The Report "The Global MedTech Industry Outlook 2024", despite the economic uncertainties and post-COVID slump in recent times, MedTech companies have demonstrated strong resilience throughout 2023. The global MedTech industry market size is estimated to grow from USD 642.5 billion in 2023 to USD 668.2 billion by 2024, at a Y-o-Y increase of ~4%. Continued tech innovation, mergers, and acquisitions (M&A), commercialization of new product lines, and emergence of new business models are contributing to the sustained growth of the market.
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/global-medtech-industry-outlook-64921163.html
The Global MedTech Industry Outlook for 2024 aims to provide insights into the anticipated performance of the MedTech sectors, covering recent advancements in imaging technologies and the development of innovative surgical solutions. The report will assess the industry's performance in 2023 relative to 2022 and highlight the significant breakthroughs and notable transformations in the MedTech landscape during 2023, with expectations of continued momentum into 2024.
Some of the key developments witnessed by the MedTech industry in 2023:
Key MedTech Market Players
The prominent MedTech players include Abbott (US), Becton Dickinson (US), Boston Scientific Corporation (US), Cardinal Health (US), Fresenius Medical Care (Germany), Fujifilm Corporation (Japan), GE Healthcare (US), Johnson & Johnson (Japan), Medtronic (Ireland), Philips Healthcare (Netherlands), Roche (Switzerland), Samsung Medical (South Korea), Siemens Healthineers (Germany), and Stryker Corporation (US), among others.
In 2023, industry leaders strived to maintain their competitive leadership positions with product launches, technological advancements, regulatory approvals, and strategic deals. In 2024, key players will continue investments in research and development (R&D), product differentiation in imaging and surgical applications, greater portability of medical devices, and focus on AI-based unique offerings.
MedTech’s Future Growth Anchored in Precision Medicine.
2024 is expected to be a transformative year in MedTech propelled by precision medicine in a pivotal role, worldwide. This trend will be driven by the convergence of genomic datasets, innovative molecular & imaging technologies coupled with advanced data analytics algorithms. This evolution is particularly evident through individualized patient care based on genetic, molecular, and lifestyle factors. For instance, existing cancer management approaches are getting disrupted with tailored approaches developed based on patients’ unique genetic mutations. Through genomic sequencing, clinicians are utilizing more targeted therapies for cancer (such as Theranostics), thereby maximizing clinical effectiveness with lower side effects. Further, integrating AI and ML algorithms is expected to refine patient diagnostics further to result in a significantly higher accuracy with early disease detection capabilities.
The global Precision medicine market is anticipated to grow at >11% Y-o-Y during 2023 – 24, reaching a market value of USD 29.1 billion. Various factors fueling this growth trajectory include a strong focus of MedTech giants on related product development (For example, GE & Philips focus on theranostics), supportive regulatory guidelines to actively deploy related modalities globally, and greater availability of patient data through wearables and digital health apps. Therefore, overall, the strategic outlook in 2024 is anticipated to observe a paradigm shift toward a more effective, personalized, and patient centric healthcare model that will result in reduced healthcare costs and higher margins for caregivers.
Some of the other key trends that the MedTech industry is likely to witness in 2024:
Artificial Intelligence (AI) is making significant contributions to various aspects of MedTech, enhancing diagnostics, patient screening, personalized medicine, and therapeutic modalities. According to recent data, over half of the global healthcare organizations intend to deploy AI plans and widely utilize the technology by 2025. Below are most anticipated growth areas to look out for in 2024:
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]