The MedTech industry is poised to redefine patient and provider experiences with innovative technologies such as AI-enabled devices and internet-connected wearables.
The substantial growth of the global MedTech market, from an estimated $518.46 billion in 2023 to $886.80 billion by 2032,i is driven by significant technological advancements across various sectors, including diabetic care, cardiology, and robotic surgery.
$518B Medical device and in-vitro diagnostics (IVD)ii
$269B Digital devicesiii
$156B Wearable technologyiv
$148B AI-enabled devicesv
$12.7 Medical roboticsvi
The landscape of healthcare is evolving rapidly, influenced by several key factors:
exacerbating stress in the healthcare ecosystem
in tandem
for more efficient and accessible care
that continue to push boundaries
as well as related security and privacy requirements
To navigate these changes and seize the opportunities they present, the most successful MedTech companies will focus on these strategic imperatives:
by focusing on the patient/provider experience
to improve access and redress health inequities
to meet the needs of all demographic groups
to stay ahead of technological advancements and competitive pressures
together with robust security and privacy measures
MedTech at the Crossroads: Challenges and opportunities
Discover how MedTech is not merely adapting to changes but is actively reshaping healthcare delivery. The industry stands at the cusp of a revolution, poised to redefine healthcare with groundbreaking technologies that enhance both patient and provider experiences. As demographic shifts place increasing demands on healthcare systems, MedTech's innovative solutions—from AI-enabled devices to internet-connected wearables—are setting the stage for a new era in medical care.
Download the MedTech paperIndustry insights and trends, one click away.
How will patients, caregivers, and clinicians use MedTech solutions? Will the solutions simplify the physician workflow or add to their stress level? Are solutions improving quality of care and patient outcomes? For answers to questions like these, MedTech companies turn to KPMG LLP. We understand the unique needs of the sector because that’s where we come from. Our team includes life sciences and MedTech industry professionals who specialize in Deal Advisory & Strategy, Management Consulting, and Risk & Compliance. Together, we can make a difference in your organizations’ future.
KPMG life sciences practice helps MedTech clients seize opportunities and minimize risks in this rapidly changing world. We help clients design and drive digital transformation initiatives using our Connected Enterprise approach. Our Connected Enterprise methodology is grounded in research and helps clients prioritize innovation opportunities based on the value to the business. Defined around eight core capabilities (see chart to the right), the methodology considers the experiential, operational, and workforce factors needed to develop a digital transformation roadmap. With the proliferation of digital solutions and AI capabilities, the Connected approach provides a framework to prioritize investment with impact.
iSource: https://www.fortunebusinessinsights.com/industry-reports/medical-devices-market-100085
iiIbid
iiiIbid
ivAndrew Buxton, The Future of Medical Technology Jobs, Hartmann Young, September 22, 2023.
vIbid
viIbid
KPMG offers ongoing insights that address key issues facing life science organizations.
Insight
MedTech CEOs’ pivotal role in connected health and wellness
MedTech is revolutionizing healthcare with advanced technologies like AI and robotics, enhancing provider efficiency and patient outcomes, as CEOs and strategy leaders strategically balance innovation with operational effectiveness.
Insight
The CIO’s Pivotal Guide to Navigating the MedTech Landscape
In an increasingly competitive MedTech landscape, CIOs play a crucial role in addressing supply and demand, digital equity, interoperability, cybersecurity, data privacy, and AI-driven transformation.
Insight
Medical devices 2030
Unsustainable healthcare costs and new competitors threaten the medical device industry.
Insight
Blog 5:Getting the Edge
Key insights on how to approach Technology risks in Life Sciences and which are worth taking.
Insights for the Healthcare and Life Sciences Industry
Healthcare and life sciences continue to evolve in a multifaceted environment.
