Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Get in touch with us nowThe United States leads global medtech
The United States are home to most the world’s largest medical technology companies. In 2021, Medtronic Inc. had the largest global revenue at almost 31.7 billion U.S. dollars. Medtronic focuses on a variety of specialties and sectors, including cardiovascular and diabetes. The company has its operational headquarter in Minnesota, and generates the largest part of its revenues in the United States. The two other medtech companies which round off the top three largest companies – Abbott Laboratories and Johnson & Johnson – are both based in the U.S.Leading segments in medical technology
The strongest segments within the industry are in vitro diagnostics (IVD), cardiology, diagnostic imaging, and orthopedics. IVD accounted for an 18 percent share of the total medical technology industry. Diagnostics is one of the most important parts of healthcare and IVDs can detect a range of conditions, diseases, and infections. The devices which make up the IVD industry can also range from small, simple tests which can be used in the home to complex laboratory appliances.Impact of COVID-19 on medtech
The COVID-19 pandemic had a huge impact on the medical technology as it did in many other industries. The IVD segment experienced huge growths in revenue during the years 2020 and 2021, mainly fueled by increased demands for tests, both rapid and PCR tests. Furthermore, the pandemic really increased interest and demand in digital health solutions. While funding in digital health had been increasing in the years leading up to the pandemic, it really took off in 2021 with investment of almost 45 billion U.S. dollars. This is more than the entire funding between 2010 and 2017. The digital health tools that have seen the largest increase in use since the pandemic has been telemedicine, patient portals, and mobile apps.
