Trends Shaping the Medical Devices Industry 2023 & Beyond

Like other sectors, the medical devices industry has faced a tumultuous two-year period, with companies focusing their R&D resources on combating the COVID-19 pandemic. The supply chain disruptions caused by the pandemic led to critical shortages of vitally important medical devices, such as ventilators, worldwide.

While some countries focus on measures to ease shortages, the dynamics of the medical device industry continue to advance with the changing of the medical technology landscape, the use of software as a differentiator and heightened demand for home monitoring while facing an increasing aging population and the surging incidence of chronic diseases.

Despite these challenges, the global medical devices market is expected to reach an estimated US$409.5 billion by 2023 and continues to project growth of up to US$718.92 billion by 2029 at a compound annual growth rate (CAGR) of 5.5% during the forecast period.

Discover the Top 10 trends moving the medical devices industry forward for 2023 and beyond.

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