GLOBAL MEDTECH

INDUSTRY OUTLOOK, 2024

DECEMBER 2023

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TABLE OF

CONTENTS
EXECUTIVE SUMMARY 04

 TOP DEVELOPMENTS IN 2023

 KEY PREDICTIONS FOR 2024

RESEARCH SCOPE, OBJECTIVES, AND METHODOLOGY 08

 STUDY SCOPE

 STUDY OBJECTIVES, METHODOLOGY, KEY INFORMATION AREAS, AND TARGETED PERSONAS

GLOBAL MACROECONOMIC ANALYSIS 11

 GLOBAL AND REGIONAL ECONOMIC ANALYSIS

 MACROECONOMIC KPIS

 GLOBAL TOP 15 TRENDS & THEIR IMPACT ON MEDTECH INDUSTRY

 TOP 10 INDUSTRY-SPECIFIC TRENDS FOR 2024

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TABLE OF

CONTENTS
GLOBAL MEDTECH INDUSTRY IN 2023 28

 MEDTECH INDUSTRY PERFORMANCE: 2022 VS. 2023

 TOP 10 DEVELOPMENTS IN 2023

 COMPETITIVE ANALYSIS (2022 VS. 2023)

GLOBAL MEDTECH INDUSTRY OUTLOOK IN 2024 37

 MEDTECH INDUSTRY PERFORMANCE IN 2024

KEY GROWTH OPPORTUNITIES AND RECOMMENDATIONS 52

CONCLUSION AND KEY TAKEAWAYS 56

APPENDIX 58

 WILL THE COST OF HEALTHCARE RISE IN 2024?

 ABOUT MARKETSANDMARKETS

 LEGAL DISCLAIMER
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 EXECUTIVE SUMMARY
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

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EXECUTIVE SUMMARY: KEY PREDICTIONS FOR 2023

 The global MedTech market was valued at USD 616 billion in 2022 and is expected to reach USD
642.5 billion by the end of 2023.
 From global inflation and geopolitical unrest to supply chain disruptions in global markets, MedTech
organizations faced a multitude of external pressures (VUCA [volatility, uncertainty, complexity, and
ambiguity] and limited growth opportunities for many companies); however, top players made it big
despite adversity. Abbott, Medtronic, Siemens, J&J Med, and Stryker made it to the top MedTech
companies by revenue.
 FDA approved a record number of AI-ML-enabled medical devices for human use, with maximum
approvals in radiology (79%), followed by cardiology (9%) and neurology (5%), from a total of 171 (till
July 2023).
 The M&A segment did not perform well in 2023. Compared to 2022, where 422 deals totaling USD
67.2 billion were reported, only 173 deals were reported with a deal value of USD 13.6 billion (till
H1, 2023).
 Elective surgeries were back, but the backlog could not be cleared in 12 months across the US, UK,
Australia, Europe, and other markets.
 China remained a focused market where key MNCs anticipated losses or low margins due to the
recently introduced VBP. US-China trade tension has pushed US-based companies on the fence,
while few announced exit** from the market.

Source: MarketsandMarkets (MnM) Analysis, Secondary Research, and Discussions with Experts
**ZimVie (Zimmer Biomet)

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EXECUTIVE SUMMARY: TOP DEVELOPMENTS IN 2024 (1/2)

 The global MedTech sales are projected to grow at 4.0% YOY in 2024, with the diagnostic segment expected to grow at 3.1% and the therapy and
management segment to grow at 4.3% in 2024.
 In the diagnostic segment, the Asia Pacific (4.9%) and Europe (2.9%) are expected to outgrow the US market.
 The therapy and management segment is expected to reach USD 506.2 billion in 2024. The remote patient monitoring (RPM) segment is expected to
grow by 5.8% globally as more stakeholders and policymakers focus on it.
 Cardiology, oncology, ortho (spine), and ophthalmology (eye care) will continue to remain lucrative segments for product launches and investments.
Manufacturers are expected to implement technologies around miniaturization, low-power sensors, and wireless communication. High-deal M&As are
expected in H1 2024.
 Generative artificial intelligence (GenAI) will be the most talked about technology this year, as it opens new opportunities for MedTech leaders to
assess and integrate emerging technologies into new product offerings, save cost, and reduce the time to market. Many stakeholders are planning to
incorporate GenAI or AI-ML in their current business model.
 Connected MedTech and integrated diagnostics are major themes among manufacturers this year, driven by consumer demand. The market for
wearables is expected to move beyond tracking steps and measuring pulse and calories burnt.
 Companies such as Abbott, Becton, Dickinson and Company, and Siemens Healthineers are already active in the in-home diagnostics space, with
offerings ranging from flu and RSV diagnostics to cancer, fertility, and diabetes testing. The global home diagnostics market is expected to reach USD
54.63 billion in 2024.

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EXECUTIVE SUMMARY: TOP DEVELOPMENTS IN 2024 (2/2)

 The procedure backlog for elective surgeries is expected to clear only by mid-2024. This has created huge opportunities for accessories, consumables,
and medical equipment manufacturers and suppliers. The US, Australia, and the UK have added budgets to purchase additional equipment. Capacity
rationalization is creating demand across MedTech. Many countries have invested in ambulatory surgery centers, community clinics, and imaging
facilities to limit patient overload in hospital OPDs and clear more daycare surgical procedures that were on hold due to the pandemic.
 Medtronic’s PulseSelect Pulsed Field Ablation (PFA) System received FDA approval toward the end of 2023 and plans a strong market entry in key
markets. Boston Scientific and J&J are also competing in the same segment. Companies that did okay in 2023 plan to make it big this year (BD has
announced plans to reach USD 20 billion in sales).
 China shall remain the prime focus of MedTech companies. Whether to continue in the domestic market (after VBP implementation) or move out?
With regulations getting stricter, will it remain viable for MNCs? (China remains one of the highest consumption markets in the world)
 Australia, the UAE, India, and the UK are other markets that appear promising for the MedTech business this year.

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 RESEARCH SCOPE, OBJECTIVES
INTRODUCTION
& METHODOLOGY
European Pharmaceutical Contract Development and
Manufacturing Organization Market

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RESEARCH SCOPE

BASE YEAR  2023

STUDY PERIOD  2022–2024

FORECAST YEAR  2024

 Global (North America, Europe, Asia Pacific, and the Rest of the World)
 North America: United States of America and Canada
GEOGRAPHICAL
 Europe: France, Germany, Spain, Italy, and the United Kingdom
SCOPE
 Asia Pacific: Australia, China, India, Japan, and South Korea
 Rest of the World: Middle East & Africa and Latin America

 Diagnostics
DEVICE CATEGORIES
 Therapy and Management

DETAILS TYPE  Sales USD Million

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RESEARCH SCOPE

 To understand the key trends that are likely to impact the industry in 2024
STUDY OBJECTIVES  To estimate the industry performance at the global level as well as for key regions and by sectors/segments
 To identify growth opportunities and provide recommendations for market participants for tapping the key opportunities

SECONDARY RESEARCH
 Historical data in MarketsandMarkets (MnM) reports and KnowledgeStore has been leveraged
 Monthly sales data have been collected from various associations, industry bodies, and third-party databases across regions
 Key trends, market drivers, and restraints have been collected from various industry articles, reports, and journals
METHODOLOGY DISCUSSIONS WITH EXPERTS
 Opinion of key experts regarding market drivers and restraints as well as industry performance have been taken into consideration

MARKETSANDMARKETS (MNM) ANALYSIS

 MnM consultants and analysts have cumulative experience of over 100 years. Our consultants/analysts track the industry, regions, sectors,
and players on an ongoing basis. Existing market knowledge has been leveraged for the analysis as well as market forecasting

 Industry stakeholders (OEMs, suppliers, and dealers) with business interests in Diagnostics & Therapy and Management
WHO SHOULD BE INTERESTED
IN THE REPORT  The report contains useful insights for leadership and teams aligned with strategy, product, R&D, sales & marketing, and new market
development

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 GLOBAL MACROECONOMIC
INTRODUCTION
ANALYSIS
European Pharmaceutical Contract Development and
Manufacturing Organization Market

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GLOBAL & REGIONAL MACROECONOMIC INDICATORS: REAL GDP & INFLATION RATE
NAVIGATING ECONOMIC LANDSCAPES: A GLIMPSE INTO GLOBAL REAL GDP AND INFLATION TRENDS

GLOBAL REAL GDP ANNUAL PERCENTAGE CHANGE , 2014–2026 INFLATION RATE: AVERAGE CONSUMER PRICES, BY REGION, 2023 VS. 2024
8.0 20.0
6.3
Real GDP Annual Percentage Change

6.0 16.0

Annual Percentage Change

3.5 3.8 3.6 3.5
4.0 3.4 3.2 3.1 3.2
2.8 3.0 2.9 12.0

2.0 8.0

0.0
4.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2026F
-2.0 -2.8
0.0
Global US Europe Asia Pacific Middle East & Latin America
-4.0 Africa

Global 2023F 2024F

 2023's historic healthcare cost spike is likely to see some moderation in 2024, but the long-term trajectory remains firmly upward. This necessitates strategic planning and
innovative solutions to ensure sustainable healthcare delivery.
 After peaking at 10.7% in 2023, the global medical trend is projected to cool to 9.9% in 2024, offering a glimmer of hope for healthcare affordability. Factors responsible for
the decline include a spike in elective procedures, consultations, and other procedures that were delayed or postponed due to the pandemic starting to ease.
 However, despite the projected decrease in the medical trend, it continues to stay elevated, partly attributed to the high expenses associated with new medical technologies.
 The adoption of innovative medical technologies, such as diagnostic tools powered by artificial intelligence, continues to be the primary external factor leading to the
escalation of medical costs.

Source: World Economic Outlook, October 2023 and IMF

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 MACROECONOMIC INDICATORS FOR TOP 10 COUNTRIES: REAL GDP GROWTH RATE & GDP PER CAPITA
EXPLORING REAL GDP GROWTH RATE & GDP PER CAPITA TRENDS FOR COUNTRIES IN 2023–2024

REAL GDP GROWTH RATE, BY COUNTRY, 2023 VS. 2024 GDP PER CAPITA, BY COUNTRY, 2023 VS. 2024
7.0 70,000.0

6.0 60,000.0
Real GDP Annual Percentage Change

5.0 50,000.0

GDP per Capita

4.0 40,000.0
3.0 30,000.0
2.0
20,000.0
1.0
10,000.0
0.0
0.0
Australia
Mexico

Germany
Brazil

Spain

Canada

Italy
China

Korea
India

France
US

Japan

UK
-1.0

Australia
Germany

Mexico

Brazil
Canada

Italy

Spain
Korea

China
France

India
US

UK

Japan
2023F 2024F 2023F 2024F

 Healthcare expenditure is propelled by the introduction of novel medical technologies and the excessive utilization of healthcare services.
 Analyzing the data at the country level, the ratio of health expenditure to GDP was notably the highest in the US at 16.6% in 2022, followed by Germany at 12.7% and France
at 12.1%. Additional countries, including Canada and Japan, allocated over 10% of their GDP to healthcare spending in 2022.
 The budget allocated to the Indian Ministry of Health and Welfare for 2023-24 witnessed a rise of approximately 13% compared to 2022–23.
 Technological advancements, increased consumer expectations, and geopolitical factors are the factors that continue to drive healthcare expenditure in 2024.

World Economic Outlook, October 2023 IMF

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 TOP 10 COUNTRIES: CONSUMER-RELATED MACROECONOMIC INDICATORS

HOUSEHOLD DISPOSABLE INCOME, BY COUNTRY, 2023 UNEMPLOYMENT RATE, BY COUNTRY, 2023 VS. 2024
4.0 16.0

Percentage of total labor force

Gross Per Capita, Percentage Change

3.0 12.0

2.0 8.0
1.0
4.0
0.0
0.0

Australia

Finland
Germany

Italy

Spain

Mexico
France

Sweden

Belgium
US

Japan

UK

Australia

Germany
Canada

Italy

Spain

Brazil

Mexico
China

Korea

France
US

Japan

UK
-1.0

-2.0

2023 2023F 2024F

INFLATION RATE: AVERAGE CONSUMER PRICES, BY COUNTRYY, 2023 VS. 2024 CONSUMER CONFIDENCE INDEX, BY COUNTRYY

10.0 120.0

Amplitude Adjusted, Long-term

Inflation rate average consumer

100.0
8.0
80.0

Average=100
6.0
60.0
prices

4.0
40.0
2.0 20.0
0.0 0.0

Finland

Australia
Germany

Italy

Spain

Mexico

Brazil
China

Switzerland
France
US

Japan

UK
Australia

Germany

Mexico
Canada

Italy

Spain

Brazil
China

Korea

France
US

Japan

UK

2023F 2024F
2023
Source: World Economic Outlook, October 2023 IMF, OECD (2023), Consumer Confidence Index (BCI) (Indicator) Source: OECD (2023), Household Disposable Income (Indicator).

© 2023 | www.marketsandmarkets.com 14
 GLOBAL FISCAL CHALLENGES
RISING DEBT, INCREASING INTEREST PAYMENTS, AND DETERIORATING FISCAL BALANCES

 Due to higher borrowing costs and the high cost of living expenses, earnings are like to decrease, and this severity is being witnessed in 2023 and 2024.
• Higher interest rates will make car loans more expensive, potentially leading to a decline in car purchases, particularly for budget-conscious consumers. This could impact all segments, but especially entry-
level and less fuel-efficient models.
• Consumers may opt for used cars, which typically have lower upfront costs and smaller loan amounts, making them more attractive in a high-interest environment. This could boost the used car market at the
expense of new car sales.
 Enterprises are looking to respond to declining cash flows by freezing new hiring, job cuts, and cuts to capital expenditures, which is amplifying the recession.
• Higher borrowing costs can make it more expensive for manufacturers and dealerships to invest in production, new models, and inventory.
• To maintain profitability, manufacturers may prioritize the production of higher-margin vehicles like SUVs, trucks, and luxury cars, which are typically less sensitive to interest rate fluctuations. This could
further limit the availability of entry-level and fuel-efficient models.

TOTAL DEBT/TOTAL ASSETS (%) MEDIAN CASH INTEREST PAID/TOTAL DEBT (%)
VALUE OF GLOBAL DEBT RATED NONFINANCIAL CORPORATES RATED NONFINANCIAL CORPORATES
320 50 6
310 303 305 307
300 45
Value of Global Debt (USD Trillion)

296296 5
300 40
288.8 290
290 285 287 35 4
281.5
276.5 30
280
268.8 25 3
270
258 20
260 2
15
250 10 1
240 5
230 0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Q1'20
Q2'20
Q3'20
Q4'20
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Q4'22
Q1'23
Q2'23

Investment grade Speculative grade Investment grade Speculative grade

Q1 2020–Q2 2023

Source: S&P Capital IQ, S&P Global Ratings, and Statista

© 2023 | www.marketsandmarkets.com 15
 GLOBAL CRUDE OIL PRICES AND ITS IMPACT ON MEDTECH
VUCA (VOLATILITY, UNCERTAINTY, COMPLEXITY, AND AMBIGUITY) HAS INCREASED SUBSTANTIALLY IN THE WORLD, NEGATIVELY IMPACTING THE SAFETY,
SECURITY, AND RELIABILITY OF THE SUPPLY CHAIN ACROSS ALL HEALTHCARE SEGMENTS

120.0
104.1 105.1 104.2
97.8 96.3 96.4
100.0
GLOBAL CRUDE OIL PRICES (USD/BBL)

79.1 81.5 79.0

80.0 71.2 68.5 69.3
64.4 61.5 61.4
60.0 53.5 50.9 53.0
43.3 41.8
37.8
40.0
28.9
24.5 25.0
20.0

0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F 2024F

 Alloys are commonly used in MedTech; however, most of these alloys come from geopolitically challenged zones. Wars in Central Asia and Russia-Ukraine and the recent attacks on ships in
the Red Sea have created more hurdles for transporters. Considering the fluctuations of oil prices, sea transport may become expensive if ships have to take a detour via the Cape of Good
Hope to reach Europe or the Asia Pacific, which will add to the cost, delay in supply, and disrupt the entire manufacturing set-up.
 Aluminum comes from Russia, China, and India. Titanium is another key alloy used in MedTech products, which the United States mostly sources from Japan, Ukraine, and Russia. Cobalt,
commonly used in hip and knee implants, surgical tools, and vascular stents, is sourced from the Democratic Republic of Congo, Russia, and Australia. Fluctuating crude oil will create
hurdles for manufacturers across the globe.

Source: MnM Analysis, IMF, and Fred Economic Data

Note: The oil prices denote APSP i.e., Average Petroleum Spot Price

© 2023 | www.marketsandmarkets.com 16
TOP 15 TRENDS FOR 2024

Accessibility, ease of use, more elective surgeries, and artificial intelligence will redefine the MedTech segment this year
2024: Generative AI in MedTech

Spinoffs: MedTech’s wheel of fortune Augmented reality (AR) becomes extended reality (XR)

Outlook of other high consumption MedTech markets Connected MedTech brings more players together and
creates opportunities

High degree of caution as investors put their money Integrated diagnostics will ensure better clinical outcomes
in MedTech

M&A uncertain amid market volatility RPM may reduce hospital visits and bring down cost of care

Regulatory dilemma keeps stakeholders on fence Retail healthcare comes closer to patients

IVD sector adds AI-ML to ride the tech wave to support

Capacity rationalization—an imperative to reduce wait time
global smart laboratories

Opportunities in other MedTech segments Key big players to compete in the cardiology segment

© 2023 | www.marketsandmarkets.com 17
AI TAKES CENTER STAGE IN MEDTECH

GENERATIVE AI IN MEDTECH CELL & GENE THERAPY APPROVALS EXPECTED TO RISE IN 2024

 AI-enabled devices are expected to be launched by Siemens  Extended reality (XR) is an umbrella that encompasses augmented
Healthineers, GE Medical Systems, Fujifilm, and Hologic Inc. reality (AR), virtual reality (VR), mixed reality (MR), and everything in
Companies are planning to add generative AI in 2024, e.g., between.
Siemens (announced in November 2023) and Medtronic + NVIDIA
 MnM expects the market to reach USD 6.5 billion by 2025, at a
(announced in March 2023).
CAGR of 30.7% (the market is expected to be valued at USD 4.9
 By October 2023*, the FDA added 171 artificial intelligence and billion in 2023).
machine learning (AI/ML)-enabled medical devices for human
 AR is being used for medical training and teleconsultation. The US
use, with the maximum in radiology, followed by cardiology and
dominates the market; others are expected to add AR/VR in 2024.
neurology.
• Metaverse hospital in the UAE
 MarketsandMarkets has identified more than 60 use cases for
• Australian hospitals have been experimenting with VR for medical
generative AI across the entire MedTech value chain.
teaching for 2 decades; they plan to extend to more facilities by
 The main challenges with GenAI in MedTech are: 2026
• When and how to start?  AR/VR/XR is moving beyond immersive experience and moving
• Many companies are adopting the wait-and-watch policy toward key disease areas (eye care is expected to dominate the
market). It started with medical training and surgical simulation
and now covers virtual rehabilitation that addresses anxiety and
USD 6.5 Billion depression.
Size of Global • Non-healthcare companies such as Meta, Google, and Apple are
AR/VR in the front runners in 2024, along with traditional MedTech companies
like Stryker (Mako).
Healthcare Market in
2025
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 18
STAYING CONNECTED IS THE NEW MANTRA
MARKETSANDMARKETS ESTIMATED THE GLOBAL IOT MEDICAL DEVICES TO BE WORTH USD 41.5 BILLION IN 2023

CONNECTED MEDTECH BRINGS MORE PLAYERS TOGETHER AND CREATES OPPORTUNITY INTEGRATED DIAGNOSTICS WILL ENSURE BETTER CLINICAL OUTCOMES

 Can use their built-in sensors to collect information recorded by the said device and have  The convergence of imaging, pathology, and laboratory tests with advanced information
the inbuilt capability to transmit them over the internet and to other connected devices that technology (IT).
are equipped to receive said data (unlike a smart device that can only transmit data to the  Integrated diagnostics shall include data coming from patient-specific laboratory requests
internet). and follow-up requests and diagnostic suggestions along with patient information (e.g.,
symptoms, previous illnesses, laboratory values, etc.).
 MedTech companies are coming together to bring comprehensive solutions to the market
 It is expected to play a huge role in clinical research as data generated from different sites
clubbed with AI and ML.
can be analyzed for better outcomes, reduce trial errors/failures, keep cost checks, and
 The segment is growing between hospital-based connected devices and home-based forecast the success of trials.
connected devices.
 In 2023, most people use blood glucose monitors, heart rate monitors, pulse oximeters, Philips showcased
blood pressure monitors, breath analyzers, and insulin pumps at home or via their AI platforms
smartwatches. Miniaturization, low-power sensors, and wireless communication of medical connecting
devices are expected. radiology, cardiology,
pathology, and
EARLY DIAGNOSIS AND PERSONALIZED CARE IOMT oncology across MR,
DETECTION CT, diagnostic X-ray,
and ultrasound,
 mHealth  Oncology and AI  Connected Physicians including MR
 Wearables  Precision Med  Medical Compliance SmartSpeed at ECR
 POCT  Blindness Research Systems 2023. Such
(ORBIT) integrated solutions
 Neural Network
are expected to
 Drug Discovery enter hospitals this
year.
Image Source: *Royal Society of Chem Lab Chip, 2022, 22, 3340-3360

© 2023 | www.marketsandmarkets.com 19
REMOTE PATIENT MANAGEMENT IS EXPECTED TO REDUCE HOSPITAL OPD BURDEN FOR NON-CRITICAL CONDITIONS
REMOTE PATIENT MONITORING (RPM) AND SURGICAL HUBS ARE NEW WAYS TO REDUCE ELECTIVE SURGICAL WAITLISTS AND NON-INTERVENTIONAL HEALTH
CONDITIONS.

RPM MAY REDUCE HOSPITAL VISITS AND BRING DOWN THE COST OF CARE RETAIL HEALTHCARE COMES CLOSER TO PATIENTS

 By 2024, more than 30 million US patients are expected to use  Retail healthcare is making a comeback, with centers offering
RPM solutions. 37 states already reimburse RPM in 2023 imaging and diagnostic screening for patients in supermarts or
(Medicaid). centers close to their homes.
 Centers for Medicare & Medicaid Services (CMS) released the  In the US, breast cancer screening is expected to become
2024 Physician Fee Schedule Final Rule (2024 Final Rule). accessible and reduce the time of screening as Walmart partnered
• RPM can only be furnished to an “Established Patient” (RTM CAGR of 20.1% with Radnet in December 2023 to run its 18-month
‘MammogramNow’ pilot screening center in Walmart-Milford,
does not)
between 2023 and Delaware. Based on the success, more walk-in clinics are expected
• Practitioners must collect at least 16 days of data per 30-day
period 2028 (the market is to open in 2024.

• Only one practitioner can bill Medicare for RPM/RTM services estimated at USD 14  Similar screening centers are planned in the UK market (e.g.,
billion in 2023)^ Community Diagnostic Centre in Barnsley’s retail center, the Glass
 Germany dominates the European region. The Digital Act and the Works, started in 2023), with many more such models planned for
Health Data Use Act is expected to take effect in February 2024. 2024. Such centers are expected to offer a range of services,
From January 1, 2024, electronic prescriptions will become including breast screening, phlebotomy (blood test), X-ray, and
mandatory. The EPA’s functionality will then be further expanded DEXA (bone density services).
to cover functions, including medication reminders, medication
plans, and side effect checks.

 Dubai is taking the initiative in RPM; however, it is too early for

USD 25.79 Bn
medical device companies to find an opportunity. Market Size expected in
2024*
(Testing, Screening in Home
Healthcare market)

Source: *Markets and Markets Knowledge Store (TOP 10 MED DEV TECH MARKET)

© 2023 | www.marketsandmarkets.com 20
CAPACITY RATIONALIZATION IN ASCS/HUBS WILL ENABLE MORE CONSUMPTION OF DEVICES AND
CONSUMABLES

The backlog of elective surgeries during the COVID-19 lockdown continued in 2023 and is expected to continue till early 2024. Some markets have added measures to limit the
burden of hospital OPDs and day surgeries at hospitals by creating alternate centers.

Surgeons in the US are also anticipating a shift of orthopedic and spinal The surgical backlog in the NHS is expected to until early next year (the
procedures to the outpatient setting to establish more diverse income waiting list could reach as many as 10.7 million people). The Surgical
streams while providing more cost-effective care. Theater Efficiency Program^ is expected to reduce the gaps. J&J and
Medtronic are among the few beneficiaries.
Ambulatory surgery centers are on the rise. The state of California has the maximum
number of ASCs (as of 2023). With recent announcements from CMS, this segment is
expected to boost an additional 3.1% reimbursement, which will be applicable in Australia: States like Victoria are starting ‘Rapid Access Hubs’ to
2024. The actual revenue impact can be measured if the number of procedures complete day-surgery procedures such as hernia, cataract, and joint
carried out in ASCs outnumbers hospital OPDs and day surgery centers. Many US procedures and cater to 240K patients in 2024.
hospitals are planning to spend almost 9% of the additional budget to purchase
equipment and consumables and reduce the gap of pending elective surgeries.

Where will the hospitals spend in 2024?**

 The sales of endoscopic cameras, operating room equipment, and procedural tools will jump in markets such as the US and Australia.
 Spending on robotic systems for hip and knee procedures is expected to fall, although orthopedic companies could benefit from an
uptick in spending on spine robotic systems (Stryker is expected to enter the spine market with Mako).

^J&J MedTech Theatre Efficiency program at the Wrightington, Wigan and Leigh NHS Trust improved efficiency and increased surgical utilization by 9%
** Baird Survey 2023

© 2023 | www.marketsandmarkets.com 21
CARDIOLOGY TECH PRODUCTS ARE IN HIGH DEMAND AFTER DIABETES; OTHER SEGMENTS INCLUDE EYE CARE,
ONCOLOGY, AND HOME CARE
MARKETS ARE CLEARING THE BACKLOG OF SURGERIES AND INTEND TO REDUCE THE GAPS DRASTICALLY BY MID-24, LEADING TO ADDITIONAL OPPORTUNITIES FOR SUPPLIERS
AND OEMS.

KEY PLAYERS TO COMPETE IN THE CARDIOLOGY SEGMENT OPPORTUNITY IN OTHER MEDTECH SEGMENTS

 Opportunities in the PFA segment in the US and Europe are  South Korea-based EDGC plans to launch its OncoCatch-E test for
almost similar. the detection of colorectal, lung, breast, and gastric cancers in the
US Onco-diagnostics market.
• US: Among big players, Medtronic is the front-runner and is
expected to start selling PulseSelect in early 2024. It is  Ophthalmology is a mixed market, with new entrants joining in
aggressively followed by peers such as Boston Scientific and 2024 as players such as Apple and Meta leaving.
Johnson & Johnson. Emerging players such as Kardium,
Galvanize, and Adagio are also expected to compete in the near
USD 8 Billion • Mojo Smart Lens called off its projects and laid off 75% of its
workforce.
future. Market for Treating AF
• SENSIMED Triggerfish may expand in the smart contact lens
• Europe: Medtronic (PulseSelect), Boston Scientific (FARAPULSE with Ablation market. It can be used to measure intraocular pressure (eye
PFA), and Galvanize Therapeutics received the CE Mark for pressure) over a 24-hour period.
paroxysmal AF products.
 Abbott, Becton, Dickinson and Company, and Siemens
 Treating AF with ablation (electrophysiology/EP) is a USD 8 billion Healthineers are expected to become active in the in-home
market. In the US, 15% of the eligible 2.5 million patients with AF diagnostics space, with offerings ranging from flu and RSV
are currently being treated with ablation (worldwide, there are diagnostics to cancer, fertility, and diabetes testing.
~650,000 ablations versus 35 million patients with AF). The
 The digital diabetes management market is estimated to be worth
numbers are expected to change in 2024.
USD 18.9 billion in 2023. Dexcom, Abbott Laboratories, Medtronic,
19%* Senseonics Holdings, GlySens, Roche, Terumo, and POCTech are
Heart Rate Monitor the market leaders. A new entrant, the Apple Watch Blood Glucose
Monitor, could revolutionize the segment in 2024.
Segment in 2022–2027

Source: *Markets and Markets KnowledgeStore (TOP 10 MED DEV TECH MARKET)

© 2023 | www.marketsandmarkets.com 22
DEMAND FOR MACHINE LEARNING ACROSS IVD SECTOR

IVD SECTOR ADDS AI-ML TO RIDE THE TECH WAVE TO SUPPORT GLOBAL SMART LABORATORIES; US AND CHINA MOST ATTRACTIVE

 Across the IVD sector, there is a rise in demand to use AI-ML technologies in their current products. Big and small players want to mint
revenue on this tech wave.
 In the US, the Food and Drug Administration (FDA) regulates laboratory-developed tests (LDT) as medical devices. Minimal residual
disease (MRD) testing will become a standard of care in oncology (1.9 million Americans are expected to be diagnosed this year).
 In Europe, CE-IVDs with a valid IVDD certificate issued by a notified body can be sold until May 2024 (the “grace period”; note that this
only concerns certain high-risk tests; see IVDR Art. 110(2)-110(4)). >34%
 Clinical laboratories are expected to favor using AI, machine learning, and digital workflows. MedTech companies are looking forward Market Share of US in
to introducing and selling more AI-ML-enabled sector-specific devices. For example, Beckman Coulter Diagnostics foresees a digital
AI-IVD Segment in 2024*
transformation in hematology.
 Immunoassay/immunochemistry and molecular diagnostics are expected to remain the most attractive segments in the global IVD
market.
 Our research suggests that ML in genomics had a 54.5% market share in 2022 and is expected to reach a market value of USD 358.9
million by 2024, with genome sequencing expected to cross a market value of USD 409 million in 2024.

>10%
USD 57.39 Billion USD 2.9 Billion Market Share of China in
Global Market AI in IVD Market for AI in the Global Medical Imaging AI-IVD Segment in 2024*
2024* and Diagnostics Market
2024^

Source: *Markets and Markets KnowledgeStore (AI in Medical Diagnostics Market by Modality); ^AI in Medical Diagnostics; AI in Genomics Market

© 2023 | www.marketsandmarkets.com 23
REGULATORY DILEMMA KEEPS STAKEHOLDERS ON THE FENCE (1/2)

EU AND US ARE NOT CLEAR IF THEIR REGULATIONS WILL BE IMPLEMENTED IN 2024, CHINA IS CONFUSED

 Both the EU and the UK were supposed to  Wall Street leaders have indicated that they are looking beyond Biden  New UK medical device regulations are
come up with updated MDRs in 2024, but and Trump next year. How will it impact the medical device industry in expected to be in place by July 2024. It will
it may not happen. 2024? ensure the new system of regulation is ready
 It appears that the EU is now looking to  The Public Health Emergency PHE ended in May 2023; however, the in time and also minimize the risk of supply
delay the compliance deadline for its FDA, in recent guidance, indicated the end of the PHE will not impact disruptions for UK patients. It is expected to
renewed MDR by several years, as there existing EUAs or the FDA’s ability to authorize new products and replace the already established European
are insufficient resources to meet the devices under emergency use. This is good news for the US market. Union CE Marking, with its own UKCA Mark,
deadline required by law, and the EU will  ISO 13485 and Quality System Regulation (21 CFR part 820), now intended to be the national equivalent to the
face potentially critical medical supply referred to as Quality Management System Regulation (QMSR), are certification following Brexit. It is a go-to-
shortages if they stick to the current also expected to be implemented around December 2024. The market for manufacturers with CE
deadline in 2024. implementation shall align the current good manufacturing practice certifications till June 2024.
 It is not a good time for startups to plan (cGMP) requirements of the FDA’s Quality System Regulation (QSR)  160 community diagnostic centers to open by
their Europe market entry. with the international consensus standard for medical device quality March 2024; the demand for equipment and
management systems, ISO 13485:2016. consumables will surge.
 A new labeling and packaging clause was proposed in Part 820.
 Manufacturers may need to comply with new regulations from the end
of 2024 or early 2025; it is a go-to-market in 2024.

Source: MarketsandMarkets (MnM) Analysis, Secondary Research, and Discussions with Experts

© 2023 | www.marketsandmarkets.com 24
REGULATORY DILEMMA KEEPS STAKEHOLDERS ON THE FENCE (2/2)

AUSTRALIA IS PUSHING ITS SOFTWARE-BASED DEVICE REGULATIONS TILL Q4; UK IS INTRODUCING NEW LAWS IN JULY; CHINA REMAINS CONFUSED

• In India, all medical device manufacturers  In Australia, the changes to the classification  In China, medical devices produced from June 1, 2024, are expected to
must comply with Medical Devices Rules rules for software-based medical devices carry a UDI for medical devices (Inclusion: 141 Class II products,
(𝒂𝒂𝒍𝒍𝒍𝒍 𝒏𝒏𝒐𝒐𝒏𝒏-𝒏𝒏𝒐𝒐𝒕𝒕𝒊𝒊𝒇𝒇𝒊𝒊𝒆𝒆𝒅𝒅 𝑪𝑪𝒍𝒍𝒂𝒂𝒔𝒔𝒔𝒔 𝑪𝑪 𝒂𝒂𝒏𝒏𝒅𝒅 𝑪𝑪𝒍𝒍𝒂𝒂𝒔𝒔𝒔𝒔 𝑫𝑫 commenced on February 25, 2021. Exclusion: third batch of products with UDI that have been produced
𝑴𝑴𝒆𝒆𝒅𝒅𝒊𝒊𝒄𝒄𝒂𝒂𝒍𝒍 𝒅𝒅𝒆𝒆𝒗𝒗𝒊𝒊𝒄𝒄𝒆𝒆𝒔𝒔 are mandated since Manufacturers of all software-based medical before may not have a UDI).
October 2023; Class A and B were devices have been complying with the ARTG;  Volume-based procurement (VBP) aims to lower medical costs by
mandated since 2022). This impacts however, the transition ends on Nov ember 1, awarding large-volume contracts to the company with the lowest price.
manufacturers who are 2024. It is a wait-and-watch situation before Medical device companies* could face market exclusion without
importing/exporting part of devices in new regulations are introduced. access to hospital channels.
India.  Price adjustments introduced for 2024 are  China has also expanded its National Encouraged List to attract foreign
expected to reduce prices by 13% and shift investment in certain medical device products, including AI-enabled
general-use items off the PL to equipment and wearable health devices. It is difficult to forecast if
 another mechanism of private health China’s pullback is cyclical or if it is more permanent demand
insurance reimbursement. This will lead to a destruction.
situation similar to China’s for many medical  “Can I make money in China?” This question no longer has a clear
device manufacturers. answer.

*Siemens Healthineers, Philips, and Elekta already acknowledged that some near-term equipment orders were likely to be delayed due to China’s anti-corruption campaign

© 2023 | www.marketsandmarkets.com 25
UNCERTAINTY AND LONGER EXECUTION PERIODS TO CONTINUE AMID HOPE AND OPTIMISM
VCS ARE LESS INTERESTED IN RAPID GROWTH AND ARE KEENER ON STARTUPS THAT CAN DEMONSTRATE SAVINGS AND EFFICIENCY

M&A UNCERTAIN AMID MARKET VOLATILITY HIGH DEGREE OF CAUTION AS INVESTORS PUT THEIR MONEY IN MEDTECH

 After a rough 2022/23, M&A has picked up  After a slow 2023, investors are looking at
 2022: 422 deals totaling USD 67.2 billion.  “Services-as-software“. It will emerge as a new category of
 2023e: 173 merger and acquisition deals so far this year, healthcare AI
totaling USD 13.6 billion (H1, 23) estimated 353 MedTech M&A  Remote patient monitoring, which is another area of focus
deals totaling USD 27.7 billion  Diagnostic imaging
 2024f: Still under a cloud of uncertainty, but hopes are high.  Bidders will continue to exercise a high degree of caution, leading
 Innovative assets have become scarcer, and venture funding has to more thorough due diligence processes and longer execution
slowed for product-focused medical technologies. Undisclosed Amount periods.
On December 20, 2023,  We expect investments due to the following factors:
 The year 2023 ended with Stryker’s deal in the hip replacement
Stryker purchased SERF
business in Europe. It is one of the many deals expected to boost  Abundance of committed capital awaiting deployment
SAS to complement its
the market in 2024. Europe business in 2024  Key variables like inflation and the cost of financing appear to be
and beyond stabilizing
 Debt financing is more easily available now than six months ago,
albeit at an elevated cost
 Private credit funds: a trend that has gained prominence in the
last 18 months.

© 2023 | www.marketsandmarkets.com 26
NEAR-TERM/LONG-TERM OPPORTUNITIES IN MEDTECH

OUTLOOK OF OTHER HIGH CONSUMPTION MEDTECH MARKETS SPIN OFFS: MEDTECH’S WHEEL OF FORTUNE

 India: Handheld, portable diagnostic equipment, including devices for  Spin-offs of major players will create near-term/long-term opportunities for global
blood sugar and blood pressure testing, are in high demand from a stakeholders.
growing population with lifestyle diseases (70 million diabetics expected
• GE HealthCare just spun off from GE, which is going to drive more M&A on their
by 2025). Looks like a near-term opportunity for stakeholders in
side.
wearable devices.
• Johnson & Johnson’s putting up its consumer health unit for spin-off.
• Baxter announced spin-off from its renal care business.
 Brazil: ANVISA, the regulatory body of Brazil, introduced new rules for
medical devices, making it difficult for MNCs to do business in the • Edward plans to spin off its critical care business.
country (foreign entities without a Brazilian ANVISA-certified subsidiary
 Spin-offs are new in MedTech. However, considering the market conditions post-
or distributor may not secure a Brazilian marketing authorization for a
COVID, it is best to float profitable, i.e., spinning off shrinking businesses allows a
medical device, whose definition now includes SaMD). US
renewed focus on their core businesses as part of their near-term/long-term
manufacturers are already focusing on this market.
strategic roadmap.

 China: Anti-corruption laws and VBP make MNCs uncomfortable in the

local market. Based on a Reuters report published in October 2023,
hospitals in China are now being extra cautious about ordering devices,
reaching near-term growth at the likes of USD 55 billion (Siemens
Healthineers (USD 16 billion) and Philips (USD 29 billion). Local players
may benefit at the cost of MNCs.

© 2023 | www.marketsandmarkets.com 27
 GLOBAL MEDTECH INDUSTRY
IN 2023
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 28
GLOBAL MEDTECH INDUSTRY PERFORMANCE: 2022 VS. 2023
TECH'S TOUCH IS TRANSFORMING MEDICAL DEVICES, EMPOWERING USER-FRIENDLY INTERFACES AND MAXIMIZING TREATMENT EFFICACY

MEDTECH SALES VALUE (USD BILLION), GLOBAL, 2022 & 2023

800
YOY  The Global MedTech Market was valued at USD 616 billion in 2022 and is expected
GROWTH to reach USD 642.5 billion by the end of 2023.
4.3%
4.6%
 MedTech companies placed greater emphasis on designing products and
600 3.3%
solutions that prioritize a positive patient experience. This included user-friendly
interfaces, patient education, and improved accessibility.
 MedTech players have been leveraging AI and ML to enhance diagnostics,
400 streamline clinical workflows, and analyze large datasets for insights into patient
care and treatment outcomes.
 GE HealthCare and Siemens Healthineers lead with top spots in FDA clearances for
200 AI/ML devices for human use.

0
2022 2023

Diagnostics Therapy & Management

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 29
GLOBAL DIAGNOSTICS SEGMENT PERFORMANCE: 2022 VS. 2023 [1/2]
EARLY DETECTION DRIVES INNOVATION, TRANSFORMING DIAGNOSTICS INTO A SHIELD AGAINST DISEASES

GLOBAL DIAGNOSTICS SALES VALUE (USD BILLION), 2022 & 2023 DIAGNOSTICS SALES VALUE (USD BILLION), BY REGION, 2022 & 2023

200 YOY 200 YOY

3.3% GROWTH 3.3% GROWTH
150 4.3% 150 1.3%
3.0% 1.9%
100 100
5.3%

50 50 3.1%
2.6%
0 0
2022 2023 2022 2023
In Vitro Diagnostics (IVD) Diagnostics Imaging North America Europe Asia Pacific Latin America Middle East & Africa

 The Diagnostics Imaging segment (includes informatics) is growing at a pace of 4.3% YoY to reach USD 36.4 billion by the end of 2023. Siemens Healthineers, GE
HealthCare, and Philips are the overall market leaders.
 Handheld imaging devices redefine convenience and accessibility. The increasing demand for the early detection of diseases is compelling MedTech companies to focus on
innovative wearable devices.
 In 2023, FLEXcon and Dawako Medtech collaborated to bring wearable bioimaging systems “WBS Patch and WBS-US patch” to the market. The patches can acquire
ultrasonic imaging and biosignals simultaneously.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 30
GLOBAL DIAGNOSTICS SEGMENT PERFORMANCE: 2022 VS. 2023 [2/2]
US DRIVES THE GLOBAL DIAGNOSTIC LANDSCAPE, LEAVING COMPETITORS IN THE REARVIEW MIRROR

DIAGNOSTICS SALES VALUE (USD BILLION), BY COUNTRY, 2022 & 2023

60
 The US, Japan, China, and Germany dominate the global market in terms of
opportunity.
50
 The US is expected to reach USD 52.1 billion in the diagnostics market by the end
of 2023. The large share attributed to the adoption of technologically advanced
40
devices such as AI-powered image analysis, personalized medicine, and minimally
invasive procedures.
30  India and China are expected to grow at the fastest rate, despite VBP and other
issues in the Chinese market.
20  Staffing shortage was one of the major hurdles in the global IVD market.

10

0
US Germany UK France Japan China India

2022 2023

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 31
GLOBAL THERAPY AND MANAGEMENT SEGMENT PERFORMANCE: 2022 VS. 2023 [1/2]
AI AND PERSONALIZED MEDICINE RESHAPE THE TREATMENT LANDSCAPE

GLOBAL THERAPY AND MANAGEMENT SALES VALUE (USD BILLION), 2022 & 2023 THERAPY AND MANAGEMENT SALES VALUE (USD BILLION), 2022 & 2023

600 600
500
500 4.6%
400
400 4.6% 300

300 200
100
200
0
100 2022 2023
Cardiology Dental
0 Wound Management Neurology
Urology & Nephrology Patient Monitoring
2022 2023 ENT Weight Management & Bariatric Care
Diabetic Care Orthopedics & Musculoskeletal (MSK)

 The therapy and management segment accounted for USD 464.1 billion in 2022; this is expected to reach USD 485.6 billion by the end of 2023.
 The neurology segment grew at a double-digit growth rate. AI-powered robots can guide and personalize rehabilitation exercises, enhancing recovery for patients with
neurological injuries.
 Besides cardiology, neurology attracted many stakeholders as, by the end of July 2023, about five AI-based neurology devices were approved by the US FDA, compared to
one in 2022.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 32
GLOBAL MEDTECH INDUSTRY IN 2023: KEY DEVELOPMENTS [1/3]
TECHNOLOGICAL DISRUPTIONS IN MEDTECH: AI/ML, AR/VR, & BUSINESS FOCUS

THE AI/ML-POWERED REVOLUTION IN MEDTECH EMPOWERED HEALTHCARE PROVIDERS TO

FDA APPROVALS OF AI-POWERED MEDICAL DEVICES, BY YEAR
DELIVER MORE PRECISE & PERSONALIZED CARE, LEADING TO IMPROVED PATIENT OUTCOMES
200
 AI/ML are being strategically deployed in the MedTech sector, particularly in fields such as imaging, diagnostics, 171
oncology, and cardiology.
160
 As per FDA statistics, the roster of AI-enabled medical devices has expanded by 171, marking a notable 33%

DEVICE COUNT
increase compared to the previous year. 115
120 102
 Radiology has experienced the steadiest increase of AI/ML-enabled device submissions of any specialty, and GE 91
77
Healthcare has obtained regulatory clearance for the highest quantity of medical devices. 80 63
 In September 2023, Microsoft collaborated with Paige AI, Inc. to build image-based AI models for digital
pathology and oncology. 40
 The integration is projected to improve global access to top-tier healthcare services, providing timely and tailored
approaches to enhance patient well-being. 0
2018 2019 2020 2021 2022 2023

Note: As of October 2023

Source: FDA

MEDTECH FIRMS WERE STRATEGICALLY DIVESTING TO STREAMLINE PORTFOLIOS AND REFINE AR/VR SURGERIES INFLUENCED THE LANDSCAPE OF MINIMALLY INVASIVE PROCEDURES
FOCUS ON KEY BUSINESS SEGMENTS
 MedTech companies are undergoing spin-offs to enhance focus, accountability, and alignment with customers  AR/VR integration is revolutionizing minimally invasive procedures by offering enhanced visualization, training
and markets, unlocking new opportunities for their franchises, apart from strengthening their financial and opportunities, precise navigation, and improved patient outcomes.
operating performance.  VirtaMed (Switzerland) and Memic Innovative Surgery (Israel) have announced a partnership to develop a new
 Major MedTech players such as GE, Danaher, and Johnson & Johnson have executed spin-offs—GE HealthCare, virtual reality simulator program to support surgeon skills training for the FDA-authorized surgical robot, Hominis.
Consumer Health, and Veralto Corporation, respectively—in 2023.  Medical technology companies utilizing AR/VR have successfully raised funds in late 2022 and 2023.
 In 2024, an additional three companies—3M, Baxter, and Edwards Lifesciences—are planning to spin off their  Augmedics raised USD 82.5 million; Neo Medical closed a USD 20.6 million deal; and Cydar Medical secured
healthcare, kidney care and acute therapies units & biopharma (Vantive), and critical care segments, USD 11.5 million, among others.
respectively.
 These investments are expected to foster the development of transformative solutions, revolutionizing
 Divestitures are expected to refine strategic focus on the opportunities inherent in individual business segments
healthcare delivery and improving outcomes worldwide.
and bolster product portfolios by integrating advanced technologies, thereby enhancing offerings in the market.

© 2023 | www.marketsandmarkets.com 33
GLOBAL MEDTECH INDUSTRY IN 2023: KEY DEVELOPMENTS [2/3]
INVESTORS, INVESTMENTS, & REGULATIONS: A TURNING POINT FOR MEDTECH

SELECTIVE INVESTOR PREFERENCES DROVE DIVERSE OUTCOMES WITHIN THE MEDTECH SECTOR MEDTECH VENTURE CAPITAL: 2021–2023 - MEDTECH, DEVICES, DIAGNOSTICS, AND RESEARCH
TOOLS: VENTURE TOTAL (USD BILLION)

 This financing slump included the disappearance of special-purpose acquisition company (SPAC) deals, a sharp 20

Total Amount Raised

decline in initial public offerings (IPOs), which were down 99% in total value; and venture capital (VC), which saw 15
a 21% drop in funding. 15
10.7 10.7 11.2 10.9

(USD Billion)
 In Q4 2022, there was a decline in both deal size and the number of rounds in MedTech venture activity. 10 8.1 7.1
However, in Q1 2023, there was a gradual increase in venture dollars and rounds. By Q3 2023, rounds reached 5.7 5.3
4.1 4.3
151, securing USD 5.3 billion in funding, notably higher than the USD 4.1 billion in Q4 2022 (Source: JP 5
Morgan).
0
 MedTech M&A continued its decline since Q4 2022.. There were fewer deals and smaller total deal values
2021 2022 2023
through 2023.
 Pressure Points: pandemic aftereffects, shifting geopolitical influence, macroeconomic volatility, supply chain
disruptions, regulatory complexities, etc. Q1 Q2 Q3 Q4

Note: As of October 2023

Source: FDA

INCREASING PRIORITIZATION OF ESG PRINCIPLES BY INVESTORS EVALUATING INVESTMENTS REGULATORY LANDSCAPE & GOVERNMENT POLICIES: A BOON OR BANE TO THE MEDTECH
WITHIN THE MEDTECH SECTOR REPRESENTED A SIGNIFICANT TREND INDUSTRY?
 Investors adopting an ESG and impact investing approach aim to generate measurable positive impacts  Regulations like the European Union Medical Device Regulation (MDR) and the US Food and Drug Administration
alongside financial returns. (FDA) 21st Century Cures Act have increased transparency in pricing and reimbursement processes.
 Investors are scrutinizing companies’ ESG policies; those who exhibit a commitment to addressing social issues,  The IDAP scheme in the UK (launched September 2023) will offer regulatory and market access advice and
such as income inequality and access to necessities, are viewed as appealing investment prospects. support at key stages of the development process.
 GE, Stryker, Medtronic, and Roche have already set their ambitious ESG targets over the next 20–30 years.  While the VBP system in China has significantly driven down medical costs over the past few years, the
 Investors are projected to inject more capital into this initiative. However, the lack of policies will continue to overemphasis on low prices during the procurement processes has negatively impacted many companies’
create doubt and confusion in the industry. operations and affected the quality of drugs and medical devices procured through the scheme.
 Medtronic has reported that VBP has unfavorably impacted their business in China. ZimVie announced the
withdrawal of its spine business from the Chinese market in early 2023.

© 2023 | www.marketsandmarkets.com 34
GLOBAL MEDTECH INDUSTRY IN 2023: KEY DEVELOPMENTS [3/3]
PROPRIETARY STRATEGIES SHAPING THE TRAJECTORY OF THE MEDTECH INDUSTRY’S FUTURE

LEADING PLAYERS IN THE MEDTECH INDUSTRY EXPANDED THEIR PORTFOLIOS BY INCORPORATING DAWN OF A NEW ERA MARKED BY UNFORESEEN COLLABORATION AND INNOVATION IN THE FIELD
ADDITIONAL SERVICES THAT PROVIDE VALUABLE INSIGHTS INTO CLINICAL OUTCOMES OF MEDTECH

 MedTech companies are strategically acquiring firms specializing in various systems & services to  The MedTech industry has witnessed unexpected and notable collaborations in 2023.
augment and enrich their service portfolios.  In 2023, Terumo and Siemens Healthineers India partnered to enhance cardiac care in India.
 Siemens Healthineers offers value-added services focusing on four domains: Technology, Operations,  A joint acceleration program, CcoE, has been launched by City and King's College, targeting MedTech
Workforce, and Facility. startups and spinouts. The program will help achieve commercial success and deliver real-world
 GE HealthCare offers performance solutions such as POWER Contract services, TruPay, and Service clinical impact.
Shop to drive clinical excellence & patient satisfaction.  Anticipated collaborations will drive MedTech innovation in the future.
 The incorporation of value-added services into MedTech company portfolios is poised to drive
significant growth by diversifying offerings and meeting evolving industry demands.

A NOTABLE UPTICK IN DIRECTING PROCEDURES TO AMBULATORY SURGICAL CENTERS IN MEDTECH INDUSTRY TRANSITIONED TOWARDS CONTRACT MANUFACTURING FOR COST SAVINGS
CARDIOLOGY, VASCULAR, AND OTHER SPECIALTY AREAS BEYOND ORTHOPEDICS AND SPECIALIZED EXPERTISE

 This shift towards directing procedures to ASCs is fueled by a quest for streamlined efficiency, cost-  MedTech outsourcing offers companies cost optimization, core focus, flexibility, expertise access, risk
effectiveness, and a commitment to delivering patient-centered care. mitigation, faster time-to-market, and global reach.
 For example, Surgery Partners Inc. (US) collaborated with Intermountain Health (US) and partnered  In November 2023, Asensus forged an agreement with Flex to offer design and advanced
with Methodist Health System (US) to expand outpatient surgical services, fostering cost-effective manufacturing services for Asensus’s Luna Surgical System.
care and regional job opportunities.
 India, a global production hub for medical devices, will offer lucrative opportunities for international
 Company investments in ASCs, offering products and operational support, have led to a shift in MedTech firms to outsource device manufacturing at a reduced cost.
MedTech markets towards ASCs. As a result, procedural offerings are expanded beyond orthopedics,
 The rise of MedTech hubs will drive companies to shift towards contract manufacturing and
contributing to the growth of the ASCs market.
outsourcing for device production, ensuring cost savings and specialized expertise access in future
partnerships.

© 2023 | www.marketsandmarkets.com 35
COMPETITIVE ANALYSIS: TOP 10 MEDTECH PLAYERS, BY SALES (2022 VS 2023)

Electrophysiology, Products in IV Solutions, Contact Lens

Dialysis products drives this business  Diabetes emerged as the most profitable segment for the
in Vision and Wound closure products major drivers

USD 20.92 Bn
global top 10 MedTech companies, such as Abbott, Medtronic,
USD 43.7 Bn
2022 USD 18.87 Bn
(2022) USD 27.43 Bn etc.
2022
Diabetes (MedTech)
USD 29.86 Bn 2022 USD 10.44 Bn
Care &
H1, 2023
USD 19.4 Bn  The demand for Neuro and Surgical equipment in 2022–23
Rhythm 9m 2023 2023
2023 (exp Jan’24)
Manageme drove revenue for Stryker, J&J Med Tech, Medtronic, GE
nt segment USD 12.44 Bn
most Medical Device Only Healthcare and Abbott.
profitable (45% sales from US)
in 2023  GE HealthCare reported 7% growth YOY and was among the
USD 18.3 Bn
USD 19.50 Bn
2022 prominent MedTech companies that made profits due to
2022
USD 19.28 Bn
2023 USD 13.10 Bn stable demand, and NPI in Magnetic Resonance and
Q3, 2023
Strong
USD 31.68 Bn Molecular Imaging and Computed Tomography. GE intends to
(FY 2022) USD 23.79 Bn
performanc
e in CVD, 2022 expand in AI enabled ultrasound scans.
USD 31.23 Bn
Neuro and
Diabetes
(FY 2023) USD 23.43 Bn  After a not-so-promising 2022–23, BD targets USD 20 billion
2023 USD 18.40 Bn
outside US
(Australia, 2022 USD 15.9 Bn in sales in 2024.
2022
West
Europe, USD 14.7 Bn  High-cost inventory, supply chain issues, lower sales in China,
Q3, 2023 USD 15.0 Bn
Korea and
Canada
2023 and the Russia-Ukraine war impacted the sales of Cardinal
Health and Philips.

Diagnostic division underperformed

Annual revenue for while Imaging and Varian business
Med-surgery and Neuro
2023 expected in Jan were revenue drivers
delivered growth in 2023

© 2023 | www.marketsandmarkets.com 36
 GLOBAL MEDTECH INDUSTRY
OUTLOOK IN 2024
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 37
GLOBAL MEDTECH INDUSTRY IN 2024: AI/GENERATIVE AI BECOMES THE MOST TALKED ABOUT TECH-TOOL
AI HAS BUY-IN FROM TOP LEADERSHIP IN MEDTECH IN 2023; THIS IS EXPECTED TO TRANSLATE INTO GREATER APPLICATIONS BEYOND
DATA ANALYSIS AND CUSTOMER EXPERIENCE.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH AI/GEN AI IN MEDTECH

GLOBAL AI IN HEALTHCARE MARKET > 50 USE CASES TO IMPLEMENT GENERATIVE AI IN MEDTECH

After Sales &

 Gen AI can be the best solution Research and Development Operations Marketing & Sales Corporate functions & Collaborations
Cust support
1.56 for MedTech sales teams who
face increasingly tighter Process 1. Automated QA 1. Next best action/prep for 1. Customer support bots 1. Gen AI enabled 1. Advanced
1. Code research & design automation 2. Supplier evaluation and sales team 2. Product education and software expansion Knowledge
restrictions on in-person visits to 2. Machine Learning & automation vendor selection 2. Automatic creating of continuous learning 2. NLP data analytics Management
5.54 8.27 their customers and can enable 3. Automated software code 3. Supply-chain risk tender documents 3. On demand collective 3. Semi-automated 2. Prompt based
Market share mass personalization and 4. Operations automation identification and process 3. Personalized campaigns customer swarms talent sourcing machine
21.2 Bn tailoring marketing messages to 5. Product manual drafting augmentation 4. Conversational digital 4. Automated account 4. Meta data interaction across
6. Regulatory filing 4. Improved maintenance sales agents dashboard generation generation based on processes
2024e resonate more effectively with 7. Clinical trial reporting and routing 5. Campaign media Image analysis 3. Virtual assistant for
different customer segments. 8. Synthetic medical data generation 5. Dynamic supply-chain generation 5. Automated invoice task and schedule
9. Mass product customization simulation and 6. Competitive analytics review and management
 Many stakeholders have begun
5.86 10.Generative product designing optimization and integrity visualization processing 4. Legal contract draft
using the tool to enhance imaging 11.Design optimization for 3D printing 6. Shop floor optimization 7. Customer intelligence 6. Legal document generation
quality 12.New material discovery based on digital twin summarization summarization 5. Employee
7. Independent process 8. Customer interaction onboarding
(CT/MRI/ultrasound/others, e.g. Product & Services automation with human analysis and 6. Personalized
North America Europe Page, Pictor labs); guiding 1. Diagnotic Image enhancement interactions documentation learning and
surgeons during procedures (Activ 2. Mental Health Assistant 8. Operator support via 9. Personalized coaching
Surgical, Kaliber Labs); and brain 3. Enhanced interoperative guidance generative user manuals recommendations and
APAC RoW 4. Synthetic data generation insights
health anomalies (DiagnaMed). 5. Automated medical documentation 10.Promotional text
2024 will have many new players generation (blogs, etc)
entering this space.

MEDTRONIC ANNOUNCED ITS INTENTIONS TO INTEGRATE NVIDIA HOLOSCAN AND INITIATED INTEGRATION IN 2023, J&J HAS STARTED
EDUCATING AND TRAINING IN-HOUSE TEAMS TO EMBRACE THE NEW TECH AS IT HITS THE MARKET
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 38
GLOBAL MEDTECH INDUSTRY IN 2024: CONNECTED MEDTECH ENSURES BETTER PATIENT MANAGEMENT
CONNECTED MEDICAL DEVICES REDUCES COST, IMPROVES QUALITY, IDENTIFIES HIGH-RISK POPULATION AND CONNECTS WITH
CONSUMERS FOR THEIR PERCEPTION TOWARDS THE BENEFITS OF USING THE DEVICE

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH CONNECTED MEDTECH

CONNECTED MEDTECH GROWTH ACROSS GLOBAL MARKETS MARKET SHARE OF HEALTHCARE SEGMENTS USING CONNECTED MEDTECH TOOLS, 2024

USD 3.14 Bn
2024e

 Though MedTech’s path to profitability with connected devices may appear long, the medical data convergence from different devices (for the same patient) may bring down the time to
intervention. This early trend has started in some private hospitals.
 Abbott is one of the early providers of connected MedTech devices for patients; it offers FreeStyle Libre (for diabetes) and CardioMEMS HF System (heart). These devices reduce the cost of
care while providing an option to stay connected with patients.

ABBOTT, BOSTON SCIENTIFIC, GE HEALTHCARE, MEDTRONIC, ROCHE DIAGNOSTICS, AND ROYAL PHILIPS ARE KEY PLAYERS IN CONNECTED
MEDTECH
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 39
GLOBAL MEDTECH INDUSTRY IN 2024: INTEGRATED DIAGNOSTICS MAY HAVE TO WAIT FOR ACTUAL INTEGRATION
INTEGRATED DIAGNOSTICS CONSOLIDATES MULTIPLE SYSTEMS IN ONE EASY-TO-USE FULLY AUTOMATED EQUIPMENT. HIV, HEPATITIS, ONCOLOGY, CARDIOLOGY, AND TESTS
SPECIFIC TO WOMEN’S HEALTH DURING PREGNANCY CAN BE INTEGRATED FOR FASTER INTERVENTION AND LEAD TO HIGH QUALITY OF CARE AND REDUCE COST, BUT MOST
KEY PLAYERS FOCUS ON SUBSEGMENTS RATHER THAN COMPREHENSIVE INTEGRATION; THIS IS THE WHITE SPACE IN 2024

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH INTEGRATED DIAGNOSTIC (IDX)

EARLY ADOPTERS OF IDX KEY PLAYERS AND THEIR FOCUS AREAS IN IDX

Region Program Type of Integration Company Focus Area Established Markets for IDx

Lab Dx+Radiology+Data Analysis (Netcompany, India, China, US, France,

Netherlands Urban Dx Antimicrobial Stewardship Centers of Excellence
DSM, Philips, Unilabs, IQVIA, and others) bioMérieux Morocco, Chile, Colombia,
(CoE) - Microbiology
Malaysia
Massachusetts GH (USA) CIDx Only for Mol Diagnostics
Clinical Chemistry+
Hospital for Special Surgery (NY- Integrated Clinical US, India, selected markets in
Pathology+EMR+Radiology (Epic Beaker) Roche Diagnostics Immunochemistry (COBAS)
US) Dx Europe
Diabetes Monitoring + Smartphone (COBAS Pulse)

Siemens Healthineers OB/GYN (Imaging + cardiac imaging + AI powered) Emerging Markets, US

 Besides collating patient/user lab tests from more than one source, IDx offers other benefits to hospitals and service providers. It also allows the use of dashboards to monitor and optimize
the request behavior of clinical senders from each department/laboratories. Predictive analytics can further create a supply optimization plan to bring down the ops cost of hospitals or
laboratories.
 It is an interesting trend that key players have selected subsegments as a choice for IDx: Siemens (Radiology), bioMérieux (Antimicrobial testing), Roche (Cobas), etc. The US, Australia, and
Germany are the early adopters of IDx in their hospitals. It will take few more years to integrate across diagnostic segments such as Radiology with Laboratory diagnostics with kit-based
testing and so on.

SIEMENS HEALTHINEERS, ROCHE DIAGNOSTICS, PHILIPS, AND BD ARE KEY PLAYERS IN THE IDX SPACE

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 40
GLOBAL MEDTECH INDUSTRY IN 2024: REMOTE PATIENT MONITORING DEMAND GROWS BEYOND VITAL MONITORING
THE COVID-19 PANDEMIC PUSHED THE REMOTE PATIENT MONITORING SEGMENT BEYOND TELE-CONSULTANCY AND TELE-MEDICINE
TOWARDS COVERING NON-CRITICAL CLINICAL INTERVENTIONS AND LIMIT HOSPITALIZATION AND OPD WAITLIST.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH REMOTE PATIENT MONITORING (OTHER THAN HOMECARE)

DEMAND FOR RPM ACROSS GLOBAL MARKETS WHAT ARE THE HIGH-GROWTH SEGMENTS, AND WHICH SEGMENT WILL HAVE A HIGH IMPACT?

2024e Market size in USD CAGR 23–28 (%) Impact

Cardiac Monitoring 20.77 Bn 24.2 VERY HIGH

Oncology Monitoring 11.94 Bn 22.4 HIGH
Diabetes Monitoring 33.45 Bn 25.4 VERY HIGH
Sleep Disorder 8.25 Bn 21.2 LOW-MEDIUM

Weight Management 11.14 Bn 23.0 HIGH

All Others 7.37 Bn 18.8 LOW-MEDIUM

 In developed markets, the UK, the US, and Australia are expected to register the highest growth, followed by China and India among developing markets.
 In 2024, centralized virtual care departments may be clubbed with critical care department (in hospitals); efforts to integrate RPM into the core healthcare system and the acceptance of
RPM by physician clinics and providers (who will reimburse and incentivize) will grow.

ABBOTT LABORATORIES, ALIVECOR, BOSTON SCIENTIFIC, DEXCOM, GE HEALTHCARE, MEDTRONIC, OMRON, AND PHILIPS ARE AHEAD IN THE
GLOBAL REMOTE PATIENT MONITORING SEGMENT
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 41
GLOBAL MEDTECH INDUSTRY IN 2024: BACKLOG OF ELECTIVE SURGERIES DRIVES DEMAND IN ASC
DURING THE PANDEMIC, ELECTIVE SURGERIES WERE STOPPED AND THE BACKLOG HAS CREATED A HUGE HOSPITAL WAITLIST IN EVERY COUNTRY. NOW, COUNTRIES LIKE
THE US, AUSTRALIA, AND THE UK ARE CREATING ALTERNATE INTERVENTION CENTERS (LIKE AMBULATORY CARE OR SURGERY CENTERS) TO LESSEN THE WAIT TIME AND
SEGREGATE HIGH-RISK VS. LOW-RISK SURGERIES. TO STREAMLINE SUCH PROCESSES, THESE CENTERS NEED EQUIPMENT, CONSUMABLES AND ACCESSORIES.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH AMBULATORY SURGERY CENTERS (ASC)/CLINICS

^ Based on primary research **Exact figure not available

TOP THREE SUBSEGMENTS NEEDING SUPPLIES/REFILLS IN ASCS (US) KEY MARKETS BY OPPORTUNITY, 2024

Application Areas Market size 2024e^ Demand for Equipment, Consumables,

Markets Backlog of Elective Surgery in Dec’23
etc.
Surgical Equipment >40 Bn
US In Millions** VERY HIGH
Medical Accessories >48 Bn UK 7.07 Mn VERY HIGH
Medical Consumables >20–25 Bn Australia 735,500 HIGH
Overall Opportunity Size (USD) ~108–113 Bn Germany
30% more elective activity by 2024/25 than
HIGH
pre-pandemic

 High-risk surgeries will always need a hospital IPD; however, non-critical day surgeries can be easily conducted outside hospitals in ideal medical set-ups. ASCs (US), community centers
(Australia), and community centers (UK) have been created to address the same.
 >74,000 procedures are expected in US physician and ambulatory clinics. The backlog of orthopedic surgeries reached 114% of pre-COVID levels, general surgery searches were at 103%,
and cardiovascular procedure searches were at 107% till Oct’23. In Australia, Victoria has the largest backlog (134,950 patients, or 44% of the backlog) together with NSW (77,845
patients, or 25% of the backlog). The UK is an attractive market, as the NHS fails to pick up surgeries.

MCKESSON, GE HEALTHCARE, HENRY SCHEIN, CARDINAL HEALTH, INTUITIVE SURGICAL, AND EDWARDS LIFESCIENCES IN THE US; EBOS
HEALTHCARE AND LTR MEDICAL (AUSTRALIA); AND MEDIMEDS AND AHP MEDICALS (UK) ARE SOME PROMINENT PLAYERS TARGETING
MEDICAL EQUIPMENT AND ACCESSORIES SUPPLIES OUTSIDE HOSPITAL BUSINESSES IN 2024.
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 42
GLOBAL MEDTECH INDUSTRY IN 2024: REGIONALIZATION, DEMAND IN CARDIOLOGY AND INCENTIVES FOR WEARABLE USERS
UNLIKE KEEPING THEIR DEPENDENCY ON CERTAIN ASIAN MARKETS, REGIONALIZATION ENABLES MEDTECH COMPANIES TO GO LOCAL. CARDIOLOGY IS QUICKLY GROWING AS A
HOT MARKET BESIDES DIABETES, AND INSURANCE COMPANIES HAVE STARTED INCENTIVIZING THEIR USERS WITH HEALTH TRACKERS AND APPLE WATCHES AS PART OF
PREVENTIVE WELLNESS PROGRAM. 2024 WILL ALSO SEE MORE HEALTH-TRACKING FINGER RINGS, REPLACING SMART WRISTWATCHES.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH WEARABLES
^ based on MnM’s Knowledge Store projections

TOP, HIGH-GROWTH SUBSEGMENTS, GLOBAL, 2024  Wearable cardioverter defibrillators, pulse and heart rate monitors, and
wearables with ECG sensors are in high demand from consumers (especially for
GROWTH, BY TYPE OF WEARABLE MARKET SIZE 2024E^ patients with atrial fibrillation). Omron, KardiaMobile 6L, Biocare, and EMAY are
some companies that have already entered the market and are selling
Consumer-grade Wearables 14.70 Bn
offline/online for consumers.
Clinical-grade Wearables 7.76 Bn
 In the US, Apple Watch data has been used by private insurers as part of
OPPORTUNITY, BY SUBSEGMENT MARKET SIZE 2024E^
preventive health programs since 2022. The US smart wearable users market
is expected to grow 25.5% YoY in 2023 (final data awaited for ‘23)
Trackers 9.39 Bn
 In the UK, private insurers like Vitality’s ActiveLife use insurtech solutions that
Smartwatches 7.94 Bn
harness data via the Apple Watch to monitor customer health and incentivize
Patches 3.88 Bn accordingly.
BIG LAUNCHES EXPECTED THIS YEAR  Wearable manufacturers such as Boult announced cutting their supply chain
 Neuranics to introduce a 24/7 heart monitoring revolution at CES 2024 with a Wearable dependence on China starting in 2024. The US-China trade-off is creating
Magnetocardiography (MCG) development platform hurdles. While China may not be mainly impacted, new markets outside their
 2024 will be a year of smart rings, including Samsung (Korea), Boat (India), and others; rings to start region are bleeding the Chinese market.
replacing smartwatches.

THE US, CHINA, AND SOUTH KOREA ARE THE FLAGBEARERS OF HEALTH TRACKERS AND WEARABLES; INDIA AND JAPAN ARE READY TO
CHALLENGE
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 43
GLOBAL MEDTECH INDUSTRY IN 2024: CONTINUOUS GLUCOSE MONITORING GROWS COMPETITIVE IN 2024
>9 MILLION USERS ARE USING CONTINUOUS GLUCOSE MONITORING DEVICES (CGM) WORLDWIDE. ABBOTT CLAIMED TO HAVE 5 MN USERS FOR THE FREESTYLE LIBRE IN
2023; HOWEVER, APPLE’S GAME CHANGER TECHNOLOGY IN THE US AND THE KOREAN I-SENSE IN EUROPE ARE READY TO DISRUPT ABBOTT’S 2024 MARKET SHARE.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH HIGH CONTINUOUS GLUCOSE MONITORING DEVICES FOR DIABETES
^ based on insights from KOLs

TOP REGIONS WITH MARKET SIZE, GLOBAL, 2024 KEY MARKETS BY OPPORTUNITY, 2024

REGION 2024E (MARKET SIZE) MARKET ABBOTT’S PRESENCE ATTRACTIVENESS (ADDRESSABLE POPULATION), 2023 OPPORTUNITY FOR NEW PLAYERS

US 6.2 Bn 1 in 10 Americans may have diabetes (38.4 Mn both diagnosed and un-
US Strongest HIGH
diagnosed)
India 0.17 Bn
China 1.1 Bn UK Stronger 5 Million MEDIUM

Australia 0,12 Bn Australia Stronger 1 in 20 Australian have diabetes (1.3 Million) MEDIUM

UK 0.51 Bn India Stronger 101 Million VERY HIGH

Global Market Share 14.2 Bn China Strong 141 Million VERY HIGH

 CGM costs range from USD 100 to USD 300 per month, depending on the brand and the pharmacy. In 2023, it was higher than the same time last year (October 2022). Dexcom G6’s retail
price was about USD 6,000 a year, or USD 500 a month; Abbott’s FreeStyle Libre 2 reader costs ~USD 130 to USD 150 without insurance.
 Apple is about to revolutionize the diabetes monitoring segment using its chip technology, silicon photonics, and a measurement process called optical absorption spectroscopy. Currently,
patches from Dexcom and Abbott Laboratories need replacement after two weeks and reinsertion into the skin. This can be a huge opportunity segment. South Korean i-SENS (Care-Sense
Air) plans to enter the European market in 2024. Apple and iSense can compete with Abbott’s Freestyle in the US and Europe; pricing and ease of use will drive this segment.

THE CHINESE MARKET IS DOMINATED BY LOCAL PLAYERS LIKE YUWELL, JIUNUO MEDICAL, SILICON-BASED BIONICS, AND WEITAI MEDICAL;
THE REST OF THE MARKET IS DOMINATED BY MNCS
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 44
GLOBAL MEDTECH INDUSTRY IN 2024: RETAIL HEALTHCARE BRINGS NON-TRADITIONAL & TRADITIONAL PLAYERS TOGETHER
RETAIL HEALTHCARE (RH) IS THE NEW MODEL EXPECTED TO DRAW NON-CRITICAL PATIENTS FOR DIAGNOSTICS TESTS AND CONSULTATIONS THAT DO NOT REQUIRE HOSPITAL
ADMISSION. RETAIL CHAINS AND COMMUNITY CENTERS ARE PARTNERING WITH DIAGNOSTIC COMPANIES TO OPEN SUCH FACILITIES AND LIMIT OVERCROWDING IN HOSPITAL
OPDS. THE UK AND THE US ARE HIGH-OPPORTUNITY MARKETS FOR DIAGNOSTIC EQUIPMENT THIS YEAR.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

HIGH MED-HIGH RETAIL HEALTH

TOP, HIGH-GROWTH SUBSEGMENTS (UK ONLY) KEY MARKETS BY OPPORTUNITY, 2024

APPLICATION AREAS MARKET SIZE 2024E^ MARKET DETAILS OF THE BUSINESS OPPORTUNITY

Diagnostic Imaging (overall) 1.1 Bn Walmart chain + RadNet’s Breast Imaging under one roof (Diagnostic Imaging facility.
US HIGH
Business model to be replicated across Walmart, upon completion of pilot.
a. Ultrasound Equipment 34.7%
186 clinics till 2025 (40% already operational with Diagnostic facilities); 45% of the UK’s
b. X-ray Imaging 29.2% UK VERY HIGH
diagnostic tests/year will be handled by these centers
Diagnostic Laboratory Equipment SmartCare Diagnostics (uses GE equipment) operates out of Springfield, Queensland,
2.6 Bn Australia LOW (FEW MODELS AVAILABLE)
(MDx, Immunochemistry, kits, etc.) Australia.

 Retail health clinics were driven mainly by pharmacy chains such as CVS, Rite Aid, etc. However, the model has moved from just pharmacy to diagnostics in 2024. Walmart (US) partnered
with RadNet in December 2023 to run its 18-month ‘MammogramNow’ pilot screening center in Walmart-Milford, Delaware. Based on the success, more walk-in clinics are expected to open
in 2024
 Another project, initiated in 2022 as a pilot, is growing as the next alternative to diagnose patients with non-critical medical conditions. The Community Diagnostic Center has conducted
200,000 MRI, CT, and other diagnostic tests till November 2023, with 13 centers to open soon and 160 more planned up to 2025. In the UK, the NHS conducts ~1 billion tests every year.
Considering that NHS expects 900 million tests from community centers, 45% of the burden will be catered out of hospitals by 2024–25. This will create a demand for diagnostic test kits,
equipment, and consumables in bulk.

GE, PHILIPS, SIEMENS, AND TOSHIBA, MINDRAY, MEDIMEDS, AHP MEDICALS (UK) WILL BE PROMINENT PLAYERS COMPETING IN THE
ULTRASOUND SEGMENT IN THE UK, FOLLOWED BY PHILIPS, SIEMENS, GE, HITACHI, CANON AND UNITED IMAGING IN X-RAY IMAGING.
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 45
GLOBAL MEDTECH INDUSTRY IN 2024: SPIN-OFFS TO HELP CONSOLIDATE POSITION AND INVEST IN NEW VENTURES
THREE BIG SPIN-OFFS ARE AWAITED IN 2024; TRADITIONALLY, SPINOFFS UNDERPERFORM IN THE VERY FIRST YEAR, ONLY TO OUTPERFORM OVER A THREE TO FIVE-
YEAR TIMEFRAME.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

MEDIUM MEDIUM SPIN-OFF’S IN MEDTECH

CHANGE IN BUSINESS MODELS DUE TO SPIN-OFFS

 Spin-offs have helped MedTech companies sharpen the focus of their
operations, boost revenue and profit, and improve investor returns
COMPANIES FOCUS ON NEW BUSINESS POST SPIN-OFF  Lunit, South Korea’s leading provider of AI-powered solutions for cancer
GE HealthCare
Machine learning in patient care, precision medicine; collaborations diagnostics and therapeutics, announced in December 2023 that it is acquiring
with Novo Nordisk to develop USG diagnosis in diabetes and obesity Volpara’s AI-powered mammography solutions, operational in over 2,000 US
Baxter (renal unit spin off in medical sites, consolidating its US positioning in 2024.
Pay off debts, open new company Vantive
July 2024)  In October 2023, the Carlyle Group entered exclusive talks with Medtronic to
Conglomerate 3M Open a new company, Solventum (will be focused on wound care, spin out the two divisions into a separate firm for a reported figure of USD 7
(spin off by Early 2024) oral care, information systems and biopharma filtration) billion.
Medtronic (patient monitoring
and respiratory interventions
Plans to boost growth via acquisitions
businesses)
(Spin off likely by Q1,2025)
Plans to spin off critical care unit and its full range of smart
Edwards Lifesciences
monitoring technologies and focus on advanced AI enabled patient
(spin off by Dec’24)
monitoring (from 2024 and beyond)

DIVESTITURES AND SPIN-OFFS MAY CAUSE SHORT-TERM DISRUPTIONS AND UNCERTAINTY BUT OFFER
SIGNIFICANT LONG-TERM BENEFITS.
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 46
GLOBAL MEDTECH INDUSTRY IN 2024: SMART EYE CARE OFFERS HIGH HOPES BUT LOW ACCESSIBILITY
SMART CONTACT LENS TECHNOLOGY IS REVOLUTIONARY; HOWEVER, THE HIGH MANUFACTURING COST MAKES IT UNAFFORDABLE FOR MANY IN 2024. THE
BATTERY MUST ALSO LAST LONG AND WITHSTAND DUST. GOOGLE DISCONTINUED IT LONG BACK; OTHERS MAY FOLLOW.

DEGREE OF IMPACT PROBABILITY OF OCCURRENCE SEGMENT IMPACT

LOW LOW SMART EYE CARE (SMART LENSES)
^ based on MnM’s Knowledge Store projections

NEW ENTRANTS COMPANIES MOVING OUT/NOT CLEAR

 Taiwan’s PEGAVISION unveils plans to develop smart contact lenses, aiming to  Mojo Vision called off its smart lens division and laid off 75% of workforce in 2023.
become a global brand in November 2023.  Based on market speculations, Apple lenses would come, but not until after 2030.
 Meta acquired 3D printed smart lens startup Luxexcel to consolidate its smart lens  Samsung has patented the smart lens technology segment, but there is no clarity
business in 2024. on a prototype.
 Dubai-based XPANCEO, a deep tech startup, raised USD 40 million to focus on
smart contact lenses business in 2024

 Smart contact lens technology includes light filters, sensors, microchips, and other small chip-based electronics. We believe that this year will be a mixed year for the
business. On the one hand, large vision models (LVMs that recognize images) and spatial computing may see growth; on the other, a lack of funding and high pricing may limit
the enthusiasm of start-ups and manufacturers.
 An estimated 70% of the adult population needs vision correction. Still, smart lenses may not be a big opportunity this year, considering the early stages of growth (glasses
are heavy, expensive, and unavailable in many markets.

IN 2023, SENSIMED’S TRIGGERFISH WAS THE ONLY AVAILABLE SMART CONTACT LENS DESIGNED TO MONITOR EYE PRESSURE AND HELP
EVALUATE IF THE USER HAS GLAUCOMA.
Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 47
GLOBAL MEDTECH INDUSTRY PERFORMANCE: 2023 VS. 2024
SOARING DEMAND FOR PERSONALIZED, EFFECTIVE, AND ACCESSIBLE HEALTHCARE FUELS THERAPY AND MANAGEMENT MARKET
GROWTH IN 2024

MEDTECH SALES VALUE (USD BILLION), GLOBAL, 2023 & 2024

800
YOY GROWTH
4.0% YoY
4.3%
600 GROWTH
3.1%

400

200

0
2023 2024

Diagnostics Therapy & Management

 The Global MedTech Market is expected to reach USD 668.2 billion in 2024 with a YoY growth rate of 4.0% from 2023 to 2024
 The therapy and management segment accounted for the major share with a value of USD 485.4 billion in 2023.
 Wearables and sensors track vital signs and treatment response, enabling remote management and personalized interventions. Skin-like patches can monitor several vital
signs continuously and wirelessly. These technologies are on the horizon, promising seamless integration and comfort.
 Philips, GE HealthCare, and Medtronic are some of the key players operating in the wearable medical devices market. Non-traditional players, such as Microsoft, Google, and
Apple, are increasing their reach within MedTech.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 48
GLOBAL DIAGNOSTICS SEGMENT PERFORMANCE: 2023 VS. 2024 [1/2]
THE RISING DEMAND FOR EARLY CANCER DETECTION IS FUELING INNOVATION IN MEDICAL DIAGNOSTICS

DIAGNOSTICS SALES VALUE (USD BILLION), GLOBAL, 2023 & 2024 DIAGNOSTICS SALES VALUE (USD BILLION), REGIONAL, 2023 & 2024

200 YOY GROWTH 200 YOY GROWTH

3.1% YoY 3.1% YoY 0.9%
GROWTH 3.3% GROWTH
150 150 1.8%
3.1%
4.9%
100 100
2.9%
2.5%
50 50

0 0
2023 2024 2023 2024

In Vitro Diagnostics (IVD) Diagnostics Imaging North America Europe Asia Pacific Latin America Middle East & Africa

 The diagnostics segment is expected to grow from USD 156.9 billion in 2023 to USD 161.9 billion by the end of 2024.
 The increasing demand for the early detection of diseases like cancer and heart conditions is significantly impacting the growth of the diagnostics devices market.
 MIT’s wearable ultrasound could revolutionize self-diagnosis, helping catch tumors early and saving lives.
 Early detection is key to beating breast cancer, with survival rates near 100% compared to 25% in later stages.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 49
GLOBAL DIAGNOSTICS SEGMENT PERFORMANCE: 2023 VS. 2024 [2/2]
DIAGNOSTICS SEGMENT TO REMAIN STABLE AND CREATE OPPORTUNITIES ACROSS SEGMENTS

DIAGNOSTICS SALES VALUE (USD BILLION), BY COUNTRY, 2023 & 2024

60

40

20

0
US Germany UK France Japan China India
2023 2024

 The US will retain the lion’s share of the diagnostics market in 2024. Automation and informatics will remain powerful drivers in clinical labs.
 Traditional laboratories are moving beyond their set-ups. Services at non-traditional sites (like at home) or through virtual visits increase access through expanding outreach
programs in the US.
 Germany plans significant hospital reform (expected in January 2024) to impact life sciences companies. This market is set to attract stakeholders from the US and Asia.
 The Indian diagnostic market is forecasted to grow at a double-digit rate in 2024.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 50
GLOBAL THERAPY AND MANAGEMENT SEGMENT PERFORMANCE: 2023 VS. 2024 [1/2]
PATIENT MONITORING: FUELING MEDICAL DEVICE GROWTH & REVOLUTIONIZING HEALTHCARE MONITORING

THERAPY AND MANAGEMENT SALES VALUE (USD BILLION), GLOBAL, 2023 & 2024 THERAPY AND MANAGEMENT SALES VALUE (USD BILLION), 2023 & 2024
600
510
500 4.3% YoY
GROWTH
4.3% YoY 400
500 GROWTH
300

490 200

100

480 0
2023 2024
Cardiology Dental
Wound Management Neurology
470 Urology & Nephrology Patient Monitoring
Therapy and Management ENT Weight Management & Bariatric Care
Diabetic Care Orthopedics & Musculoskeletal (MSK)
2023 2024 Ophthalmology Respiratory Care
Anesthesia Equipment Oncology

 The therapy and management segment is expected to reach USD 506.3 billion by the end of 2024.
 The patient monitoring segment is expected to grow Y-o-Y by 5.8% from 2023 to 2024. Biofourmis, Lark Health, InfoBionic, and Athelas are some of the key start-ups in
patient monitoring. RPM is expected to attract manufacturers, software companies and investors across markets.
 The cardiology tech and diabetes segment will remain hotspots alongside onco-tech and other segments.
 Australia will invest in technology to upgrade medical equipment in hospitals, generating high demand.

Source: MarketsandMarkets (MnM) Analysis, secondary research, and discussions with experts

© 2023 | www.marketsandmarkets.com 51
 KEY GROWTH OPPORTUNITIES
AND RECOMMENDATIONS
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 52
GLOBAL MEDTECH INDUSTRY IN 2024: KEY GROWTH OPPORTUNITIES [1/3]
HUGE SURGE IN AI AND GEN AI ADOPTION IN MED-TECH COMPANIES GLOBALLY

GROWTH OPPORTUNITY RELEVANT STAKEHOLDER(S) RECOMMENDATION(S)

 The IVD industry has already budgeted AI tools to be introduced in 2024.
 IVD equipment manufacturers
Laboratory equipment, especially the molecular diagnostics segment, is
AI in Diagnostic Equipment  Kit and test providers
planning to adopt more.
 Software companies
 Stakeholders can focus on the said segments in 2024.
 AI is just one part of the integration; this segment requires the integration
of radiology with pathology or immuno-chemistry, and the level of
 IVD equipment manufacturers competition is limited.
Global Integrated Diagnostics  Kit and test providers  Siemens, GE Healthcare, Roche, and Philips are ahead in the market;
 Diagnostic Imaging other companies must also increasingly adopt these technologies.
 Collaboration is the key in this market; companies alone cannot create an
integrated ecosystem.
 Apple, Meta, and non-traditional stakeholders are collaborating to bring
 Diabetes wearable device
Continuous Glucose Monitoring sensor-based tools to track diabetes and other diseases.
manufacturers
Devices  Considering the increase in the diagnosis of diabetes, the demand for
 Non-traditional software companies
preventive or continuous glucose monitoring devices will increase globally.
 Many medical device companies are still not ready for this technology and
 Remote Patient Monitoring may have to add this as a part of their immediate budget. Gen AI can help
Generative AI in Overall Med-Tech  Diagnostic Imaging them in product planning, forecasting, and data analytics, among others.
 Research & Design  Gen AI will remain the most talked about technology; hence, it will be easy
to convince the decision-makers to incorporate tools in their system

Source: MarketsandMarkets (MnM) Analysis, secondary research, discussions with experts;; ** Cowen survey 2023

© 2023 | www.marketsandmarkets.com 53
GLOBAL MEDTECH INDUSTRY IN 2024: KEY GROWTH OPPORTUNITIES [2/3]
ALTERNATIVES TO HOSPITAL OPD ARE ON RISE, NON-CRITICAL CARE IS PLANNED AROUND RETAIL HEALTH CLINICS AND HOMECARE

GROWTH OPPORTUNITY RELEVANT STAKEHOLDER(S) RECOMMENDATION(S)

 As per the Mayo Clinic, an estimated half of all American adults may
 Med device manufacturers have at least one chronic condition, and almost 30% have multiple
 IVD and POCT manufacturers conditions. Considering the rising cost of care and long wait time, the
Homecare in the US  Consumables and medical home care market will be attractive for service providers, medical
accessories manufacturers and equipment rentals, and consumable providers.
suppliers  POCT has been in demand in other markets, such as the EU,
Australia, and India, and home care may need more POCT solutions.
 Surgical equipment manufacturers  The number of ambulatory surgery centers are increasing, and with
and suppliers the new CMS reimbursement plan, more surgeries or daycare
Ambulatory Surgery Centers in the US  Medical accessories and procedures are expected in the US
consumables manufacturers and  Suppliers and distributors who face difficulty competing in the
suppliers hospital segment may try their luck in ASC.
 Retail healthcare is a growing segment in the US, the UK, Australia,
 Remote patient monitoring and other markets to counter the overload of patients in hospital
Retail Health is emerging beyond the OPD in 2023, thereby creating an opportunity to sell IVD products,
 Diagnostic imaging consumables, and accessories (also imaging) to these centers.
US
 Research & design  BestBuy, Walmart, and CrossFit have collaborated with med-tech
companies and set up retail clinics in the US.

Source: MarketsandMarkets (MnM) Analysis, secondary research, discussions with experts;

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GLOBAL MEDTECH INDUSTRY IN 2024: KEY GROWTH OPPORTUNITIES [3/3]
DEMAND FROM DIFFERENT POCKETS HAVE SURGED AND ALLOWING RELEVANT STAKEHOLDERS TO TAP THE NEW OPPORTUNITY

GROWTH OPPORTUNITY RELEVANT STAKEHOLDER(S) RECOMMENDATION(S)

 Medical device manufacturers in  492Mn wearables were sold in 2022; it is expected to cross 600 in
Wearables or remote monitoring (growing cardiology 2023. Considering the trend, 2024 might see a larger surge in sales
demand in cardiology and diabetes)  Software companies as wearables are becoming compact, advanced, and customized.
regionalization  Wearable/Smart device  Due to dependency on certain Asian markets, manufacturers have
manufacturers started looking at domestic and nearer markets for raw materials.
 300 non-profit hospitals in the US reported a 7.5% increase in year-
 Surgical equipment manufacturers to-year revenue growth in May, a sharp increase from the 3.5%
 Cath-lab manufacturers growth rate in April and the 4.7% growth rate in the first quarter of
Surgical instrument equipment, the year**
consumables, and accessories  Consumable manufacturers across
cardiology, neuro, and gen surgery  7.07 million people in the UK were waiting for elective surgery in
 Medical accessories manufacturers 2023. There are similar numbers from Germany, Australia, South
Korea, China, and India.
 These are high-growth and niche segments. Collaboration is the key,
 MRI/CT/Ultrasound/Xray as multi-sector experts are expected to form mergers and alliances to
manufacturers ensure a stable product supply. Technology will play a major role in
Demand for globally connected med-tech
 Diagnostics laboratory equipment this process but will transform the current patient management and
manufacturers medical data management and reduce medical errors, reduce cost,
and support clinical decisions.

Source: MarketsandMarkets (MnM) Analysis, secondary research, discussions with experts;; ** Cowen survey 2023

© 2023 | www.marketsandmarkets.com 55
 CONCLUSION AND KEY
TAKEAWAYS
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 56
CONCLUSION AND KEY TAKEAWAYS

01 02 03 04 05
Demand for med- Diabetes and Generative AI will Big deals are 2023 may have been
tech equipment, cardiology have the remain the most expected in H1 2024 a slow growth year
consumables, and highest growth, and talked about after a dull show in for many, however,
accessories is these sectors technology in 2024; 2023 (M&A). there are new
increasing as demand products however, adoption of Investors are positive opportunities for
hospitals are trying such as wearables, this technology will and spin-offs by large both established and
to reduce the tech-enabled quick be limited in player will continue new players in 2024.
elective surgeries testing systems, and developed markets to change segment
backlog. remote monitoring and few emerging dynamics and
Manufacturers and devices, among markets. promote market
suppliers globally others. consolidation.
can increase their
outreach and identify
the increased
hospital budgets
allocated for
different purchases
in Q1 2024.

© 2023 | www.marketsandmarkets.com 57
 APPENDIX
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 58
APPENDIX 1: TIME TO ADDRESS MOST IMPORTANT TOPIC– WILL THE COST OF HEALTHCARE RISE IN 2024?

GLOBAL COST OF CARE TO REMAIN STABLE UNLIKE THE MARKET SCARE –

ASSURANCE FROM INSURANCE COMPANIES BUILDS CONFIDENCE, AND THAT IS GOOD NEWS

A RECENT SURVEY CONDUCTED BY WTW STATES THE FOLLOWING:

2024
2022 2023  Europe may show more cost of care due to a greater increase in healthcare
(projected) costs in Eastern Europe and Turkey.
Global 7.4 10.7 9.9
 In North America, it is anticipated that the medical trend will drop from 9.8%
Latin America 10.5 12.4 11.6 to 9.4% due to abating inflation. In the Middle East and Africa, insurers
expect the trend to increase slightly from 11.3% to 12.1%.
North America 8.0 9.8 9.4

Asia Pacific 7.2 9.9 9.9  Musculoskeletal disorders remain the top condition by incidence of claims,
followed by cardiovascular diseases and cancer.
Europe 6.7 10.9 9.3  Cancer remains the top condition affecting costs globally.
Middle East and Africa 9.8 11.3 12.1
 New medical technologies and overuse of care to drive healthcare spend (AI-
powered diagnostic tools for gene therapy remain the leading external factor
contributing to the increased medical costs)

Source WTWCO

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 ABOUT MARKETSANDMARKETS
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 60
MNM IS A GROWTH PROGRAM COMPANY THAT HAS HELPED ITS CLIENTS VENTURE INTO US$45 BILLION OF INCREMENTAL
REVENUE GROWTH OPPORTUNITIES

TRACKING 200+ TOP 21ST CENTURY DISRUPTIONS TRANSLATING INTO US$25 TRILLION OF NEW REVENUE STREAMS IN THIS DECADE

INTERPRETING REVENUE SHIFTS OF 85,000+ COMPANIES AND UNEARTHING GROWTH FOR THEM, THEIR CLIENTS, AND CLIENTS’ CLIENTS

COVERAGE OF 6,000+ MICRO-MARKETS ACROSS 8 INDUSTRIES WITH IN-DEPTH UNDERSTANDING OF 200,000+ INTERCONNECTIONS

10K+ CUSTOMERS INCLUDING 80% OF FORBES GLOBAL 2000 B2B COMPANIES WITH HIGH NPS OF 37 TO 42

SUPPORTING CLIENTS FROM OPPORTUNITY IDENTIFICATION AND EVALUATION TO FULL BUSINESS CASE DEVELOPMENT AND
IMPLEMENTATION

© 2023 | www.marketsandmarkets.com 61
A $25 TRILLION REVENUE SHIFT IS EMANATING FROM 200+ KEY DISRUPTIONS OF THE 21ST CENTURY, RESULTING IN
GROWTH OPPORTUNITIES FROM $20 BILLION TO $400+ BILLION THAT MNM HELPS CLIENTS EXPLOIT

AEROSPACE & DEFENSE FOOD & BEVERAGE, MEDTECH & TRANSPORTATION CHEMICALS & MATERIALS, PACKAGING,
($0.6 TRILLION) AGRICULTURE ($O.6 TRILLION) ($2.5 TRILLION) MINING & MINERALS ($0.8 TRILLION)
 Telemetry - $262  Nutraceutical Products - $127  Smart Fleet Management - $200
 Homeland Security &  Food Fortifying Agents - $95  Active/Passive Safety Technologies -  EV Polymers - $135
Emergency Management - $235  Eco-friendly Food Packaging - $80 $106  Sustainable Packaging - $134
 Drone Defense Systems - $108  Cannabis - $64  Connected Car - $64  Self Healing Materials - $66
 Small Satellite Services - $106  Specialty Food Ingredients - $46  EV Battery - $57  Precast Concrete - $46
 Aviation Asset Management - $59  Commercial Greenhouse - $23  Telematics Solutions - $38  Returnable Packaging - $37
 Unmanned Aerial Vehicle - $31  Clean Label Ingredients - $16  E-bike - $33  Transportation Composites - $30
 Aerostructures - $26  Dairy Alternatives - $16  MedTech Lightweight Material - $32  Battery Materials - $28
 Avionics - $20  Plant Based Beverages - $12  MedTech Software - $23  Modular Construction - $28
 Drone Logistics & Transport - $14.7  Biologicals - $10  ADAS - $21  Antimicrobial Plastics - $25
 Electric Off-highway Vehicles - $14  Water Treatment Chemicals - $22

HEALTHCARE ($3 TRILLION) INFORMATION & COMMUNICATIONS ENERGY & SEMICONDUCTOR &
TECHNOLOGY ($13.3 TRILLION) POWER ($0.5 TRILLION) ELECTRONICS ($3.7 TRILLION)
 Healthcare IT - $509  IoT - $1012  Digital Utility - $175  3D and 4D Technology - $283
 Wireless Health - $248  Digital Transformation - $727  Waste Management - $119  Device-as-a-Service - $253
 Telehealth - $210  Cloud Computing - $502  Hydrogen Generation - $78  Non-Volatile Memory Express - $154
 Diagnostic Imaging Services - $168  Smart Cities - $416  Distributed Generation - $67  Wearable Technology - $150
 Remote Patient Monitoring - $130  Social CRM - $293  Smart Grid - $60  Smart Manufacturing - $110
 Immunotherapy Drugs - $124  Artificial Intelligence - $251  Energy as a Service - $43  AR and VR - $85
 Home Healthcare - $99  5G Services - $180  Blockchain in Energy - $38  HVAC Systems - $74
 IoT Medical Devices - $68  Software Defined Anything - $172  Offshore Wind - $25  Mobile Robots - $67
 Pharma Contract Development &  Affective Computing - $153  Enhanced Oil Recovery - $17  Industrial Control &
Manufacturing - $51  Hyperscale Data Center - $142  Residential Energy Storage - $17 Factory Automation - $64
 Medical Device Contract Manufacturing  Cybersecurity - $128  Hydraulic Fracturing - $15  Smart Home - $54
- $48  Big Data - $111  Grid Scale Battery - $11  Semiconductor Manufacturing - $54

This list of key disruptions is indicative and for illustration purpose only

© 2023 | www.marketsandmarkets.com 62
WE SUPPORT CLIENTS THROUGHOUT THE INDUSTRY VALUE CHAIN. EXAMPLE OF HYDROGEN WHERE WE COVER FROM
ENERGY GENERATION THROUGH TO FLEET INTEGRATION, AND ACROSS MULTI-INDUSTRY DISCIPLINE

ENERGY GENERATION HYDROGEN GENERATION HYDROGEN TECHNOLOGY USE CASES IN-USE

CO2 H2
Grey PASSENGER REFUELING
Hydrogen CARS

FUEL CELL
PETROLEUM-BASED
CO2 H2 (PEMFC + SOFC)
ENERGY Blue COMMERCIAL
CCS Hydrogen VEHICLES TRANSPORTATION

H2 OTHER USE
CASES FLEET
Green
Hydrogen (RAIL, MARINE, MANAGEMENT,
POWER TCO, AND
RENEWABLE ENERGY COMBUSTION GENERATION) FINANCING

© 2023 | www.marketsandmarkets.com 63
 WITHIN THE ECOSYSTEM OF THESE 6,000+ MICRO-MARKETS, WE TRACK 200,000+ INTERCONNECTED SEGMENTS AND
THEIR IMPACT ON EACH OTHER. EXAMPLE OF CONNECTED CAR ECO SYSTEM WE TRACK.

Bluetooth ESC
Hotspot Analytics Blind Spot
Entertainment Insurance
RFID Detection
Connectivity AEB
Roadside Safety
Wi-Fi HUD
WLAN Assistance ACC
Displays Safety &
Vehicle Tracking Security
Services Lane Departure
Radar ACN Warning
Connectivity Safety
Parking Fleet Diagnostics
Management Hardware Assistance
Management
Embedded Vehicle Health Alert Location
Passenger Intelligent
Information Tracking
Traffic Smartphones Sensors
Telematics V2V
Public Transportation
Emergency Vehicle Telematics OEM Technology Infrastructure V2I
Collision Transportation Sensors
Notification Avoidance
Predictive Android Toll Location
Platforms Gas Collection Roads /
Maintenance Tracking
Highways
iOS Road Condition
Internet Traffic Systems
3rd Party Cloud GPS
Software Utilities
Proprietary
Software Network
Solar Electricity Smart Analytics
Social Signalling Traffic
Weather Apps Cellular Systems
E-Commerce 3G
Smart Route Guidance
Apps 4G Surveillance
Diagnostics Cellular
Games

Efficiency 2G
Entertainment 5G

ACCOUNTING FOR THESE INTERCONNECTIONS HELPS IN REVEALING BLIND SPOTS AND UNKNOWN GROWTH AREAS

© 2023 | www.marketsandmarkets.com 64
MARKETSANDMARKETS - GLOBAL PRESENCE AND GROWING

Sweden Finland

Boston London
Chicago Belgium Germany
Turkey
France Italy
Los Angeles
South Korea
Japan
Saudi Oman
San Diego UAE Asian
Intelligence Vietnam
Senegal
Center Pune

Australia

MnM Offices MnM Partners

© 2023 | www.marketsandmarkets.com 65
 LEGAL DISCLAIMER
INTRODUCTION
European Pharmaceutical Contract Development and
Manufacturing Organization Market

© 2023 | www.marketsandmarkets.com 66
ABOUT US
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THANK YOU

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