Technologies Driving Medical Innovation in 2024

The recent technological advancements are transforming the healthcare industry. European companies and research institutions are studying solutions aimed at improving our understanding and response to genetics, diseases affecting millions of people, and public health emergencies.

How will this momentum continue in 2024? Which technologies will further drive innovation in healthcare?

From predicting genetic diseases to improving cancer treatment and manufacturing variant virus vaccines, artificial intelligence has proven to be a valuable tool in addressing some of the biggest challenges in healthcare.

"By 2024, we will see significant progress in the techbio field, particularly in the promising field of generative artificial intelligence for drug discovery," said Dr. Diana Rottger, CEO of APEX Ventures. Dr. Rottger expects more companies to advance into the clinical development stage, including in vitro and in vivo methods.

The trend of enhancing diagnostics will also continue, especially with the capabilities of large language models (LLMs) to process massive amounts of information.

"Artificial intelligence algorithms can analyze vast amounts of medical data, including patient records, genetic information, and imaging results," said Dr. Dag Larsson, CEO and founder of Doccla.

"By identifying subtle patterns and correlations that may be invisible in small datasets, artificial intelligence can assist in early disease detection. This can lead to more accurate predictions and insights, particularly in complex and heterogeneous patient populations."

According to Julia Hawkings, General Partner at VC firm LocalGlobe, another trend is alleviating the pressure on healthcare systems.

"Yes, GenAI has the potential to enhance medical research, aid in drug discovery, and diagnose diseases, but its power next year will come from its ability to reform lower-attention tasks," she pointed out. These include automating administrative processes, providing learning support for clinicians, automating insurance and provider workflows, and facilitating communication around early disease detection.

Quantum Revolution

The quantum revolution may still be a few years away, but the industry (and countries) have already begun to embrace this potentially life-changing technology. Particularly in healthcare, the global market for quantum computing is expected to reach $1 billion by 2030, highlighting the importance of this technology in the future of healthcare.

The impact of quantum on healthcare can be enormous, as quantum computers can process trillions of units of information simultaneously, making them much faster than traditional computers.

"There are various quantum technologies that have the potential to change the game in the field of medical technology," said Ilana Wisby, CEO of Oxford Quantum Circuits (OQC).

One of them is quantum simulation, where high-quality quantum bits in quantum computers can simulate molecules and chemistry. Wisby believes that quantum simulation can have "potentially profound impacts" on drug discovery and currently incurable diseases.

"In theory, quantum computers can simulate the entire problem of drug development because they can simulate chemistry and molecules with unprecedented precision," she explained.

"This will enable pharmaceutical companies to simulate larger and more complex molecules, developing new drugs – their behavior and reactions – that traditional computers cannot achieve, thereby saving billions in research and development costs and shortening the time to market for these new drugs."

Another potential benefit lies in the power of quantum machine learning, which can provide "faster, more accurate data pattern recognition, classification, data compression, and image classification." This can enhance diagnostic tools and lead to the creation of predictive models for diseases.

Virtual Care, Remote Monitoring, and Virtual Reality

"In 2024, the use and optimization of remote treatment options will continue to better meet the clinical needs of more patients while alleviating hospital capacity and personnel pressures," said Dr. Owain Rhys Hughes, founder and CEO of London-based telemedicine consultation and guidance platform Cinapsis.

Dr. Hughes believes that next year will see a wider adoption of these solutions, including virtual hospital wards and remote monitoring devices like wearable devices, which are projected to reach a global market value of $30.06 billion by 2023.

Amanda Philpott, co-founder and CEO of hearing training application eargym, believes that the further growth of wearable devices and health apps will bring another benefit: awareness of underestimated health conditions that have serious impacts on individuals and resources.

Heart health is one example. "We have seen a sharp increase in demand for heart monitoring apps, which educate users about the importance of invisible diseases and related symptoms that can affect millions of people worldwide," she said.

Meanwhile, to address the record growth in European surgical waiting times, virtual reality and mixed reality will be a focus next year, predicted Alison Sundset, CEO of Oslo-based Holocare. Holocare provides holographic toolkits for 3D surgical planning.

"In 2024, we will see surgeons wearing virtual reality headsets, enabling them to visualize patients' organs through interactive holographic images for smarter and safer surgical planning," Sundset told TNW.

She explained that the technology provides the ability to share spatial views of patient anatomy, which facilitates surgical planning and face-to-face and virtual communication between teams, enabling collaboration beyond geographical boundaries.

Besides the operating room, VR and MR can also accelerate the learning process and even reduce the risk of burnout for healthcare professionals by allowing them to practice in a risk-free virtual environment, "becoming a catalyst for the upcoming workforce," according to Sundset.

"These developments will shape something that will become the new normal in surgical practice next year," she said.