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MedTech Industry’s 2023 Reset: Navigating New Norms and Digitalization

MedTech Industry Report 2023 Reset Navigating New Norms and Digitalization

The 17th annual Pulse of the Industry report by Ernst & Young LLP (EY US) reveals that the global medtech industry is reverting to pre-pandemic norms, with performance stabilizing in the last year.

The past year has been marked by a resilience in the face of economic challenges, leading to a modest revenue growth – the least since 2015, yet paralleled by unwavering commitment to R&D, with a record investment of US$24.7 billion in 2022. Notably, advancements in technology, especially generative AI, are poised to significantly propel the industry forward, particularly in developing patient-centric, personalized care solutions.

However, the industry has navigated through various macroeconomic hurdles, including inflation and market volatility, and still managed to yield substantial returns for investors. The report (linked below) introduces the Intelligent Health Ecosystem (IHE), a visionary model for future healthcare, emphasizing a networked, patient-focused approach underpinned by AI and other technological innovations.

For more information from the industry report, click here.

By Samantha Feliz

Managing Editor for The MedTech Digest and Communications Director for MedTech Momentum