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U.S. Medical Technology Market Projected to Exceed $200 Billion by 2023
October 8, 2019 | PRNewswireEstimated reading time: 1 minute
Medical device manufacturing remains a strong market, driven by technological developments, an aging population, and increases in chronic and lifestyle diseases—trends that expand healthcare spending. While the global market is projected to continue its rapid growth, it is the U.S. that has the largest share of the global market at approximately 40% of the worldwide revenues.
An article in MEDTECHDIVE said that Fitch Solutions forecasted that: "The U.S. medical device market will achieve a compound annual growth rate of 4.9% over the coming years, leading to its value to top $200 billion in 2023. Fitch's forecast that the medical device market will outpace the broader economy is based on certain demographic trends and regulatory changes—including faster review times and the suspension of the 2.3% medical device excise tax—that the group predicts will fuel growth."
Most investors are concerned about the short and maybe long term effect of tariffs and creates uncertainty but Fitch's: "analysts think the sector is better placed to weather the choppy conditions than the broader economy."
Active Healthcare companies in the markets this week include: Soliton, Inc., Akcea Therapeutics, Inc., Livongo Health, Inc., Pfenex Inc., Gilead Sciences, Inc.
"Population growth, aging of the baby boomers and the rising prevalence of chronic diseases will provide tailwinds for the medical device industry through to 2023, according to Fitch. The analysts also expect FDA's proposed Software as a Medical Device framework to benefit companies by cutting the time it takes to update and improve products," Medtech continued.
In light of those trends, Fitch expects the U.S. medical device industry to grow in size from about $164 billion in 2018 to $208 billion in 2023. The analysts predict all segments of the device industry will contribute to the increase. Fitch expects medical device manufacturers to achieve those growth figures both by reaching more patients and increasing per capita sales. By 2023, the medical device industry is expected to make about $615 per person in the U.S., up from $502 in 2018.
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