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LONDON, BOSTON, TOKYO (September 25, 2018) — The global medtech industry is forecast to grow at a CAGR of 5.6% from 2017 to 2024 and reach $595 billion in sales by 2024, according to the latest report from Evaluate Ltd. Medtronic was the leading medtech company in 2017 with sales of $30 billion, and is forecast to retain the crown in 2024 with sales of nearly $39 billion. Of the remaining top five companies in 2017, Johnson & Johnson, Abbott Laboratories and Siemens Healthineers are forecast to retain their places in 2024; however, Becton Dickinson jumps three spots to edge out Phillips and claim the number five spot following its purchase of C.R. Bard.
Medtronic also leads in R&D investment, with a forecast spend of $2.7 billion in 2024. “Research and development is the lifeblood of the medtech sector, and it’s no surprise that industry leader Medtronic spends the most,” said report author Emily Muir. “However, heart valve specialist Edwards Lifesciences and French diagnostics company bioMérieux are the top spenders when it comes to the percentage of their sales they invest in R&D.”
Across the industry, global medtech R&D spend is set to grow by 4.5%, reaching $39bn in 2024. With the FDA repeatedly stating its determination to speed medical devices to market, and the number of innovative products granted first-time premarket approval in 2017 matching the peak seen in 2015, signs are positive that the growth in R&D investment will pay off in new treatment options.
Additional highlights from the EvaluateMedTech World Preview 2018, Outlook to 2024:
The analysis is based on in-depth consensus forecast models for the top 300 global medtech companies available within the EvaluateMedTech service. The report can be downloaded at www.evaluate.com/MedtechWorldPreview2018.
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