The Global MedTech Industry Outlook

The Global MedTech Industry Outlook 2024

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.

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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:

  • Dawn of ambulatory care facilities across the mature markets coupled with an uptick in ambulatory surgical volumes particularly driven by cardiology, vascular, and orthopedics.
    • For example, Surgery Partners (US) collaborated with Intermountain Health (US) Methodist Health System (US) to expand outpatient surgical services in the country.
  • MedTech firms are strategically aligning for customer success.
    • In 2023, Terumo and Siemens Healthineers India have formed a partnership to enhance cardiac care in India. This collaboration involves joint efforts in areas such as physician training and development, accessibility to advanced medical technologies, and increased reach in Tier 2 and 3 cities.
  • AI/ML-powered tech revolution is driving the value-based care model while assisting the provider facilities with more precise and personalized patient care.

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:

  • 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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The Global MedTech I Size,  Share & Growth Report
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