The 2018 edition of the EvaluateMedTech world preview report revealed that the global medical device tech industry is expected to grow at a compound annual growth rate of 5.6% per year between 2017 and 2024, culminating in 2024 global sales of $595 billion. Another research report echoed the findings, noting that the global medical devices market size will grow by $119.98 billion from 2018 to 2022.
This industry research report by Technavio provided a detailed analysis of the market based on segmentations such as therapeutic and surgical devices, patient monitoring, diagnostic and medical imaging devices, and other medical devices, as well as geography.
The report details that the increasing market penetration of medical devices in emerging countries is positively impacting the market, as these devices offers significantly high operating margins across the various industry subsectors, which makes medical devices in emerging countries more attractive to investors compared to developed countries.
Also, the large, growing, and increasingly wealthy middle class in emerging countries are willing to pay for high-quality medical devices that governments have not managed to deliver in the past, leveraging the low manufacturing and labor costs and generating significant profit margins for investors—hence, driving the market. Thus, the increasing market penetration of medical devices in emerging countries is positively impacting the market growth at a CAGR of more than 5% during the forecast period.