Medical device industry standing firm despite socio-economic and political instabilities
According to a survey by EvaluateMedTech World Preview, the global MedTech industry registered a positive, upward trend in 2015 despite socio-economic and political instabilities prevailing in most of the geographies. Global medical equipment sales are estimated to grow at a CAGR of 4.1% to reach USD 478 billion by 2020. The In Vitro Diagnostics (IVD) segment is expected to be the new leader toppling cardiology and diagnostics. IVD is estimated to cover 14% of the total medical device market with sales of USD 71.6 billion. Roche is expected to dominate the IVD segment with a lion’s share of 17% and sales of USD 12.20 billion by 2020. Medtronic, after acquisition of Covidien has become a major competitor for J&J. Medtronic has a competitive edge over J&J with its growing cardiac and vascular product range. J&J is a major player of the orthopedic segment, which is unfortunately not growing well. However, J&J has its pharmaceutical division too, where Medtronic is absent. Neurology will report the fastest growth by 2020. Orthopedics, which is representing slow growth presently, may be the slowest growing segment by 2020 with a CAGR of 3.2%.