Medical Technology Sales To Hit $500B Within Five Years

evaluate-medtech-sales-2015-2022Despite global challenges and escalating consolidation, the medical device and technology market will eclipse $500 billion in sales by 2021, according to a new analysis.

The optimistic outlook comes despite the economic slowdown in China and various financial challenges in the European Union like Brexit and, most recently, the troubles of banking powerhouse Deutsche Bank. Meanwhile, large device makers have consolidated amid a downturn of medical device sales.

But a new report by market research firm Evaluate expects global medical device and technology growth to be 5% or more annually until 2022, reaching nearly $530 billion. “The sector is already seeing a resurgence of smaller acquisitions on which start-ups, a significant source of disruptive new technologies, depend,” Ian Strickland, EvaluateMedTech product manager said of the report, released at the Advanced Medical Technology Association (AdvaMed) annual MedTech meeting this week in Minneapolis.

In recent years, large medical device makers have largely seen flat or falling sales. From 2014 to 2015, Evaluate said 12 of the 20 largest companies in the “medtech” space had negative growth, contributing to investor pressure to merge and cut costs as health insurers and government health programs squeeze payments for devices.

By Bruce Japsen | Forbes

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About Peter Coffaro 1104 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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