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11th December 2023 – Cranfield, UK
Our team of top analysts have reviewed their beginning-of-year predictions for 2023 and provided a summary of how close our predictions were to manifesting in reality.
Despite a tumultuous year of changing economic, political, and regulatory macro-influences, big technology lay-offs and the rapid emergence of potentially disruptive technology such as generative AI, most of our predictions held up, with only a few expectations missing the mark, or the timing of actual realisation being slightly off (see our 2024 predictions for more on this).
To view the Digital Health Top 5 Predicitions, please click here.
To view the Medical Imaging Top 10 Predictions, please click here.
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Below is our summary analysis on the 20 predictions we made across the Healthcare Technology industry, broken into 3 of our main research areas; Medical Imaging, Digital Health and Clinical care. As ever, our expert team are on hand for support on interpretating market trends and supporting clients navigate the ever-changing healthcare technology landscape.
Clinical Care
Prediction 1: COVID-19 the Calm After the Storm.
Kelly Patrick, Research Director – “Component and production costs have remained high in 2023, led by stubborn inflation rates. Vendors have subsequently had no choice but to raise prices for devices. This has bolstered revenues against a short-term decline in unit demand seen in most clinical care markets.”
Prediction 2: Clinical Workflow and Cost Efficiency of Highest Priority.
Kelly Patrick, Research Director – “Healthcare staff shortages remain prominent globally, providers are increasingly interested in solutions that improve clinical efficiency to tackle stubbornly long waiting lists. Budgets have remained constrained in the current economic climate increasing price sensitivity in most regions.”
Prediction 3: Digital Solutions Will Pave the Way Forwards.
Gareth Jones, Senior Market Analyst – “Government initiatives to digitalise healthcare are spearheading the need for interoperable solutions to ensure data management, to ultimately improve outcomes. This trend has spread more quickly than expected into emerging regions, with all solutions now requiring connectivity as a minimum.”
Prediction 4: Vendors Will Need to be on Top of Regulations.
Kelly Patrick, Research Director – “MDR burden is starting to fizzle, with more vendors understanding the requirements for submission. However, newer entrants have hurdled over established vendors to gain approval. Local-made policies have continued to affect supplier mix in China, India and the ASEAN region, with larger multinational vendors losing share.”
Prediction 5: Competition will Continue to Intensify.
Sam Wilson, Market Analyst – “Risk posed by newer Asian entrants outside of their domestic markets has slowed somewhat, with purchasers in mature regions gradually returning to well-known brands. However, with an influx of recent MDR approvals from newer vendors cementing their interest in the European region, this may change in 2024. Price is continuing to be a pain-point globally. If leading manufacturers don’t budge on price-points they may lose out in the long-term.”
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
Clients worldwide rely on direct access to our expert Analysts for their opinions on the latest market trends and developments. Our market analysis reports and subscriptions provide data-driven insights which business leaders use to guide strategic decisions. We also offer custom research services for clients who need information that can’t be obtained from our off-the-shelf research products or who require market intelligence tailored to their specific needs.
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