Medical Device Industry Landscape

Below lists my personal research regarding the medical devices industry, the industry in which in interested at. By definition, medical devices are the devices, equipments, instruments used in medical industries by professional surgeons, medical assistants and doctors for healthcare of patients.

This post is organised as follows:

  1. Global landscape gives a short overview of the global medical device industry.
  2. Australian landscape gives a short overview of the medical device industry in Australia, highlighting the strengths of existing industries.
  3. Focus industries will describe the industries (global and australian perspective) that are of special interest to me.

Table of Contents

Global Landscape

  • Global medical device market growth from different sources:
    • The global medical devices market size was valued at USD 425.5 Billion in 2018 and is expected to reach USD 612.7 Billion by 2025, grow at a CAGR of 5.4% 2018 to 2025. 1
    • The global medical devices market reached a value nearly USD 423.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 5.28% since 2014, and is expected to grow at a CAGR of 5.33% to nearly USD 521.64 billion by 2022. 2
  • Largest geographic MTP markets: North America (40%), Europe (23%), Rest of world (37%) to Asia (37%), North America (33%), Rest of world (30%). 3
  • Medical device market is growing at a relatively faster pace in emerging nations compared to developed nations. Increasing income levels, an ageing population, and rising health awareness in developing nations are major factors considered to support the growth of the global market in the near future.


Looking at not just the medical device industry but the whole healthcare industry as a whole, and following the categorisation of research and markets, the healthcare industry can be categorised as follows.

  • Healthcare Services - Therapeutic Area, Dental, Surgical Procedures, Hospital Management, Optical, Animal Healthcare/Veterinary, Nursing, Blood Banking, Wound Care, Managed Care, Clinical Skills
  • Medical Devices - Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging , In vitro Diagnostic (IVD) , Wound Management , Miniminally Invasive Surgical Devices (MIS) , Diabetes Care , Ophthalmic Devices , Dental , Nephrology, Patient Monitoring Equipment (e.g., Fitbit), Surgical Devices, Respiratory Devices, Needles and Syringes, Catheters, Wheelchairs and Mobility Aids, Neurology Devices, Hospital Disposables, Stents, Hearing Aids and Implants, Ear Nose Throat (ENT) Devices, Medical Device Coatings, Medical Plastics, Medical Textiles
  • Biotechnology - Enzymes, Biomaterials, Genomics, Biomarkers, Proteomics, Stem Cells, Bioinformatics, Nanomedicine
  • Laboratory Equipment

Major players

The major players in the medical device industry:

Johnson & Johnson (DePuy Synthes), Abbott Labs, Medtronic, Baxter, Boston Scientific, GE Healthcare Technologies, Becton Dickinson, St. Jude, Stryker Corporation, Novartis (Alcon), Olympus Medical, CareFusion, Bayer, Fresenius, Philips Healthcare, Ethicon LLC., Siemens Healthineers, Cardinal Health

Longer list

Leading Medical Device Companies, Abbott Laboratories, Abiomed Inc., Accuray Inc., Affectiva, Angiodynamics Inc., Atricure Inc., Axogen Inc., Basehealth, Baxter International Inc., Becton Dickinson, Biodirection, Bio Rad Laboratories Inc., Biotelemetry Inc., Boston Scientific Corp., Bruker Corp, Cantel Medical Corp., Cardiac Insight, Cardiovascular Systems Inc., Clinipace, Conmed Corp., Cryolife Inc., Danaher Corp, Dexcom Inc., Edwards Lifesciences Corp, Evena Medical, Fitbit, Glaukos Corp., Globus Medical Inc Class A, Heska Corp., Hill Rom Holdings Inc., Hologic Inc., Idexx Laboratories Inc, Inogen Inc., Insulet Corp, Integer Holdings Corp., Integra Lifesciences Holdings Corp, Intuitive Surgical Inc., Irhythm Technologies Inc., Lemaitre Vascular Inc., Livanova Plc, Livongo, Masimo Corp., Medtronic Plc, Memed, Natus Medical Inc., Nevro Corp, Nuvasive Inc., Orthofix Medical Inc., Penumbra Inc., Pocared Diagnostics, Qualcomm Life, Resmed Inc., Staar Surgical, Steris, Stryker Corp, Surmodics Inc., Tactile Systems Technology Inc, Tandem Diabetes Care Inc., Teleflex Inc., Thermo Fisher Scientific Inc., Transenterix Inc., Varex Imaging Corp., Varian Medical Systems Inc., Verb Surgical, Viewray Inc., Water Corp., Wright Medical Group Nv, Zimmer Biomet Holdings Inc.

Interesting sources

  1. Hype Cycle for Data Science and Machine Learning
  2. Hype Cycle for Healthcare Providers, 2019
  3. Hype Cycle for Digital Care Delivery Including Telemedicine and Virtual Care, 2019
  4. Hype Cycle for Drones and Mobile Robots, 2019
  5. Hype Cycle for Sensing Technologies, 2019
  6. Research and markets - only read the overview as their report are extremely expensive (> USD1000).
  7. Fortune business insights - only read the overview as their report are extremely expensive (> USD1000).
  8. Medical device market
  • Tech giants (e.g., Apple, Google and Amazon) will continue to disrupt the life sciences space 4
  • Regulatory upheaval will continue to escalate in the United States, Europe and Australia 4
  • Connected devices for seniors will continue to gain in popularity 4
  • ‘Vigilant cybersecurity’ will remain an industry watch phrase 4
  • Connected Health Technologies
  • AI, IoT, and Data Analytics
  • Growth oppotunities in medical technologies market include orthopedics clinical wearables, AR in operating rooms, Robotics and AI enabled automation 5.
  • AI for healthcare IT cross 1.7 billion by end of 2019 and projected to achieve a 68.5% CAGR from 2018 - 2022.
  • Global MTP trends 3
    • Chronic burden - Modern MTP solutions allow patients to manage chronic disease and live longer than ever before, however, this comes at considerable cost to the public health systems. (Mental health, healthy ageing, wellbeing)
    • Precision healthcare - Advances in science and technology are enabling MTP solutions that are tuned to the specific needs of the individual, accounting for genetic, environmental and lifestyle factors. (Value based healthcare)
    • Global Biosecurity - Recent pandemics highlight the globally transmissible nature of diseases and the threat these can have on human health and agricultural activity.
    • Consumer control - Future patients will be educated and informed decision‑makers, with more information available to them than ever before.
    • Digital evolution - availability of massive amounts of data generated.
    • Developing markets - Demand for healthcare solutions in developing countries is rising along with the growing middle class.
    • Integrated care - Countries are shifting from highly fragmented healthcare systems to those based on end to end integration.
  • Gig economy
  • AR/VR
  • Blockchain
  • Quantum computing?

Further categorisation

  • Device Type: Wearable, Implanted, Portable-Handheld, Stationary, Peripherals, and Other
  • Revenue Model: Sales (direct), Revenue Sharing, Rental, Pay-per-Procedure, Support, and Other
  • Region of the World: North America, Asia Pacific, Europe, Middle East, and Africa, and Latin America
  • Solution: Diagnostics, In-Patient Monitoring, Out Patient Monitoring, Surgical Procedures, and Medical Treatment
  • Location/ Usage Area: Hospitals and Urgent Care Facility, Home, Physician’s Office, Clinic or Routine Care Facility, and Body Wearable
  • Function: Critical Care Equipment (Life Support and Others), Diagnostic Equipment (In-vitro and others), Dental Equipment and Supplies, Irradiation Apparatuses, Medical Laboratory Equipment, Medical Monitoring Equipment, Organ Transplants, Surgical Instruments and Appliances, Treatment and Therapy Equipment, and Other

Australia’s Medical Device Industry Landscape

  • One of the largest healthcare markets in the Asia-Pacific region, with a sophisticated clinical environment; high standards of care; first-class clinical trials infrastructure and skills; and widespread use of high-end medical devices and diagnostics 6
  • an ideal market for prototyping and testing new medical products 6
  • a highly skilled workforce and a globally competitive business environment 6
  • Policy Related
    • a robust regulatory environment with one of the most effective intellectual property (IP) rights protection systems in the world 6
    • a competitive R&D tax incentive scheme that rewards investment in Australian research and development 6
    • strong ties with the fast-growing Asia Pacific region, supported by Free Trade Agreements (FTAs) 6
  • Employment
    • 1.5 Billion in 2014 employing over 10,000 people. 3
  • Economic Impact
    • Over companies generating total revenue of AUD11.8 billion, exporting over AUD2.1 billion each year and in 2013-14, employing over 19,000 people.
    • In 2013, the global advanced medical technologies market (medical devices, medical imaging and patient monitoring) was worth USD 342.8 billion, the Asia Pacific market (including Australia) was worth USD 63.5 billion (18.5 per cent of the global market) and Australia’s share was USD 6.81 billion (2 per cent).
    • Australia has 35 medical device and diagnostics companies listed on the Australian Securities Exchange (ASX)4 Total market capitalisation of listed medical devices companies had reached AUD 13 billion by August 2014, and the sector is delivering one of the strongest returns for investors on the ASX6
    • The top 10 destinations for Australian medical devices and diagnostics exports were the United States of America; New Zealand; the United Kingdom; Germany; the Netherlands; Japan; China; Singapore; Denmark; and the Republic of Korea9
  • Industry size and origin
    • ~500 Med Tech AU companies 3. Australian industry is characterised by a large group of small to medium sized enterprises (estimated at 54 per cent) and a smaller but sizable proportion of global multinational companies or their subsidiaries (about 35 per cent of the sector2)
    • The majority of Australian companies (54 per cent) have grown from start-ups7. Over one-third (35 per cent) of Australian companies were established as a subsidiary of a multinational company8.

Government focus

CSIRO identified four long term growth oppotunities for the Australian MTP sector, driven by global megatrends and leveraging Australia’s comparative advantages. The opportunities are listed below 3.

  1. Smart devices, implants and bionics
    • Biocompatible materials
    • Bionics and biosensors
    • Bespoke and smart implants
    • Data capture, analysis and communications
  2. Accelerated pharmaceutical Manufacturing
  3. High value pharmaceuticals development
  4. Diagnostics and informatics products and services
    • Data analysis and digital integration
    • Instrumentation and tools
    • Focused clinical research

Organisation in Australia

Industries of interest

Medical Automation Technologies

  • According to this report, the Global Medical Automation Technologies market accounted for USD60.8 billion in 2017 and is expected to reach USD138.9 billion by 2026 growing at a CAGR of 9.6% during the forecast period. 7

Notable Players

Medtronic, Inc., DePuy Synthes (Johnson & Johnson), Koninklijke Philips N.V., Ge Healthcare, Siemens Healthineers, Cardinal Health, Inc, Stryker Corporation, Becton, Dickinson and Company, Baxter, Danaher Corporation, Stanley Black and Decker, Inc., Intuitive Surgical, Swisslog Holding AG, Tecan Group Ltd., iCad INC, Given Imaging Ltd., Brainlab AG, Accuray Incorporated, Clearcount Medical Solutions, eScreen, Quiqmeds, Acrobot Company

Wearable Medical Devices

  • According to this report, the Global Wearable Medical Devices is accounted for USD6.05 billion in 2017 and is expected to reach USD29.53 billion by 2026 growing at a CAGR of 19.2% during the forecast period. 8

Notable Players

Apple, Samsung, Xiaomi Inc., Philips Electronics, Nokia Technologies, OMRON Corporation, Fitbit, Medtronic plc, LifeWatch AG, Actelion Pharmaceuticals, Garmin, Vitalconnect, Jawbone, Monica Healthcare, Polar Electro, Sotera Wireless, Lifesense, Cleveland Medical Devices, Inc., Nuubo, Intelesens Ltd.

MTP AU - Smart devices, implants and bionics

Amongst the four growth areas. Will focus on smart devices, implants and bionics

Growth areaProsCons
Smart devices, implants and bionics* Has hardware component (I find that very interesting)* Slower market growth * Harder to penetrate
Diagnostics and informatics products and services* High market growth forecast* I am very much lacking in medical knowledge. * Closely related to public health


  • PRECISION HEALTHCARE – accessibility of technology that allows highly customised implants and bionics is rapidly increasing, driven by long-term patient benefits and improved outcomes.
  • DIGITAL EVOLUTION – as connectivity and data interoperability challenges are overcome, rapid integration of communicative medical technology into consumer and clinical environments will occur.
  • CONSUMER CONTROL – early adopters are driving the demand for wearable and integrated technology, and will demonstrate the advantages associated with making data‑driven medical decisions.

Opportunity focus area

  • BIONICS - Responsive and communicative bionics that are enabled by neural stimulation and provide sensory feedback.
  • MONITORING DEVICES - Responsive implanted biosensors that change based on certain conditions. Implanted or ingested biosensors that monitor, gather and transmit physiopathological data for functions such as monitoring therapy effectiveness and disease detection. Customised bionics with integrated data collection to improve design and integration.
  • PERSONALISED IMPLANTS - Implants with integrated biosensors to report on wear and tear. Implants customised to perfectly fit the anatomy of a patient for better clinical outcomes, enhanced recovery and long term function, e.g. 3D bioprinted joint, bone, cartilage and organs. Bioprinted implants using a scaffold based on a patients cells to avoid immune response.

Partners and buyers * Defence technologies – bionics for rapid recovery and rehabilitation from injuries. * Elderly healthcare – devices for improved quality of life. * High health-risk industries – monitoring devices for workers in mines, fatigue prone occupations or other high-risk environments.

Why Australia?

  • Strong international reputation for quality – Cochlear Ltd, Cook Medical Australia and ResMed.
  • A strong research community
  • Diverse culture, social-economic stability, and unique location – Australians have a reputation for being early
  • Reputable national regulatory authority – Australia

Industry of interest

Industry TypeDescriptionMarket sizeMarket growthTech. InterestApplication Impact
  1. Implantable bionics
    1. Cochlear implant
  2. Continuous positive airway pressure

  3. Data science and Machine learning

  4. wearable devices

  5. iot

  6. exoskeleton

  7. prosthetics

  8. orthopedic implant

  9. digital health and personalized medicine

  10. [ ] See list of companies in the 2018-19 report

  11. [ ] Read deloitte study

People/companies to research more

  • Dr Amandeep Hansra is a leader in digital health and telehealth services in Australia. Amandeep co-founded Evermed Consulting and provides consulting services to insurers, start ups, health services, investors and businesses. She was most recently the CEO & Medical Director of Telstra’s telemedicine business ReadyCare; a joint venture between Telstra and Medgate, Switzerland’s leading telemedicine provider. She also served as the Chief Medical Officer for Telstra Health and separately has assisted Medgate in setting up a telemedicine business in the Philippines where she remains the Chair of the Clinical Advisory Board. She is a locally trained specialist General Practitioner who has worked both nationally and overseas and continues to work in clinical medicine at a General Practice in Bondi, Sydney. link
  • Sue Keay link
  • dorsaVi link
  • LX group - IoT and electronics design
  • Rayven
  • Circuitwise
  • Genesis Electronic Manufacturing


Luke Sy
PhD Candidate

My research interests include state estimation, robotics, wearable sensors, machine learning, and biomedical engineering.