New Product Development and Approvals Drive Industry Growth Opportunities
The Global MedTech Outlook, 2024 presents a comprehensive analysis of the global MedTech industry in terms of growth potential and important market dynamics. The analysis covers major MedTech segments such as cardiovascular, orthopedics, patient monitoring, respiratory devices, neurology, diabetes care, and clinical-grade wearables. It highlights key MedTech predictions for 2024 and growth opportunities over the forecast period to 2028.
2024 is forecast to be a robust revenue growth year for MedTech companies. Strong product innovation, new product approvals, and technology-driven disease diagnosis are expected to drive MedTech industry growth in North America and Europe for the forecast period. The MedTech industry in APAC and the Middle East also displays robust growth potential from increased healthcare spending, higher income levels and personal purchasing power, and adoption of advanced technologies. Minimally invasive surgery techniques see increased uptake, with the gradual shift of some procedures to day care centers, spurring the adoption of related medical device categories, including consumables.
Calculations for regional markets such as Latin America, the Middle East, and Africa have been done on a best-effort basis, considering the limitations of obtaining detailed segment-wise data breakdowns. At-home care will likely remain a crucial driver in 2024 and beyond, with home care products and solutions expected to gain significant adoption and demand. The methodology considers leading public companies’ historical performance and revenue guidance to arrive at the sales forecast. The estimates include revenue realized from traditional products, digital offerings, and solutions sold as a package, as reported by companies in their annual reports.
