2020 Global Medical Device Market Forecast
It is estimated that the global medical device market will continue to grow at a compound annual growth rate of 5% from 2013 to 2020. In vitro diagnostics (IVD) will remain the largest sub occupation in the market, with sales reaching $71.6 billion by 2020, accounting for 14% of the global medical device market. During the same period, the IVD market will increase at a rate of 6.1% per year. The fastest growing category will be the neurology product mall, which will increase at a compound annual growth rate of 7.1%, reaching a mall size of $9.8 billion by 2020.
Global Medical Device Market vs. Global Prescription Drug Market
It is estimated that from 2013 to 2020, the global prescription drug market will increase at a compound annual growth rate of 5.3%, higher than the 5% growth rate of the medical device industry. However, from 2010 to 2013, the development speed of the medical device market far exceeded that of the prescription drug market. With the arrival of the patent cliff and the increasing determination of the biotechnology industry, the development speed of the prescription drug market has surpassed that of medical devices since 2014 and 2016. This phenomenon has led to a decrease in the proportion of medical devices in the prescription drug market to 49.7% by 2020, compared to 50.3% in 2013.
Global medical device market research and development investment
The research and development investment in the global medical device market will increase at a compound annual growth rate of 4.2% from 2013 to 2020, which is lower than the growth rate of sales. By 2020, it will reach 30.5 billion US dollars. The estimated ratio of global medical device research and development investment in 2020 is 5.9%, which is lower than the 6.3% in 2013. The research and development investment of the top 20 companies with the largest global R&D investment will be slightly higher than the overall data, with an estimated R&D investment ratio of 7.7% in 2020.
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