Ernst & Young recently released their annual Pulse of the Industry report — which provides a comprehensive analysis of the MedTech field, at large — finding the industry as well as the global economy is in a state of flux. Transitioning from a surge of post-pandemic investment, the MedTech sector continues to grow with an increasing focus on AI, wearables, and robotics. While investment to the sector has slowed, there is no deficit of product, sales, marketing, and developer work needed in MedTech, especially around security, AI functions of all stripes (operational, relational, and beyond) and even innovative uses of blockchain.
With the MedTech industry accounting for more than 2 million jobs, it is estimated that 50% of organizations in the life sciences space will have adopted AI technology in some form by 2025, and those that do adopt AI stand to increase profits significantly; a projection from McKinsey estimates that the use of AI could generate upwards of $100 billion for the healthcare industry as a whole. The main challenge is knowing how and where to start. While some companies have adopted a wait-and-see approach, such inaction would risk putting companies at a long-term disadvantage.
