In 2021, the global MedTech market reached $610.8 billion, and following complete recovery from the COVID-19 pandemic— is expected to deliver a CAGR of 5.9% reaching $766.7 billion by 2025. Rising chronic diseases, an increasing geriatric population, growing demand for minimally invasive treatments, and the emergence of advanced medical technologies are some of the major factors driving the global market.
The COVID-19 pandemic took the world by surprise, causing unprecedented disruption across industries, including MedTech. Like others, MedTech industry also suffered an immediate impact because of global lockdowns that affected clinical trials, product launches, planned M&As, procurement, supply chains, manufacturing, and other regulatory affairs.
The global MedTech industry: Rewiring MedTech in a post-pandemic world – IQVIA