The State of the U.S. Medtech Industry
The United States is the global leader in medtech innovation, but can it continue to maintain that position?
As the medical device industry enters 2015, the United States remains the world leader by market size, with total revenue of around $110 billion— around one-third of the $350 billion global pie. But the U.S. medical device industry also faces multifaceted challenges that are hampering growth. In recent years, the furious pace of growth the U.S. medtech industry had grown accustomed to has slowed. Through 2020, the U.S. medtech market is expected to expand by only 5%, according to Evaluate. That’s down significantly from its 15% growth rate a decade ago, according to Accenture. To improve its prospects, the industry will need to capitalize on its strengths, overcome its weaknesses, seize opportunities for growth, and address threats that could hamper its progress.