The latest technological advancements are propelling the field of medical technology forward. European companies and research institutions are working on solutions aimed at enhancing our understanding and response to genetics and diseases that affect millions of people, as well as public health emergencies. What will be the trajectory of this momentum in 2024, and what technologies will drive innovations in medical technology forward?
Artificial Intelligence
According to a report by the American website “The Next Web,” author Yuana Likiaradopulo stated that artificial intelligence has already proven to be an invaluable tool in addressing some of the biggest challenges in healthcare, from predicting genetic diseases to improving cancer treatments and producing vaccines for mutations.
Dr. Diana Rotger, the director of “EpiX Ventures,” anticipates a leap in the field of biotechnology in 2024, particularly in the promising field of generative artificial intelligence for drug discovery. She expects more companies in this sector to advance to clinical development stages, including computational and biological approaches.
The trend towards augmented diagnosis is also expected to continue, especially with the ability of large language models to process vast amounts of information.
According to Dag Larson, the CEO and founder of the healthcare technology startup company “Dokla,” artificial intelligence algorithms can analyze huge amounts of medical data, including patient records, genetic information, and imaging results.
Julia Hawkins, the general partner at the investment capital firm “Local Globe,” noted that generative artificial intelligence has the ability to enhance medical research, aid in drug discovery and disease diagnosis, and its strength over the coming year will come from its ability to streamline tasks such as administrative operations, physician learning support, insurance workflow automation, and early disease detection communication.
Impact of Quantum Computers on Healthcare
The quantum revolution may be on the horizon, but industries and nations are already catching up with life-changing technology. In healthcare specifically, quantum computing is expected to reach a global market value of one billion dollars by 2030, underlining the increasing importance of technology in the medical sector.
Elana Wisby, the CEO of “Quantum Oxford Circuits” in the UK, mentioned that there are many quantum technologies with the potential to change the game in medical technology. One of these is quantum simulation, where high-quality qubits in quantum computers can model molecules and simulate chemistry, potentially having a deep impact on drug discovery and currently challenging diseases.
According to Wisby, the ability of quantum computers to model the entire problem in drug development, simulating chemistry and molecules with unparalleled accuracy, could enable pharmaceutical companies to model larger and more complex molecules during the development of new drugs, which could save billions in research and development and reduce the time required to bring these new drugs to market.
Another potential benefit is in the power of quantum machine learning, providing faster and more accurate categorization of data patterns and compression, contributing to diagnostic tools and predictive disease modeling.
Virtual Care and Remote Monitoring
Dr. Owen Reese Hughes, the founder and CEO of “Synapsis,” a platform for planned and emergency care advice, stated that 2024 will see continued use and simplification of remote treatment options to better meet the clinical needs of a larger number of patients while alleviating the burden on hospitals and staff.
Dr. Hughes believes that the next year will witness broader acceptance of such solutions, including virtual hospital wards and remote monitoring equipment, such as wearable devices, whose global market value reached $30.06 billion in 2023.
According to Amanda Philpot, the co-founder and CEO of the hearing training application, the upcoming growth of wearables and health applications will bring another benefit, which is the awareness of unrecognized health conditions that have serious effects on both individuals and resources, with an example being heart health.
In response to long waiting times for surgeries across Europe, the next year will bring virtual and mixed reality to the forefront, as predicted by Alison Sendust, CEO of “HoloCare” in Oslo, which provides a 3D surgical planning toolkit.
According to Alison, advancements in the coming year will set a new standard for surgical practice and could also serve as an incentive for future workforces by allowing healthcare professionals to practice in risk-free virtual environments, accelerating learning processes, and even reducing the risks of fatigue.
This seismic shift in technology in the healthcare industry is indicative of a future where machines complement human judgment — better equipping us to tackle healthcare challenges and provide exceptional patient care. The integration of these cutting-edge technologies into the medical arena is expected to bring about continued advancements, ultimately leading to a more efficient and effective healthcare system.
