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MedTech Trends for the Coming Year

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%.

The global MedTech market size is estimated to grow from $642.5 billion in 2023 to $668.2 billion in 2024, a ~4% year-over-year increase.

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Key Growth Drivers

Continued technology innovation, mergers and acquisitions, new product launches, and new business models.

Advancements in imaging technologies and innovative surgical solutions.

Rise of ambulatory care facilities and increase in ambulatory surgical volumes.

Strategic partnerships between MedTech companies to enhance care offerings.

Adoption of AI/ML technologies to enable value-based care and personalized medicine.

Key MedTech Companies

Abbott, BD, Boston Scientific, Cardinal Health, Fresenius Medical Care, Fujifilm, GE Healthcare, Johnson & Johnson, Medtronic, Philips, Roche, Samsung Medical, Siemens Healthineers, Stryker.

2024 Growth Areas

Precision medicine playing a pivotal role, enabled by genomic data, innovative technologies, and analytics.

Continued innovation in AI-based solutions for diagnostics, patient care, therapeutics.

Growth opportunities in AI radiology, remote patient monitoring, extended reality, ESG-focused strategies.

The MedTech Industry Outlook 2024 is structured to provide:

  • Analysis of factors, that influenced the performance and characteristics of the MedTech sector in 2023 as compared to 2022,
  • Revenue estimations and growth rate projections for key sectors across MedTech between 2023 and 2024,
  • Highlights of the key trends to watch out for in 2024,
  • Recommendations and prioritized list of growth opportunities  for 2024,
  • Best practices and success stories that exemplify how market participants overcame challenges to build and deploy solutions using innovative business models.
  • Act as the knowledge base for an interactive session with the industry experts at MarketsandMarkets.

The MedTech Industry Outlook 2024 report is an insightful toolkit for incumbent market participants, tech players, SME’s, the investment community as well as the long list of players who form part of the upstream supply chain in this sector.

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:

  • AI In radiology is emerging as “2nd opinion expert” within hospitals and diagnostic centers, with GE, Philips, and Siemens expected to be the front runners.
  • Remote patient monitoring space to garner higher investor confidence in 2024: Mainly driven by higher patient adoption, greater reimbursements, and increasingly supportive govt policies.
  • Augmented reality (AR) becomes extended reality (XR): AR/VR moving beyond immersive experience and moving towards key disease areas. Non-Healthcare companies such as Meta, Google, and Apple are front runners in 2024, along with traditional med-tech companies like Stryker (Mako).
  • ESG becomes a foundation of MedTech strategy, shaping responsible innovation and patient-centered focus as well as institutional KPI’s.
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