It might have seemed as if the sky were falling for the medical device industry in 2014, given the rhetoric surrounding the effect the device tax would have on growth and innovation and companies cutting tax inversion deals, but the sector had a pretty good year. At this juncture, 2015 looks even more promising, as innovations in materials and new technologies forge ahead and a repeal of the device tax appears within reach.
Market growth in the medtech sector is forecast to hold steady at 4.4% CAGR through 2018, according to life sciences analysis firm EvaluateMedTech, with sales of medical devices expected to reach a value of $384 billion worldwide in 2015. The United States remains the largest medical device market, representing about 38% of the global sector, according to the U.S. Department of Commerce. Given projected overall growth for the U.S. economy in 2015 and beyond, the possible repeal of the device tax, and continued demand for advanced medical technology in emerging markets, the future, indeed, is relatively bright for the medical device industry. That's the macro outlook. Here are my micro predictions for 2015.