Remember Blockbuster, Yahoo, and Sears? Back in the day, these companies were leaders in their industries—household names that practically dominated their market.
Now? Well, these three companies, and many others I can think of, have shuttered their doors, are unrecognizable, or just plain forgotten about. They failed to innovate and, as new technologies came out and customer preferences shifted, failed to see which way the wind was blowing.
It’s a classic reminder that complacency can be the death of even the biggest of businesses, and good advice for leaders in any industry—medtech included.
The medical device industry isn’t going away like some big box stores and video rental services, but it is a landscape constantly being reshaped by technological breakthroughs, innovative treatments, changes in policy and regulations, and a heck of a lot more.
To stay ahead of the curve, medtech companies must possess a keen understanding of the latest trends and develop strategies to capitalize on these opportunities. After all, if you’re too slow to get on board, then your competitors might just leave you in the dust.
In this blog, we’ll explore how to identify and prepare for emerging trends in the medtech space. For a deeper dive into these concepts, watch our free webinar on “Understanding tomorrow’s market: Emerging trends in medical devices.”
How to recognize new medical device trends
Emerging trends don’t arrive with flashing neon signs—they start as subtle shifts that gradually reshape the market. The key is knowing how to spot these trends early and adapt effectively. Here’s what you can do to keep your finger on the pulse:
1. Stay alert to early signals
To catch a trend early, you need to monitor multiple channels for insights, such as:
Scientific research and academic publications. Breakthroughs in clinical research often pave the way for new devices or applications. Keeping an eye on journals, white papers, and patent filings can reveal promising innovations.
Healthcare industry events and conferences. Conferences are often where trends make their debut, offering a window into what thought leaders, KOLs and DOLs included, and competitors are prioritizing.
Regulatory developments. Changes in regulatory frameworks, such as new FDA guidance can signal areas of focus for the industry, such as wearables or AI in diagnostics.
It’s also important to keep a close eye on data. Health metrics, demographic shifts, and disease prevalence can all provide valuable clues about growing patient needs, such as aging populations or the rise of chronic conditions. Diagnosis and procedure claims data can also reveal patterns in care that signal an emerging opportunity.
2. Analyze medical billing codes
Medical billings codes—ICD-10, HCPCS, and CPT—are often an overlooked area of the healthcare journey. In truth, they are a treasure trove of data that can point to shifts in the market.
For example, the introduction of new billing codes for procedures, treatments, or devices often indicates the growing recognition and adoption of a new technology or treatment methodology. A timely example of this is the consolidation of HCPCS codes 0501T, 0502T, 0503T, and 0504T. These codes, which relate to noninvasive estimated coronary fractional flow reserve (FFR) were introduced as temporary codes in 2018.
Since then, the AMA tracked usage of the codes, patient outcomes, and other research to determine if the technology was becoming widely accepted and effective in clinical settings. By 2022, these codes had incredibly strong utilization, and eventually all four codes were consolidated into a single billable code—75580—at the beginning of 2024. The trend emerged, the technology was rapidly adopted, and soon it became standard within the field.
The opposite can also be a clue to an emerging trend. The declining use of certain codes can demonstrate a shift away from outdated procedures toward more advanced solutions.
To effectively track, analyze, and make decisions based off trends in billing codes, you’ll need access to high-quality, relevant, and accurate claims data. You can tap into these insights and capitalize on new opportunities in the medtech market with our Atlas All-Payor Claims dataset.
Managing trends that disrupt the market
One of the hottest trends in healthcare right now is about GLP-1 drugs and the game-changing impact they’re having in the biopharma and medical device industries. GLP-1 medications are revolutionizing the treatment of obesity and related metabolic disorders, and many of the patients using drugs like Ozempic are experiencing profound weight loss.
With the explosion in popularity, GLP-1 medications are significantly cutting into the medtech market. Common medical devices like pacemakers, CPAP machines, gastric bands help to treat conditions that are associated with or complicated by obesity. These devices usually require invasive and sometimes costly surgical procedures. In contrast, GLP-1 drugs offer a non-invasive alternative that could be easier to manage, is cheaper, and can be adjusted or even reversed.
Already, some medical device investors are getting nervous about the threat GLP-1 medications represent. And while not all medtech leaders hold that belief, the current statistics are telling: U.S. bariatric surgery growth has taken a downturn, which could in turn affect the demand for devices related to bariatric procedures, obesity, and related conditions.
Preparing for disruption
So, how can you prepare for disruptions to your area of the medtech landscape? The answer lies in being vigilant and harnessing the power of data and analytics.
Understanding why trends occur, what kinds of patients and providers are getting involved, and how the new technology or treatment fills gaps in care or solves problems is critical to recognizing potential disruptors before they gain widespread traction.
The same approach to identifying emerging trends can be used to find possible disruptors:
- Leverage medical claims and billing data for increasing usage of procedures, devices, or therapies.
- Monitor clinical breakthroughs, research, social media, and patient feedback to gauge growing interest in alternative treatments or technologies.
- Consider leveraging AI and machine learning to analyze patterns in data to anticipate shifts in patient care and what the future may hold.
Learn more
Ultimately, emerging trends and market disruption can be both a challenge and an opportunity. By staying informed, grounding yourself in data, embracing an agile mindset, and investing in forward-thinking strategies, you may not only weather market upheavals but also emerge stronger, more competitive, and better aligned with the future of medtech.
If you’ve been impacted by any of the trends we mentioned or just want to equip yourself with the tools you need to prepare for what’s on the horizon, then accessing the right healthcare commercial intelligence is a great place to start.
Our world-class data can make it easier for your team to navigate the uncertainties of a rapidly changing market like medtech while helping you uncover new opportunities to generate revenue and grow. Sign up for a free trial with Definitive Healthcare to get the latest on medical device trends and the insights you need to optimize every step of the commercialization process.
