Why MedTech Companies are… Optimistic About 2023
Against all odds, the global MedTech community shows strong optimism for 2023. A waning Covid-19 threat combined with some better-than-expected 2022 revenue figures from industry leaders suggests that staffing constraints and supply chain snags will subside in 2023. To maximize your MedTech operations this year, reach out to CSS ProSearch, the expert staffing leader in sales and marketing recruitment in the MedTech industry.
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Many signs for cautious optimism in MedTech
Barring some inevitable layoffs to begin 2023, the MedTech industry is showing strong signs of upcoming growth. A combination of J.P. Morgan’s early-January healthcare conference findings in San Francisco and a positive GE HealthCare Q4 report foreshadow brighter times than expected.
A recent Medtechdive piece broke some of these developments down citing potential company expansions, mergers, acquisitions, and the continued global recovery from the Covid-19 pandemic.
M&A opportunities sprout thanks to MedTech sector stability
The modern corporate growth strategies of merging, acquiring, or being acquired by larger entities are picking up steam. J.P. Morgan analysts reported that while we may not see large-sized deals soon, the sector is primed for many small mergers and acquisitions to start in 2023.
“Sometimes acquiring an unknown, untapped talent shakes out better than emptying the bank for a superstar,” says Abby Prince, ProSearch Managing Director.
Liquid biopsy companies announce revolutionary testing
Some promising news came from the liquid biopsy community as well. News released earlier this month announced that some liquid biopsy specialists are increasing sensitivity in standard minimum residual disease tests up to five times. They are simultaneously bringing costs down as well. This acute upgrade would dramatically improve cancer and other infectious disease detection, giving oncologists and other medical professionals life-saving head starts on treatment.
A diminishing Covid-19 danger reopens supply chains
A welcomed effect of a waning Covid-19 threat is the reopening of supply chains that have been strained over the past two years. Companies like ResMed, a San Diego-based repository care and SaaS provider reported improved revenue thanks to this supply chain disentanglement. It was specifically ResMed’s second quarter, a period in which the company revenue came in at five percent above its perceived target that showed promise for subsequent quarters.
Rising tides raise all boats
GE Healthcare reported 2022 Q4 earnings up a significant eight percent riding four key growth drivers. GE Healthcare’s imaging, ultrasound, patient care solutions, and pharmaceutical diagnostics all experienced Q4 growth setting the industry leader up for continued success. Even more substantial, GE HealthCare begins 2023 as a standalone spinoff from previous parent company GE. They arrived on the New York Stock Exchange under the ticker, GEHC. This gives the company independence and full focus on its MedTech operations. Look for other similar spinoffs as well as small and medium-seized companies to rise with the tide assist from GE HealthCare.
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