“An aging population, longer lifespan and the emergence of chronic diseases are all elements that will transform tomorrow’s healthcare challenges,” explains Sasha Baillie, CEO of Luxinnovation during the conference “Megatrends 2050: Shaping the future with scientific foresight”,. “In addition, the intersection of megatrends, including the growing importance of digitalisation, raises challenges, but also offers exceptional opportunities in healthcare.”
Luxinnovation recently conducted its own analysis of market trends regarding the digitalisation of the healthcare sector to capture the most relevant development opportunities for Luxembourg. In a report published in September 2021, five major trends were identified in a digital health market expected to be worth almost $400 billion by 2025.
In parallel, Luxinnovation has mapped the Healthtech sector in Luxembourg. “In order to know which areas need to be developed, strengthened and further supported, it is important to have precise and in-depth knowledge of the current composition of the sector,” Sara Bouchon Director Market Intelligence at Luxinnovation points out. “This allows us to understand the strengths but also the weaknesses of our ecosystem, in order to adapt the strategic development axes of the sector.”
Supporting the emergence of “smart” health products and services
The recent announcement by the Ministry of Economy to set up a “Health Valley” in the south of Luxembourg, could be based on this type of analysis previously conducted by Luxinnovation. The aim is to support the emergence of “intelligent” health products and services based on personalised and digital medicine, within a campus dedicated to health technologies.
“In addition, in terms of business support, we have been able to identify a specific need concerning better preparation for entry into a highly regulated market for innovative companies in the field of health technologies,” says Ms. Baillie.
Providers of digital medical devices or medical imaging analysis tools, for example, are new entrants to the healthcare market. However, the very strong regulation of the market is a strong barrier for digital players who want to develop in this market.
Fit 4 Innovation-Healthtech Market, to guide companies
This is why Luxinnovation has set up the Fit 4 Innovation-Healthtech Market programme, which helps accelerate the market launch of innovative technological products by helping them define a roadmap towards obtaining the certifications required for the healthcare market.
For the implementation of this programme, Luxinnovation has identified a dozen international and highly specialised consulting firms whose expertise can be offered to Luxembourg companies, in the interest of the national economy