Despite challenging times in healthcare, the medtech market growth is expected to continue at a 4.4 percent compound annual growth rate through 2018 with a sales value of $384 billion worldwide next year, according to a Plastics Today report.
Here are eight key trends discussed in the report:
1. Consolidation will still make big news — Last year Zimmer's acquisition of Biomet and Medtronic's acquisition of Covidien changed the landscape and in 2015 Stryker's rumored attempts to acquire Smith & Nephew could come to fruition. However, future acquisitions may not be so big and companies acquiring start-ups will look for the ability to cut costs and improve efficiency instead of incremental improvements on existing devices.
2. Medical device tax could be gone for good — A new Republican majority in the House and Senate could eliminate the 2.3 percent excise tax on medical device companies with additional support from some leading Democrats.
3. Metal is being replaced with PEEK — This is a trends that could continue, according to the report — as the FDA is clearing PEEK-based implants including a recent cervical implant where PEEK replaced a titanium part.
4. Chemical-resistant polymers will be a popular material — Researchers are doubling down on efforts to create chemical-resistant polymers for medical applications that could reduce hospital-acquired infections, which would make a huge impact on overall healthcare spending.
5. Non-traditional players are coming into the market — MD+DI named Google the medical device company of the year for 2014, and Google is likely to continue in medtech this year with Calico, a biotech research firm that will focus on health and well being.
6. The mobile medical device market continues to grow — There are 500 million smartphone users who have health-related apps worldwide, which means a huge opportunity in mHealth. This active sector is expected to continue growth in 2015.
7. Three-dimensional printing could be a disruptive innovation — In 2014, three-dimensional printing broke into the medical device field with printed meniscus and vertebral body items for surgical repair. The report says these medical breakthroughs are "only getting started" and the immediacy of 3D printing could revolutionize medical care delivery.
8. Additional materials to keep an eye on include resorbable polymers that eventually break down and are resorbed by tissue.