The development trend of medical device market in 2018-2019

- Oct 24, 2018-

The development trend of medical device market in 2018-2019

Source: Jung

The report predicts that global medical device sales will grow by an average of 5.6% in 2017-2024 and reach $594.5 billion in 2024. The in vitro diagnostic market still holds the top position. In 2024, sales will reach $79.6 billion, accounting for 13.4% of total medical equipment sales; neurology is the fastest growth, 2024 sales will reach $15.8 billion; the lowest growth rate is in the field of diagnostic imaging and orthopedics and is expected to grow by approximately 3.7% by 2024.

Global medical device industry R&D investment trend: It is predicted that the average annual growth rate will be about 4.5% in the next few years. By 2024, the total investment in global medical device research and development will be about $39 billion, but the proportion of research and development in sales will be reduced from 8.7% in 2017 to 8.1%.

In vitro diagnosis is the largest segment of medical devices. The average growth rate of the in vitro diagnostic market in the next few years is about 6.1%, which is higher than the overall growth rate of medical devices worldwide.

Reprint: medworld Medical World