Skip to content

Archives

  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • May 2024
  • April 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023

Categories

  • Blockchain
  • Business
  • Digital Marketing
  • Distro
  • Finance
  • Health
  • Home Improvement
  • Insurance
  • Jewelry
  • Marketing
  • Online Business
  • Real Estate
  • Small Business
  • Social Media
  • Startups
Skip to content
shopie mall

shopie mall

Your Ultimate Retail Destination

Subscribe
  • Distro
  • Social Media
  • Online Business
  • Finance
  • Startups
  • Digital Marketing
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Digital Marketing
  • Despite a slower Q2, Needham sees medtech market growing 7% in 2023 (NYSE:BSX)
Despite a slower Q2, Needham sees medtech market growing 7% in 2023 (NYSE:BSX)

Despite a slower Q2, Needham sees medtech market growing 7% in 2023 (NYSE:BSX)

Emily ClarkSeptember 4, 2023
Despite a slower Q2, Needham sees medtech market growing 7% in 2023 (NYSE:BSX)

enot-poloskun

Needham sees the medtech sector growing by 7% in 2023 versus 5.7% last year, despite slowed growth in Q2, helped by double-digit growth in certain cardiology categories.

The investment bank noted that medtech growth slowed slightly in Q2, expanding by only 8.3% compared with 8.9% in Q1, but still beat its Q2 forecast of 5%. And despite forecasting a 7% increase for 2023, the bank sees growth slipping to 5.3% in 2024.

Needham added that AtriCure (ATRC) and Alcon (ALC) remain their top ranked companies in the sector, followed by Alphatec (ATEC), Glaukos (GKOS) and SI-BONE (SIBN).

For 2023, Needham sees electrophysiology achieving the highest growth, with worldwide sales climbing 14% to $8.73B led by Boston Scientific (NYSE:BSX), which is expected to see a 27% increase, followed by Johnson & Johnson (JNJ) at 17%. J&J should remain the dominant player, holding an estimated 49.8% of the market, with Abbott (ABT) in second place at 24.5%.

Despite a 14% jump in 2023, Needham sees growth slowing for the electrophysiology market in 2024 and 2025 to 12% and 11%, respectively.

Worldwide sales of transcatheter aortic valve replacement, or TAVR, devices are expected to grow by 10% in 2023, on a constant currency basis, to $6.74B. Abbott is expected to score the biggest gains, with sales up 26%, followed by Boston Scientific at 16%. As for market share, Edwards (EW) should continue to hold the No. 1 position with 57.9%, with Medtronic (MDT) at No. 2 with 28.5%.

Needham expects TAVR sales to grow by 10% in 2024 and 11% in 2025.

On the flip side, the bank expects the cardiac rhythm management and stent markets to show the least growth this year, with sales for CRM devices expected to rise by only 3% in 2023. Growth is then seen slowing to only 2% in 2024 and 1% in 2025, on a constant currency basis.

Worldwide sales growth for drug-eluting stents is expected to be even worse. Needham sees sales of the devices increasing by only 1% for 2023 on a constant currency basis, followed by a decline of 1% in 2024 and zero growth in 2025.

Despite slowing sales of CRM and stent devices, the cardiology market as a whole saw sales grow by 9.8% during Q2 compared with 8.1% in Q1. Needham now sees sales climbing 7.2% in 2023, help by TAVR and electrophysiology devices, compared with last year’s growth of 6.1%.

Meanwhile, sales of contact lens products have been slowing. The market posted growth of 7.8% in Q2 versus 10.7% in Q1. Needham is now estimating growth of 8.4% for 2023, compared with 8.6% in 2022. Growth is seen as sliding to 5.1% in 2024 and 4.7% in 2025.

The orthopedic device market also appears to be a bit choppy. Worldwide sales of the devices, which include artificial joints, increased by 7.1% in Q2, helped by a 10% increase in knee replacements, but still lower than the 10.3% jump seen in Q1. Needham now sees the sales growing by 7.2% in 2023 versus 5.3% in 2022.

More on medtech:

Growing, Market, medtech, Needham, NYSEBSX, Sees, slower

Post navigation

Previous: 10 Interview Tips You Really Need to Know
Next: Everything You Need to Know

Related Posts

The Art of Branding: Strategies to Create a Memorable Brand Identity

The Art of Branding: Strategies to Create a Memorable Brand Identity

September 16, 2024 Emily Clark
Website Development Company in Sydney: Transform Your E-commerce Platform Into a High-Performing Sales Engine

Website Development Company in Sydney: Transform Your E-commerce Platform Into a High-Performing Sales Engine

August 18, 2024September 11, 2024 Emily Clark
Struggling With Your Shopify Store? Here’s How To Turn It Around With The Right Advertising Agency

Struggling With Your Shopify Store? Here’s How To Turn It Around With The Right Advertising Agency

August 18, 2024September 21, 2024 Emily Clark

Recent Posts

  • How to Choose an Engagement Ring for a Bookworm
  • The Secret to a Smooth Garage Door Installation Every Homeowner Should Know
  • How to Get Bike Insurance for a Second-Hand Bike
  • The Art of Branding: Strategies to Create a Memorable Brand Identity
  • Website Development Company in Sydney: Transform Your E-commerce Platform Into a High-Performing Sales Engine

Categories

  • Blockchain
  • Business
  • Digital Marketing
  • Distro
  • Finance
  • Health
  • Home Improvement
  • Insurance
  • Jewelry
  • Marketing
  • Online Business
  • Real Estate
  • Small Business
  • Social Media
  • Startups

Archives

  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • May 2024
  • April 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023

BL

Copyright All Rights Reserved | Theme: BlockWP by Candid Themes.