several key MedTech trends for 2024. See how accurate our forecasts were.
HTD Perspective
Companies like Butterfly Network, known for their portable ultrasound software, are proving that combining smart algorithms with accessible hardware can transform point-of-care diagnostics. For developers, the opportunity lies in creating flexible, regulatory-compliant software that works across devices and settings.
The rapid expansion of SaMD highlights the critical role of digital health solutions in modern healthcare. Companies investing in innovative software applications are well-positioned to lead in improving patient care, such as:
In diagnostics: AI-powered platforms now analyze X-rays faster and more accurately than traditional tools.
In remote monitoring: Software can integrate with wearable devices to track vital signs and flag issues before they escalate.
2. Funding and M&A: A resilient year for MedTech investments
Despite some early concerns about a funding slowdown, 2024 turned out to be a strong year for MedTech investments. By the end of the year, funding hit $34 billion—nearly double the $18 billion from 2023.
Alongside funding, mergers and acquisitions (M&A) surged. Big players made strategic moves, like Johnson & Johnson acquiring Shockwave Medical for $13.1 billion. Deals like this show where MedTech leaders see growth opportunities—whether in cardiovascular tools, robotics, or connected devices.
HTD Perspective
A healthy funding and acquisition environment often means more resources for R&D, software teams, and new product development. For smaller players, it’s also a chance to collaborate with larger organizations looking to adopt innovative technologies.
Companies that align with emerging trends and demonstrate value are attracting substantial investments and partnership opportunities.
Get the latest news about MedTech and SaMD from our experts.
3. AI’s growing role in MedTech
AI has officially moved past the hype stage. In 2024, the FDA approved more AI-driven medical devices than ever before, showing how quickly this technology is being put into practice. From analyzing imaging data to predicting patient outcomes, AI is helping clinicians make decisions faster and more confidently.
One example is the Symani Surgical System—a robotic platform that uses AI to enable precision microsurgeries. For developers, this highlights how AI models can be integrated into hardware to perform tasks with accuracy far beyond human limits.
But AI isn’t just about robots or complex algorithms. Even smaller applications, like decision-support tools for doctors or health monitoring apps, are making an impact. For developers working in MedTech, the focus is on building tools that provide insights, save time, and integrate seamlessly into healthcare workflows.
HTD Perspective
The adoption of AI enhances clinical decision-making and operational efficiency. MedTech companies leveraging AI are at the forefront of delivering innovative solutions that improve patient outcomes and streamline healthcare processes.
4. The push for interoperability
This year, the CMS Interoperability and Prior Authorization Final Rule (CMS-0057-F) made waves in healthcare. Starting in January, it laid out a roadmap for improving how patient data is shared and used across systems. By 2026 and 2027, healthcare organizations will need to meet new standards for data exchange.
For MedTech companies, this is more than a compliance requirement—it’s a chance to lead the way in connected care. Interoperability means creating software that “plays nicely” with other platforms, devices, and systems. For example:
- APIs that allow seamless data sharing between a medical device and a hospital’s electronic health record (EHR) system.
- Data Integration Tools that aggregate patient data from wearables, apps, and clinical systems into a single, usable view.
HTD Perspective
Companies embracing interoperability early are poised to lead in a connected healthcare ecosystem. From real-time data exchange to patient-centric workflows, interoperability isn’t just a regulatory requirement—it’s a competitive advantage.
Companies that invest early in interoperability will have an edge as regulations evolve—and patients will benefit from smoother, more connected care experiences.
5. Top Medical Device innovations of 2024
This year’s groundbreaking innovations showcase the direction of MedTech trends for 2025:
- Symani Surgical System: One of the top inventions of the year was a robotic system approved for precision microsurgeries, improving outcomes for delicate procedures.
- Butterfly iQ3 Handheld Ultrasound: Ranked one of the most innovative medical devices of the year, it is a portable ultrasound device with faster data processing, making diagnostics more accessible (that HTD helped build!).
- Apple’s Health Tools: Apple’s pending FDA approvals for hearing aid functions in AirPods Pro and sleep apnea detection in Apple Watches show how consumer tech is blending with medical-grade solutions.
- Smart Bandages: Researchers at the University of Arizona developed bandages that speed up wound healing while sending real-time data to clinicians.
- Brain-Controlled Prosthetics: It’s no longer science fiction – scientists have designed a bionic leg that responds to neural signals, allowing amputees to walk naturally and comfortably.
HTD Perspective
These innovations show the MedTech industry's commitment to advancing patient care through cutting-edge technology. Staying in-the-know of such developments is essential for stakeholders aiming to remain competitive and responsive to healthcare needs.
Looking ahead: What 2024 tells us about the future
This year proved that the MedTech industry is adaptable, innovative, and ready to tackle challenges head-on. Software-driven devices, AI-powered tools, and data-sharing solutions are no longer “nice-to-have” ideas—they’re the building blocks of modern digital health trends.
For developers, this is an exciting time to create tools that matter. Whether you’re working on a new SaMD app, optimizing an AI model, or improving interoperability, the opportunities are everywhere. By staying curious and engaged, you’ll play a direct role in shaping how healthcare works in 2025 and beyond. HTD is here to help.