Marching into the Future: Mid-March Revelations in MedTech's 2024 Vanguar

"Every great advance in science has issued from a new audacity of imagination." - John Dewey

The quote we’ve chosen for mid-March’s newsletter also relates to our approach to the newsletter itself – we’re experimenting and trying to find the best format (so feel free to share your feedback). This time, we want to give you even more commentary from our experts, so you can get some thought-provoking insights you won’t find anywhere else.

This month, we’ll explore the momentum behind promising HealthTech startups in 2024, both globally and within the vibrant Spanish startup scene. Then, we’ll share some thoughts about the expected surge of cancer patients, and new possible treatments for menopause.

As always, at the end, we’ll dive into the evolving world of AI and share our opinions on using the technology for skin cancer detection and how AI can help manage utilization in hospitals.

So buckle up folks, we’re going in.

?? MedTech industry news

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The 2024 Global MedTech Outlook predicts growth led by AI and ML innovations, despite 2023's challenges. The industry, set to expand by 4.0% annually, will focus on diagnostics, remote patient monitoring, and generative AI. The shift towards personalized healthcare, including in-home diagnostics, signifies the sector's evolving direction.

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??????A comment from our CFO - Mariusz Pietruszka

The global MedTech market is growing. Valued at USD 642.5 billion at the end of 2023, is projected to grow at an annual rate of 4.0% in 2024. This growth is fueled by advancements in diagnostics, therapy, and management segments, particularly in remote patient monitoring (RPM).

On the other hand, high global interest rates, which affect borrowing costs and have shifted companies' focus from revenue growth to profitability and cash flow, are expected to decrease in 2024. In the US, the major MedTech market, improved availability of funds, and the adoption of Generative AI and AI-ML across the value chain are anticipated to drive a new record in FDA approvals for novel medical technologies, following a significant growth of over 30% in 2023.

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• European healthcare systems, stressed by budget cuts, aging populations, and workforce burnout, are turning to tech startups for solutions, with VCs investing $3.6 billion in 2021-2022 into hospital and clinic technologies.
• Startups like l CMR Surgical and Doctolib have led the charge, raising significant funds, while 2023 saw a quieter investment landscape with notable raises for AI and robotics ventures like Corti and Distalmotion .
• Innovations to watch in 2024 include CogStack workforce productivity tools, VitVio 's AI for surgical efficiency, Arkhn 's hospital data management, Tucuvi 's AI-driven patient engagement, and Doccla 's virtual ward capabilities, showcasing a diverse array of solutions aimed at enhancing healthcare delivery and administration.

?????? My comment

The undeniable burnout among doctors and healthcare workers stems from more than just underfunding and overwhelming patient queues. It's also exacerbated by patients increasingly turning to Google or AI for self-diagnosis, adding a layer of complexity and frustration to the healthcare professional's role. However, as highlighted in a subsequent article in this newsletter, artificial intelligence (AI) presents a promising solution to many inefficiencies plaguing the healthcare system.

AI's potential to significantly aid the healthcare sector is wider than early diagnosis and screening, directing patients to specialist doctors. It extends to analyzing vast amounts of medical data and, crucially, suggesting diagnoses and treatment plans. This doesn't replace the physician's expertise but provides a valuable tool to support decision-making. Such AI-driven insights can help streamline the diagnostic process, leading to quicker, more accurate patient care, and alleviating some pressures contributing to professional burnout.

Moreover, the optimization capabilities of AI can revolutionize operational aspects within hospitals and health ministries across the European Union. By automating administrative tasks, optimizing patient pathways, and improving resource allocation, AI can enhance the overall efficiency of health services. This not only promises to reduce the workload on healthcare staff but also improves patient outcomes by ensuring more timely and personalized care.

Incorporating AI into healthcare systems demands careful consideration, including safeguarding patient data and ensuring ethical use. However, the benefits it offers in addressing the multifaceted challenges of modern healthcare—ranging from burnout to operational inefficiencies—make it an invaluable ally in the quest for a more effective, resilient, and patient-centric healthcare ecosystem. Recently, at Untitled Kingdom, we've been consulting and analyzing numerous projects focused on data analysis in healthcare or aimed at solving specific problems, highlighting our commitment to leveraging technology for the betterment of healthcare services.

???In MedTech scientific (?) news:

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• The World Health Organization predicts a 77% increase in global cancer cases by 2050, attributing it to an aging population and lifestyle factors. The report highlights significant disparities, with women in low-income countries facing higher mortality rates due to limited access to screening and treatment.
• Aparna Parikh of Mass General Cancer Center emphasizes the impact of these disparities and the need for investment in both therapeutic and screening capabilities worldwide. She advocates for strengthening health systems to ensure early detection and treatment of cancer.
• Parikh discusses her efforts in global cancer care, including educational programs for oncologists from low- and middle-income countries and partnerships in India for digital screening and patient navigation. She also mentions exploring cost-effective immunotherapy trials, underscoring the necessity of accessible and quality cancer care globally.

?? ?? ????A comment from our Medical Director - Marcin Maruszewski

The good news is that the development of diagnostic tools has shifted the overall pool of cancer patients towards earlier diagnosis resulting in expansion of the cancer cohort.

Aging and longer-living societies contribute as well to the increased number of cancer patients also due to the advanced treatment options of the second most common health risk – cardiovascular disease.

Thirdly, the increasing number of cancer survivors adds to the population of patients at risk of new cancer diagnoses.

Finally, the rapid growth of environmental pollution, efficient farming, fast food processing, and decreasing exercise fitness add additional proven risk factors for cancer development that were previously absent for mankind.

Since cancer (like many other medical) diagnostics is expensive, it is a logical consequence that as long as healthcare accessibility is limited by the wealth of an individual or a society, the odds of development, too-late diagnosis, and non-optimal treatment will always be higher for the poorer part of humans.

I wholeheartedly agree that we should tackle this problem with more accessible screening options even in cases/areas where we cannot provide treatment instantly. At first, screening provides us with knowledge not only about the odds, the types, and the whole lump of raw data on public health. It also allows us to design tailored solutions.?

Once we really know what’s needed, we may develop treatment options. Otherwise, it is extremely challenging to provide efficient healthcare without accurate screening.

While it seems obvious to many, it is always worth re-emphasizing that digital health solutions provide access to healthcare at a fraction of the conventional cost, both in terms of direct spending but also time, travel, and absence from work and home.

♀??In FemTech news:

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• Femtech startups, particularly in the UK, are attracting more investments, with Europe’s femtechs securing $170m last year. Notably, Peppy health led with a $45m Series B round.
• Key startups to watch include Flutter Care (UK) for AI-driven sexual wellness; Ovom Care (Germany) for AI-enhanced fertility treatments; Thyia (UK) with self-testing for cervical cancer; and Uvisa Health (Denmark) for treating vaginal infections with therapeutic light.
• Other notable femtechs are SheSpot (UK) for sexual health products; Cirqle Biomedical (Denmark) offering hormone-free contraception; wawa fertility (Denmark) improving fertility clinic experiences; and Numi (France), developing breast milk alternatives. These startups represent significant advancements in sexual wellness, fertility, contraception, and breastfeeding solutions, highlighting the sector's growth and innovation.

?????? My comment

The FemTech sector is continually gaining interest and investments in startups focused on women’s health and wellness despite funding challenges are still growing.

From AI-powered personalized fertility treatment plans to easy-to-use self-test screening kits and therapeutic light treatment – the European FemTech startups are promising to revolutionize women’s lives. With a rising trend in funding, particularly in the UK, these startups represent a pivotal shift towards addressing the unique health needs of women, underscoring FemTech's growing importance and potential in the global healthcare landscape.

The article spotlights the burgeoning FemTech sector, emphasizing the increasing interest and investment in startups focused on women's health and wellness despite historical funding challenges. Highlighted are eight promising FemTech startups across Europe, tackling diverse issues such as sexual pleasure, fertility, menstrual health, and contraception with innovative approaches that blend technology, AI, and medical science. With a rising trend in funding, particularly in the UK, these startups represent a pivotal shift towards addressing the unique health needs of women, underscoring FemTech's growing importance and potential in the global healthcare landscape.

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• Testosterone, crucial for women's health, declines post-menopause, potentially causing various symptoms. No FDA-approved testosterone product exists for women, sparking debate among doctors, including Kelly Casperson, MD , about its benefits for menopausal symptoms.
• Casperson and others face challenges due to limited research on testosterone's effects in women, creating uncertainty about its effectiveness and safety. The hurdles include testosterone's controlled substance status and the lack of a women-specific product, complicating prescription practices.
• Despite obstacles, there's hope that with more research funding, effective and affordable testosterone treatments tailored for women might emerge, fulfilling a significant need in women's healthcare.

?????? My comment

From a MedTech perspective, the exploration of testosterone as a treatment for menopause is a fascinating case study in the intersection of healthcare, regulatory environments, and technological innovation. The challenges highlighted in prescribing testosterone for women—ranging from the lack of FDA-approved products for female use to the cumbersome workaround with male formulations—underscore a significant gap in personalized medicine and drug delivery systems.

This situation presents a unique opportunity for MedTech innovators to develop tailored solutions that could address these gaps, such as precision dosing technologies or new delivery mechanisms that cater specifically to the physiological needs of women. Moreover, the regulatory hurdles mentioned, like the classification of testosterone as a Schedule 3 drug, point to a broader need for policy innovation that keeps pace with scientific discovery and societal needs. As we push the boundaries of what's possible in MedTech, this example serves as a reminder of the importance of an integrated approach that considers scientific, technological, and regulatory dimensions to truly revolutionize patient care.

?? In AI news

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• The FDA has greenlit the DermaSensor, Inc. , an AI tool for skin cancer detection, debunking myths about the disease's risk and detection accuracy. It boasts a 96% detection accuracy, surpassing primary care doctors' 83%. Cody Simmons , DermaSensor CEO, highlights its utility in primary care as a triage tool, although it doesn’t replace dermatologist visits.
• Particularly effective in addressing disparities in detecting skin cancer among dark-skinned patients, DermaSensor maintains high accuracy across skin types. Despite its capabilities, annual dermatologist checks remain essential for comprehensive skin health management.
• This FDA approval marks a significant advancement in preventive healthcare, offering a more accessible way to screen for skin cancer early, but emphasizes the continued importance of professional dermatological care.

?????? My comment

The introduction of the DermaSensor, an AI-powered device for skin cancer detection, represents a significant advancement in the field of dermatology and general healthcare. This technology offers a highly valuable tool for internists and primary care physicians, enabling them to conduct preliminary screenings for skin cancer. The ability to diagnose cancer through imaging can greatly enhance the efficiency of the healthcare system while utilizing internists for initial screenings is considerably more cost-effective than overburdening dermatology clinics with individuals concerned about skin changes.?

This device facilitates early screening diagnoses, allowing for the quick identification of potential skin cancers. In instances of uncertainty or when a higher risk of malignancy is indicated, patients can then be referred for further examinations. One critical next step for patients with suspicious lesions is a biopsy, a procedure involving the removal of a small sample of tissue for further analysis.?

By integrating such innovative solutions into routine check-ups, primary care doctors can serve as an effective frontline in the battle against skin cancer, significantly reducing wait times and expediting the path to diagnosis and treatment. Moreover, this approach aligns with preventive health strategies, emphasizing the importance of early detection in improving patient outcomes. In summary, the DermaSensor device not only empowers general practitioners in their screening capabilities but also represents a leap forward in making skin cancer diagnosis more accessible and efficient for patients worldwide.

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• Iodine Software introduces AwareUM, leveraging AI to streamline utilization management for hospitals, highlighted by Priti Shah. This solution aims to enhance care assessment and reimbursement processes, building on the success of Iodine's AwareCDI Suite.
• Powered by CognitiveML, AwareUM automates complex clinical decisions, demonstrated in successful pilots including Baptist Hospitals of Southeast Texas , where it halved review times and improved financial outcomes. William Chan emphasizes AwareUM's role in advancing clinical revenue cycle management, showcasing Iodine Software's commitment to innovating healthcare efficiency through AI.

?????? My comment

The advancements in the realm of healthcare providers brought about by tools like AwareUM are undeniably crucial. One of the standout aspects of AwareUM is its potential to significantly aid doctors in their decision-making processes. This represents a monumental step forward in leveraging artificial intelligence to support, rather than replace, the invaluable human element in healthcare.

However, it's imperative to remember that AI cannot and should not attempt to supplant the irreplaceable expertise, intuition, and sacred duty of physicians to make official medical diagnoses.

At this juncture, the sanctity of the doctor-patient relationship and the unique ability of physicians to interpret complex medical information in a humane context must be preserved. As a somewhat controversial stance, while AI like AwareUM can revolutionize healthcare efficiency and decision-making support, we must vigilantly guard against the over-reliance on technology, ensuring that the art of medicine remains in the hands of those sworn to practice it.

?? The end

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