Medical technology (MedTech) stands as a reliable and largely non-cyclical sector for investors.

The top 10 MedTech manufacturers collectively generated nearly $200 billion in revenue in 2023 with an average growth rate of 6.8% compared to the previous year, showcasing its resilience and capacity for consistent expansion.

In 2023, MedTech providers focusing on a few medical specialties, such as Abbott or Siemens Healthineers, tended to achieve higher growth rates than broadly diversified companies that cover many medical disciplines, such as Medtronic, Philips, and Baxter.

Overall, the medical technology market has once more proven its attractiveness for investments.

Disclaimer: The segmentation of medical specialties provided is not exhaustive. It resembles TSN’s way of structuring the market.