And some diagnostics groups are forecast to actually cut R&D outlay this year as the pandemic eases.
Medtronic, Siemens and Stryker are all expected to seize greater market share, while Roche slides down the rankings.
Roche had the most innovative approvals over the last five years – but took second place in terms of speed.
New devices are coming, but the real advances will involve combinations.
Remember Nanostim? It’s back – in a modified form, sold by a different company, and under another name.
The agency takes its time – particularly with diagnostics.