Written by Laura Dyrda
The medtech market is expected to grow over the next six year as several external factors impact markets around the world, according to a report from EvaluateMedTech.
The report was released at the AdvaMed 2014 conference.
“2014 marks a year of rapid change for the global medical device market, particularly with the cardiology and orthopedic spaces, which have been dominated by mega-mergers,” said the report author and EvaluateMedTech Product Manager Ian Strickland. “If the deal between Covidien and Medtronic goes through, we could see a new market leader. In an industry forecast to be worth more than half-a-trillion dollars in 2020, that is no insignificant achievement.”
Here are 10 things to know about the medtech sector:
1. Sales are expected to reach $514 billion by 2020, growing at a 5 percent compound annual growth rate from 2013 to 2020.
2. Mergers and acquisitions jumped 363 percent in the first half of 2014 when compared with 2013. The biggest acquisitions include Medtronic’s $42.9 billion deal for Covidien and Zimmer’s $13.4 billion merger with Biomet. Both are set to close next year and make a huge impact on the orthopedic segment.
