Global MedTech Industry Outlook 2024 - Exclusive Report by MarketsandMarkets™

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The MedTech Industry Outlook 2024 is structured to provide:

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=64921163

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 key developments witnessed by the MedTech industry in 2023:

MedTech Industry 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:

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Key MedTech Industry 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.

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