The annual EvaluateMedTech World Preview report always contains an abundance of insights on where the medical technology industry is today and how it will look in the near future. The fourth edition, which was published earlier this week, is no exception.
Time was when the medical device industry was widely thought of as recession proof. The sector was known for solid, steady growth without the ups and downs of the automotive sector, for example. That view has changed somewhat—the Great Recession left no sector untouched—but the medtech industry largely has returned to its comfort zone, where it will remain into 2020. That seems to be borne out by the forecasts compiled in the report by Evaluate Ltd., a consultancy headquartered in London that specializes in life science business analytics.
Evaluate pegs 2014 sales for the global medtech industry at $375.2 billion; based on a forecast of 4.1% annual growth, sales in the medical sector are expected to reach $477.5 billion by 2020.