Global device industry set to grow 5.6% a year through 2024: report

Dive Brief:

• The medtech industry is projected to grow at a compound annual rate of 5.6% worldwide from 2017 through 2024, reaching $595 billion, according to a new analysis from Evaluate Ltd. that also ranks fastest-growing specialties, biggest companies and top R&D spenders.
• Total medtech R&D spending is seen growing by 4.5% to hit $39 billion by 2024. Medtronic, the biggest medical device maker by sales, is also the biggest R&D spender, but smaller players such as Edwards Lifesciences and bioMérieux invest a much larger percentage of their sales in R&D.
• The number of new devices receiving first-time FDA approval in 2017 matched a previous 10-year high set in 2015.

Dive Insight:

With FDA working on a...

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