BLOG

Implementing The Latest Technological Advancements in MedTech Start-up: Examples, Challenges and Solution

The MedTech industry is projected to grow from $542.21 billion in 2024 to $886.80 billion by 2032. Innovative device development and technological advancement are the primary reasons for the growth.

As new innovations continue to unfold, one critical question most medical device development startup founders ask is:

“What technological advancement should I focus on, and how can I navigate the challenges of adopting them?”
A female medical professional is studying a computer screen presenting a human skeleton.

In this article, we review the five technologies shaping the medical device software development industry. We will also examine the top challenges you face as a MedTech startup founder in sourcing qualified talents and show you how we offer innovative solutions to your concerns.

What are the Major Technological Advancements Shaping the MedTech Industry?

Medical device development has evolved to accommodate users' experience. Notable technological advancements include real-time data transmission for continuous monitoring, wearable devices, and even predictive AI for early intervention healthcare.

As a MedTech startup founder, this presents a wealth of opportunities to develop innovative products that address unmet needs and revolutionize healthcare.

Here, we review the top five technologies revolutionizing the MedTech industry:

1. Miniaturization

The miniaturization trend in the medical devices industry has its roots in different areas. Significant implementations have been in developing pacemakers and cochlear implants. Everything is getting smaller, which is reducing the strain on healthcare care but also increasing the need for specialized skill sets.

The main driver behind the demand for these smaller devices is their contribution to minimally invasive surgery. Smaller devices mean health practitioners can use guided medical robots to perform these surgeries without opening up the patient. Additionally, minimally invasive surgery reduces patients' recovery time and the strain on healthcare infrastructure.

Close-up of two rectangular microchips with intricate metallic patterns resting on a human fingertip.

Miniaturization also leads to efficient manufacturing processes and reduced material usage, potentially lowering production costs, which is good for MedTech startups.

Technologies like micro-electron-mechanical systems (MEMS), precision stamping, micro-molding, micro-coiling, and micro-electronics assembly are leading the miniaturization adoption. These technologies enable the development of intricate components with tight tolerances and precise features.

2. Portability

The Portable Medical Devices Market size is expected to reach $130.69 billion by 2029, growing at a CAGR of 9.52% during the forecast period (2024-2029).  This trend is driven by the need for more accessible and convenient healthcare solutions.

Portable medical devices empower remote monitoring and diagnostics. This reduces the need for hospital visits and enables continuous patient care. Some remarkable implementations include portable ECG monitors and insulin pumps.

Portability gives healthcare medical device users more control over their health activities. On the development side, adopting a portable device process can lead to significant cost savings.

3. Connectivity

Connectivity is crucial in modern MedTech as it facilitates the seamless exchange of data between devices and healthcare systems. The Internet of Medical Things (IoMT) connects various medical devices for real-time data collection and analysis. This connectivity improves patient outcomes by enabling timely interventions and personalized treatment plans.

Medical practitioner with tablet displaying healthcare symbols for online consultations.

Some Critical aspects of connectivity in MedTech include:

  • Narrowband IoT (NB-IoT), LoRaWAN, Wi-Fi, Bluetooth, and cellular networks.
  • Device-to-Gateway and Device-to-Cloud Architectures.
  • Ultra-Wideband (UWB) technologies.

Adopting connectivity features will enable you to build sophisticated, user-friendly, and effective devices that enhance patient outcomes.

4. Non-Invasive Biosensors

Non-invasive biosensors are transforming diagnostics by providing painless and easy-to-use solutions for monitoring various health parameters. These sensors eliminated the need for blood samples to detect diseases. They can detect biomarkers for diseases through sweat, saliva, or breath, which is non-invasive and less painful.

The growth and advancement of biosensor adoption will continue with the growth of miniaturization and portable devices. Not only does it support continuous health monitoring, it leads to early detection and better disease management.

5. Artificial intelligence

Artificial intelligence (AI) is playing a critical role in advancing the MedTech industry. Research has shown that about 69% of healthcare organizations are testing or adopting AI. With the sophistication of AI solutions, this number is definitely going to increase in the future.

A major benefit driving this growth is the ability of AI algorithms to analyze vast amounts of data to identify patterns in less time. Users can also extract insights from the data to aid in diagnostics, treatment planning, and personalized healthcare.

With almost 70% of healthcare organizations testing or adopting AI, the technology will be vital in unlocking the next phase of medical innovation.

How to Integrate Latest Technological Advancements in Product Development as a MedTech Company

As a MedTech founder, you can implement miniaturization, AI technology, connectivity, portability, and non-invasive biosensors in various ways to improve healthcare outcomes.

Here are some examples to draw inspiration from:

• Miniaturization

Companies like Fitbit have developed wearable devices that track physical activity, heart rate, and other health metrics. One such miniature device is the Fitbit Alta HR fitness tracker, which many call the world's slimmest fitness wristband. This device was designed to be compact and portable. Users can wear it on the wrist while working out to get better calorie burn estimates and more.

A woman smiling and holding her wrist, wearing a fitness wristband.

• AI Technology

Oura Health created smart rings that use machine-learning algorithms to track sleep patterns, physical activity, and other health metrics. Some sleep metrics Oura health ring tracks include heart-rate variability (HRV), blood oxygen rate, body temperature, and sleep duration. The algorithm analyzes these data, identifies patterns, and makes predictions about an individual's health.

• Connectivity

Medtronic engineered BlueSync Technology, which enables wearable devices to transmit data to smartphones or cloud servers. This technology is integrated within specific implantable cardiac devices, allowing real-time monitoring and analysis of health data.

• Portability

Abbott developed portable devices like the i-STAT 1 WIRELESS that can analyze biomarkers in bodily fluids. These devices also have Connectivity features, which enable users to perform diagnostic tests at the point of care and transmit results to healthcare providers wirelessly.

The devices are designed to be compact and lightweight, making them easy to carry and use in various settings.

• Non-invasive Biosensors

Nemaura designed SugarBEAT, a noninvasive glucose monitoring device consisting of a daily disposable adhesive skin patch connected to a transmitter. The transmitter is connected to an app that displays a glucose reading every 5 minutes for 24 hours.  This device helps people with pre-diabetes and diabetes understand how their lifestyle affects glucose levels. In the long run, pre-diabetes patients can better delay or manage the damage caused by diabetes.

Challenges of Integrating Innovative Technologies for MedTech Startups

In a survey conducted by Deloitte, 88% of MedTech executives rated technological advances as a critical challenge. This number isn't surprising considering the rapid growth in the technological side of development in recent times.

Topping the list of those challenges are initial development costs, filling the skills gap, and navigating the process of meeting regulatory compliance.

• Initial Development Cost

StarFish’s whitepaper report, which consists of a meta-analysis of multiple references, shows that the initial development stages of a Class II 510(K) product cost between $2 million and $5 million, while the cost for a cleared medical device could be as high as $30 million.

You will have to build parts of your hardware products to meet specific requirements for better product efficiency. This significant investment poses a substantial barrier for many small MedTech companies. In this situation, you are left with two options: ignore the upgrade or find ways to reduce the development cost while meeting the time to market.

ITR provides flexible services to help you meet product deadlines for your innovative products at a reduced cost.

Here is how we do it:

• Skills Gap—Access to Top Talent

A major challenge with adopting the latest technological advancements in MedTech products is finding qualified people. Building products with innovative features using AI, IoT, and other technologies requires both technical skills and medical knowledge.

According to a 2024 survey of C-Suite Executives, 92% of MedTech leaders admit to struggling with the shortage of talent and experts.

When talking about the scarcity of tech talent in the pharmaceutical space, Ram Viswanathan, the CTO of AI at Rackspace, observed:

“Talent is definitely one of the current barriers. There is a war for good talent.”
-  Viswanathan, the CTO of AI at Rackspace

Moreover, attracting top talent in the MedTech industry is especially difficult for start-ups. You’ll have to compete with larger companies with more resources and employee retention programs. This skill gap presents a significant limitation to MedTech startups in developing innovative products for their customers.

• Regulatory Compliance Constraints

Meeting regulatory requirements is essential for MedTech product safety and efficacy. However, the process can be time-consuming and costly, especially when it involves new technologies. Questions around the privacy and security of these products often arise, which creates more strict compliance.

There's also the issue of how effective the devices are and whether they have any effect on the users. Moreover, you have to make financial investments as a MedTech company in these compliance checks and certifications. This investment contributes to the financial burden and can be a complex process for start-ups with limited resources.

How ITR Can Help You Implement the Technologies at Reduced Development Cost

Implementing new technology definitely presents challenges, such as the need for specialized talent, precise manufacturing processes, and rigorous quality control measures.

Here's how we can help you overcome these challenges at Impact Technical Resources:

1. Scalable and Flexible Solutions

At ITR, we provide short-term assistance or long-term support as required. Whether you require a full offshore team or fractional support, we can provide it at an affordable cost. Our process is tailored to your needs, ensuring seamless integration with in-house operations.

2. Combine In-house Team Expertise with Offshore Tech Talent

Hiring offshore talent can be overwhelming for small MedTech start-ups especially when they need to integrate with your in-house team. You must select the right talent that fits well with company culture and possess the specialized skill to complement in-house team, else, there will be a disconnect leading to longer development process. At ITR, we specialize in helping small MedTech device startup find and hire qualified and affordable offshore talent. You can take advantage of our free 10-hours software development trial period to try out how well a talent fits into your team's process.

Partnering with us empowers you to improve the performance of in-house team and accelerate time to market while saving  up to 40%. With carefully selected specialized talents, you can adopt advanced technologies in record time without the challenges of integrating fractional staff into the development process.

3. Optimize Development Process

Adopting innovative technology is a complex activity with many touchpoints that can derail the development if not well managed. Working with ITR will enable you to access a strategy audit of your development process, the different elements involved and challenges.

Our senior experts understand how to manage complex projects and can quickly identify issues, and proffer solutions to optimize them. With an optimized development process that includes in-house and offshore talent managed by senior engineers, you save up to 50% development cost. Additionally, you will have a seamless process and deliver high-quality products that meet compliance requirements in record time.

Partner with Us to Hire Qualified and Affordable MedTech Talents

The future of healthcare lies in leveraging the latest technological advancements that are transforming the MedTech landscape. From miniaturized wearable devices to AI-powered diagnostics, these innovations promise to revolutionize patient care and improve outcomes.

However, you will face many barriers that may prevent you from integrating these cutting-edge technologies into your product development. Some challenges you will encounter include development costs, a scarcity of specialized talent, and stringent regulatory requirements.

That's where ITR comes in. We provide you access to affordable offshore talent and expertise for effective and efficient product development. The MedTech revolution awaits, but only those who can effectively harness innovation will lead the charge.

Schedule a call to review your current development resources and get free software development trial offer to grow your startup.

A man and woman in business attire shaking hands in front of an office window.

Build MedTech Product Faster

Want to See ITR in action? We've got you covered. Tell us a bit about your idea to get started.