The year began on a dim note for the stock market on concerns over the Fed's decision to raise rates several times this year to control multi-decade-high inflation. However, the performance of the medical devices industry has been relatively stable due to near-inelastic demand for its solutions and a surge in elective surgeries. The rising medical needs of an aging population continue to support the industry’s growth. Furthermore, with the pandemic far from over, the medical devices industry is likely to remain in the limelight.
Medical device M&A and IPOs hit new highs in 2021, with 22 acquisitions and 24 IPOs. With more discoveries in medical AI to provide efficient and effective diagnoses and cures, the industry is well-positioned to grow. According to a Market Watch report, the global medical device market is expected to hit $625.3 billion by 2027, growing at a 6.3% CAGR.
