The medical device industry continues its growth streak, despite the COVID-19 pandemic. In 2020 the medtech market grew 6.3%, hitting a fourth consecutive year of growth, according to EY’s 2021 Pulse of the Industry report. And 94% of medtech companies are already reporting a better 2021 over 2020, according to EY.
Some of this growth can be attributed to surging demand for medical devices, diagnostics, and supplies needed for the pandemic response. But other factors were already boosting medical device demand before the pandemic. Read on for these factors and insights from Jim Welch, EY’s Global Medtech Leader, Health Sciences and Wellness division. Welch co-authors the annual EY Pulse of the Industry report, and he is also the Health Sciences & Wellness Market Leader for the Americas Central Region.