Global Market Overview:

With examples of industry best practices and success stories scattered throughout, the Global MedTech Industry Outlook for 2024 is an invaluable summary of the major trends that drove the sector's performance in 2023. It also offers a comparative analysis of sectoral growth rates and valuation in 2024 of key MedTech segments.

In anticipation of a challenging 2024 marked by persistent workforce challenges, the MedTech industry needs to plan ahead and be ready for the subsequent trends that will shape business success. These trends include automation and generative AI, digital solutions for transitioning and/or adopting, and ongoing M&A, consolidation, and partnership activity. An overview of the most important suggestions and expansion prospects for 2024 is given.

Expected Revenue Gains in Near Future:

In 2023, MedTech companies have proven to be resilient in the face of economic uncertainty and the post-COVID slump. The size of the global MedTech industry market is predicted to increase at a rate of about 4% year over year, from USD 642.5 billion in 2023 to USD 668.2 billion by 2024.

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Factors Which Boosts Global Growth:

The market is growing steadily as a result of ongoing technological innovation, mergers and acquisitions (M&A), the commercialization of new product lines, and the emergence of new business models.

MedTech’s Future Growth Anchored in Precision Medicine.

The global precision medicine market is projected to reach a market value of USD 29.1 billion between 2023 and 2024, growing at a rate of more than 11% year over year. The strong focus of MedTech giants on related product development (GE & Philips, for example) and favorable regulatory guidelines to actively deploy related modalities globally, along with increased patient data availability through wearables and digital health apps, are some of the factors driving this growth trajectory. Consequently, it is projected that the strategic outlook for 2024 will witness a paradigm shift toward a healthcare model that is more efficient, individualized, and patient-centered, which will lower healthcare costs and increase caregiver profits.

What This Research Will Provide You:

# An examination of the variables that affected the MedTech industry's performance and traits in 2023 versus 2022.
# Estimates of revenue and growth rates for the major MedTech sectors in 2023 and 2024.
# Highlights of the major developments to be aware of in 2024.
# Suggestions and a ranked list of expansion prospects for 2024.
# Best practices and success stories that show how industry players overcome obstacles to create and implement solutions utilizing creative business models.
# serve as the foundation of knowledge for a discussion with MarketsandMarkets' industry experts.

A valuable resource for established market players, tech companies, SMEs, the investment community, and the extensive array of upstream supply chain participants is the MedTech Industry Outlook 2024 report.

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