Global MedTech sales cross USD 500 billion

The world market for MedTech is valued at over $500 billion in 2023, with growth forecast through 2028 as sales surpass $600 billion, according to the recent market research report The Global Market for Medical Devices, 13th Edition by leading healthcare and diagnostic publisher Kalorama Information.

MedTech (i.e., medical devices) includes any instrument, apparatus, appliance, machine, contrivance, implant, or in vitro device as well as any accessories or related components that facilitate any or some of the following functions pertaining to a disease, injury, or condition of handicap: diagnosis, prevention or monitoring, treatment. This category encompasses a wide spectrum, ranging from commonplace medical supplies like latex gloves and syringes to sophisticated medical equipment, including advanced imaging tools and implantable devices such as cardiac defibrillators.

“The MedTech industry is in a perpetual state of evolution, consistently advancing through the continuous development of new technologies, equipment, tests, and devices,” said Daniel Granderson, editor for Kalorama Information. “These innovations in the medical device market have transformative effects, significantly contributing to life-changing outcomes that empower patients to lead longer, healthier, and more productive lives.”

Though several factors will either support or inhibit the medical device market, the persistent increase in chronic disease ranks among the most notable developments driving innovation and growth. Chronic disease accounts for between 75% and 80% of all U.S. healthcare spending and drives spending in other nations. Some of the costliest chronic diseases to the health system include asthma, cancer, chronic obstructive pulmonary disorder (COPD), congestive heart failure (CHF), coronary artery disease (CAD), osteoarthritis, and diabetes. All of these are directly related to medical device sales.

With the recognition that technology can improve patient treatment and outcomes, reduce hospital admissions and fatalities, result in cost savings, and reduce the burden on healthcare personnel, increased use has led to an overabundance of patient data. New software applications that process data according to disease-specific algorithms and allow customizable measurement limits filter out normal data and reduce the incidence of alarms or warnings. Measurement histories and reports can be customized for a patient’s condition, making them more valuable and saving clinicians time reviewing the reports.

Notably, the prevalence of hypertension and diabetes are outpacing most other conditions and contribute to significant financial burden. These two conditions can be managed through the use of devices which could reduce the overall burden associated with these diseases. Chronic diseases account for about 72% of all deaths or about 43 million deaths annually. Ischemic heart disease and cancer are the leading causes of death worldwide with more than 8.8 million deaths each annually.

By 2030, there will likely be 67.2 million deaths reported with chronic diseases accounting for 77% of total deaths, or 52 million. The rate of growth for chronic disease mortality from 2015-2030 is estimated at 1.3% compounded annually, compared to acute disease mortality with 0.6% growth over the same period. Kalorama Information