Top themes from The MedTech Conference 2024

If you're passionate about the latest breakthroughs in medical technology, The MedTech Conference 2024 was the place to be this fall. This year, Definitive Healthcare joined a group of industry leaders, policymakers, and innovators in Toronto for an exciting event.

Our team had the chance to connect with medtech professionals and innovative companies sharing next-level tech, diving into rich discussions about the future of the field. We attended a variety of sessions covering a wide range of topics, all led by some of the most prominent voices in the industry.

Missed the conference? No worries-we've got a recap ready for you. Read on to discover three takeaways from The MedTech Conference 2024 and dive into the conversations you might have missed.

1: Digital health innovations are shaping new regulatory and reimbursement pathways

It's no surprise that a key theme of the conference was the rapid growth of digital health technologies, from artificial intelligence in medical devices to immersive therapies like virtual reality. Speakers and attendees were excited to explore how these innovations are transforming patient care, advancing the medical device landscape, and creating new regulatory and reimbursement pathways.

A popular session on immersive therapeutics looked at the real-world impact of virtual reality, augmented reality, and mixed reality on patient outcomes, with insights from pioneering companies like AppliedVR and Lumiopia that have successfully navigated the regulatory landscape to bring their therapies to market. Panelists also shared strategies for securing reimbursement from commercial payers-an essential step for market adoption.

AppliedVR markets RelieVRx, the first FDA-authorized at-home VR treatment for chronic lower back pain, offering an opioid-free alternative for pain management. After getting FDA clearance in 2021, the company petitioned CMS to classify RelieVRx as durable medical equipment, opening the door for Medicare reimbursement. And, in 2023, the CMS created a new HCPCS code, allowing the VR therapy to be prescribed and reimbursed as DME.

The VA was the first health system to pay for and prescribe RelieVRx, making it available to those with VA benefits at no out-of-pocket cost. AppliedVR is now focused on expanding access through strategic partnerships with health plans. Highmark has recently come on board as the company's first commercial payer partner, providing coverage for the VR device to over 4 million plan members.

On another front, Luminopia has made strides with its FDA-approved binocular treatment for amblyopia, commonly known as lazy eye, which is a leading cause of vision loss in children. Unlike traditional methods that struggle with poor compliance (like eye patches and blurring drops), Luminopia's virtual reality approach allows kids to watch their favorite TV shows as part of their treatment, making adherence much easier. The technology received FDA approval about two years ago and has been commercially available for over a year, with many children's hospitals and pediatric ophthalmology practices already prescribing it. Recently, Highmark has approved Luminopia's therapy for coverage.

Today, Luminopia is gathering real-world data to see how well their treatment works outside of clinical trials, especially now that it's available for prescription. Early results are promising, showing that the outcomes match what they found in clinical trials. Panelists highlighted how important this real-world evidence is in supporting these innovations and driving market adoption.

2: Emerging medical devices are tackling health equity and diversity

Another key conference theme was the growing focus on health equity and diversity. Many panel sessions emphasized the importance of ensuring that advancements in medical technology benefit all populations, addressing disparities in access and outcomes. This focus is especially important in the context of women's health, where innovations can play a transformative role.

A panel discussion titled "Innovating for impact: Collaborative approaches to advance maternal health" explored the pressing challenges facing mothers and infants. Despite advancements in medical technology, the U.S. still faces alarmingly high maternal mortality rates, with about 19.6 deaths per 100,000 live births as of mid-2024. Black women are particularly affected, experiencing even higher rates of 51.2 deaths per 100,000, highlighting persistent racial disparities that need to be addressed.

Recent medical technologies tackling maternal and fetal health challenges include AI-powered software that can detect prenatal syndromes early on, noninvasive sensors to monitor fetal oxygen levels during labor, and devices aimed at spotting complications like preeclampsia during the postpartum period. These technologies have the power to transform maternal health outcomes in the U.S., especially considering more than 80% of pregnancy-related deaths are preventable with the right care and timely interventions.

The discussion didn't shy away from the barriers to innovation, such as funding challenges, regulatory hurdles, and the complexities of technology adoption. Historically, women's health has been undervalued and underfunded compared to men's health, making it difficult for startups in this space to attract venture capital. For example, women's health research accounted for only 10.8% of the NIH budget in recent fiscal assessments. This lack of funding can hinder progress on critical solutions.

Collaboration also took center stage in this session, with a strong call for partnerships among academics, healthcare providers, startups, and venture capitalists to create real change. By bringing together experts from diverse fields, the panelists kicked off some important discussions on the maternal health crisis. The overarching goal is clear: we need to leverage innovation to save lives and enhance the well-being of mothers and their babies.

3: Investors are keeping a watchful eye on medtech-with growing optimism

The conference also painted a picture of a dynamic industry undergoing shifts in funding and investment trends. The first half of the year has brought some good news for medtech startups, with VC investments on track to outpace last year's levels-an encouraging sign that the sector might be moving past its recent slump. Investment activity has been particularly strong in areas like cardiovascular health, diagnostics, and surgical implants.

Exits for VC-backed startups are also on the rise, which is boosting confidence among investors. A notable example is Tempus AI, an AI-powered precision medicine company that achieved a successful IPO, raising over $400 million despite its unprofitable status. Adding to the momentum, neurotech company CeriBell recently rang in a $180 million IPO - another positive signal that exits are back on the table.

Corporate strategics are also exploring mergers and acquisitions, especially in the neurovascular and cardiovascular markets. Boston Scientific this year announced an acquisition of Silk Road Medical for $1.2 billion and Johnson & Johnson completed its $13.1 billion acquisition of ShockWave Medical. This indicates a broader optimism about the future of medtech.

Overall, the uptick in VC exits is a promising development for the medtech sector, suggesting that deal values and exit opportunities may continue to grow. Looking ahead, industry analysts expect stable investment activity, and if interest rates drop, that could further improve the financing landscape, making the rest of the year look bright for medtechs.

See what's coming next in medtech

Medtech developers invest significant time and resources into creating devices that enhance patients' quality of life. However, even the most groundbreaking medical devices require a well-crafted strategy to connect with the patients and providers who stand to benefit from them.

Our healthcare commercial intelligence can help you gain a deeper understanding of your market. By signing up for a free trial of the Definitive Healthcare platform, you'll access powerful data, analytics, and visualization tools that provide real-time insights into the healthcare organizations, providers, and patients essential for your business's success.

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