What challenges will the medtech industry face in 2024?

The Golden Globes have already been awarded, and we will soon find out the Oscar nominations. So, for a moment, let’s go back to the trends in the medtech sector in 2023 and think about how they might translate into the ongoing year. What challenges will the medtech industry face in 2024?

Innovations and Development: Medical products typically have a lifecycle of only 18–24 months before a new and improved product emerges. This is just one indicator that the medtech sector is rapidly evolving, so much so that regulations struggle to keep up with progress. Most importantly is that with our help, upcoming changes will become more manageable.

Digital Transformation: Digital innovations are being introduced, transforming the face of healthcare. This means that an increasingly detailed approach is required for many medical products. We assist in certifying digital innovations.

Economic Impact and Employment: MDR Regulator contributes to economic growth and job creation. Currently, there are over 35,000 companies dealing with medical technologies in Europe. Most of them are based in Germany, followed by Italy, the UK, Hungary, France, and Switzerland. Small and medium-sized enterprises (SMEs) make up about 92% of the medical technology industry.

Growing Market: Despite global challenges, the medtech market remains strong and continues to grow. Based on manufacturer prices, it is estimated that the European market for medical products constitutes 26.4% of the global market. It is the second-largest after the USA (46.6%), therefore we contribute to the expansion of the European medtech market.

Legal Regulations: The industry’s development leads to frequent changes in EU regulations. MDR Regulator ensures full compliance with MDR and IVDR regulations and stays up-to-date with regulatory changes.

Join us in shaping the future of the industry and improving the world of medical products together with us!