《Lazard:2023全球医疗器械、诊断和工具领导者研究报告(英文版)(17页).pdf》由会员分享,可在线阅读,更多相关《Lazard:2023全球医疗器械、诊断和工具领导者研究报告(英文版)(17页).pdf(17页珍藏版)》请在三个皮匠报告上搜索。
1、June 2023Lazard Global Medical Devices,Diagnostics and Tools Leaders Study 2023EXECUTIVE SUMMARYNO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S
2、 T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary1Lazard Medical Devices,Diagnostics and Tools Leaders Study 2023The medical devices,diagnostics and life sciences tools(“tools”)industry is undergoing a period oftransformation,driven by rapid technological innovation and a nee
3、d for greater product affordability.Theintegrationofartificialintelligence,robotics,anddataanalyticsindevicedesignandmanufacturing,as well as increasing use of multi-omic tools,declining sequencing costs,and scalingof bioinformatics in diagnostics and tools are poised to transform both spaces in the
4、 next five to 10years.As these fields evolve,market participants must navigate challenges such as stricter regulatoryframeworks,dataprivacyconcerns,andreimbursementchallenges,whileembracingdigitaltransformation and fostering innovation to remain competitive.Conditions in public financing marketsrema
5、in challenging as investors focus on pathways to profitability.In addition,M&A activity has beenlimited as consolidators face macroeconomic uncertainty,experience valuation mismatches with sellerprice expectations,and struggle to find targets that meet their strategic priorities.Against this backdro
6、p,we fielded our 2023 Medical Devices,Diagnostics and Tools Leaders Study inApril and May 2023.This years study involved the participation of 145 leaders1across many of thelargest medical devices,diagnostics and tools companies globally,as well as smaller public andprivate companies,and prominent in
7、vestment firms.The respondents include 118 C-level corporateexecutives(including 60 in medical devices and 58 in diagnostics and tools)and 27 leading investors.Among the C-level executives,19 are from large-cap public companies and 45 are from SMID-caps,while 54 are from private companies.SURVEY RES
8、PONDENTS145Medical Devices,Diagnostics and Tools Industry Leader Responses118Corporate Executives27InvestorsCORPORATE EXECUTIVE BREAKDOWN60Medical Devices Company Participants58Diagnostics and Tools Company Participants1C-level executives included CEOs,CFOs,and senior executives involved in strategi
9、c decision-making.Large-cap medicaldevices,diagnostics and tools companies are defined as those with market capitalizations above$15bn.Small and mid-cap(“SMID-cap”)companies are defined as those with market capitalizations of less than$15bn.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLI
10、CATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive SummaryOur Central Findings1.Equity market conditions for medical devices,diagnostics and
11、 tools companies are not expected to recover to normalized,sustainable levels before 2024,more likely in the first half.While innovation is expected to remain the same or increase in the next cycle,access to capital is predicted to be lower and confidence in new company formation is mixed.2.Improved
12、 medical devices,diagnostics and tools equity market conditions will primarily be driven by an improved macroeconomic outlook,improved investor confidence in the sectors financial outlook,and higher levels of M&A and business development activity.There is continued pessimism about the availability o
13、f capital for companies in the second half of 2023.3.While large-cap consolidation is expected to remain at the same relatively low level,bolt-on acquisitions together with partnerships/collaborations are expected to increase.More reasonable seller price expectations,macroeconomic confidence,and the
14、 availability of attractive target opportunities will be important catalysts of rising strategic activity.4.As the industry navigates reimbursement challenges and seeks to maintain consistent growth and profitability levels,applications of data analytics,artificial intelligence(AI),and machine learn
15、ing(ML)are expected to disrupt disease diagnosis across various therapeutic categories,early-detection screening,and diagnostic-imaging and image-guided therapies.5.The creation of digital/AI-enabled product ecosystems are expected to most transform the medical devices sector over the next ten years
16、,while the adoption of robot-assisted surgery is expected to be the fastest-growing subsector in the next several years.6.Leaders in the diagnostics and tools sector believe disruption by innovative new players,increased use of multi-omic tools,and greater focus on early detection screening will mos
17、t transform the sector over the next five to 10 years.They are responding by prioritizing liquid biopsy,bioinformatics,and proteomics technologies.1234526Lazard Medical Devices,Diagnostics and Tools Leaders Study 2023NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYM
18、EANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary3Expectations for Timing of Medical Devices,Diagnostics and Tools MarketRecoveryAmong respondents,there is
19、 limited expectation for a recovery in the publicequity markets in the second half of 2023.The majority of respondents 58%believe that there will be a public equity market recovery in 2024,with 37%anticipating that the recovery will occur in the first half of the year.The outlook for private compani
20、es in the second half of 2023 is somewhat morebearish,with 61%of survey participants indicating that market conditions forprivate companies will improve in 2024 and 34%expecting this to occur in thefirst half of 2024.Investors are somewhat more bearish than corporate executives about thetimeline for
21、 recovery.Only 33%of investors believe that a public marketrecovery will occur by the end of the first half of 2024,and just 26%expect aprivate market recovery in the same period.Conversely,69%of medical devices,and diagnostics and tools corporateexecutives believe that a public market recovery will
22、 occur by the end of the firsthalf of 2024,and 51%expect a private market recovery over the same period.1Equity market conditions for medical devices,diagnostics and toolscompanies are not expected to recover to normalized,sustainable levelsbefore 2024,more likely in the first half.While innovation
23、is expected toremain the same or increase in the next cycle,access to capital ispredicted to be lower and confidence in new company formation is mixed.26%37%21%10%6%Second half of 2023First half of 2024Second half of 2024Already recovering/recoveredBeyond 2024Q:When do you expect Medical Devices,Dia
24、gnostics&Tools equity market conditions to recover to a normalized,sustainable level2?For Publicly Traded CompaniesFor Privately Held Companies158%of medical devices,diagnostics and tools leaders believe that there will be a public equity market recovery in 202412%34%27%10%17%Second half of 2023Firs
25、t half of 2024Second half of 2024Already recovering/recoveredBeyond 20242Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWIT
26、HOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary4Market Cycle PredictionsExpectationsforcontinuedinnovationwithinmedicaldevices,diagnostics and tools are positive,with 86%of lead
27、ers anticipating thesame or higher levels of innovation during the next market cycle,relativeto pre-downturn 2022 levels.However,when asked about expectations for access to capital in thenext market cycle,almost two thirds of respondents 64%stated thatthey expect access to capital to be lower relati
28、ve to conditions pre-downturn.SMID-cap corporate executives and investors are particularlypessimistic on the question,with 73%of SMID-cap corporate executivesand 74%of investors anticipating lower levels of capital access.Confidence about new company formation is mixed,with 50%ofrespondents expectin
29、g lower rates of formation during the next cyclerelative to pre-downturn,and 50%expecting the same or higher levels.Private company executives are somewhat more bullish,with 61%expecting the same or higher levels of company formation during thenext cycle.InnovationAccess to CapitalCompany FormationH
30、igher39%12%8%Stay Same47%24%42%Lower14%64%50%0%50%100%Q:In the next market cycle,do you expect the following to be higher,lower,or the same relative to pre-downturn 2022 levels3?86%of medical devices,diagnostics and tools leaders expect the same or higher levels of innovation during the next market
31、cycle3Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A
32、 L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary5Catalysts of a Medical Devices,Diagnostics andTools Sector RecoveryOver three quarters of survey participants(79%)believe that an improved macroeconomic outlook including tempered inflation and a
33、better globalgrowth outlook will be the most importantcatalyst of a sustained recovery in medicaldevices,diagnostics and tools equity marketconditions.Corporate executive and investorviews are consistent about this as the top factor.This key driver is followed by improved investorsentiment toward th
34、e industrys financial outlook a view held by 53%of executives and investorsand higher levels ofM&Aandbusinessdevelopment activity,cited by 44%.Large-cap executives are particularly focused onimprovedbudgetsthatwouldfueldemandamong key customers as a driver of a sustainedequity market recovery,with 3
35、7%of large-capexecutives expressing this view,compared to21%of respondents overall.Conversely,just32%oflarge-capexecutivesciteimprovedinvestor sentiment toward the industrys financialoutlook as a top factor to drive equity marketperformance in the sector,compared to 53%ofsurvey respondents overall.A
36、 third of investors 33%are particularlyfocused on an improved reimbursement outlookas a key contributor to market recovery,versus19%of respondents overall.Notably,only17%ofrespondentsciteanimproved geopolitical situation as being a topfactorexpectedtodrivemedicaldevices,diagnostics and tools equity
37、market performance.2Improved medical devices,diagnostics and tools equity market conditions willprimarily be driven by an improved macroeconomic outlook,improved investorconfidence in the sectors financial outlook,and higher levels of M&A andbusiness developmentactivity.Thereis continued pessimismab
38、out theavailability of capital for companies in the second half of 2023.79%of participants believe that an improved macroeconomic outlook will be the primary catalyst of a sustained recovery of medical devices,diagnostics and tools equity market conditions279%53%44%37%26%21%19%17%5%Improved macroeco
39、nomic outlook(e.g.,tempered inflation,consensus on monetary policy,better global growth outlook,etc.)Improved investor sentiment towards the industrys financial outlookHigher levels of M&A and business development activityGreater access to debt and equity capitalDemonstration of technological innova
40、tionImproved budgets that would fuel demand at key customersImproved reimbursement outlook(e.g.,government,commercial)Improved geopolitical situationOtherQ:What are the top three factors that you expect to drive improvement in your sectors equity market conditions?Select top three44Figures include r
41、esponses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A
42、G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary6Availability of CapitalThere is continued pessimism and uncertainty about the availability of capital for companies in thesecond half of 2023,with a majority of respondents believing that equity and debt capital will be
43、available at the same low levels in the next six months as it has been in the first half of the year or even lower.Respondents are marginally more positive about the availability of capital from private equity andgrowth equity,with 36%expecting that these will be available at greater levels.Private
44、companies,as well as diagnostics and tools executives,are particularly optimistic aboutthe availability of capital from private equity and growth equity,with more than half of respondents 52%expecting increased availability during the second half of the year.Medical devices,diagnostics and tools lea
45、ders are also marginally more optimistic about theavailability of capital from follow-on equity and debt financings,with 32%of respondentsexpecting both sources of capital to be more readily available in the second half of 2023.Just 25%of medical devices,diagnostics and tools leaders expect venture
46、capital to be more available in the second half of 2023;they are even more pessimistic about IPOsPrivate Equity andGrowth EquityVenture CapitalIPOsFollow-on EquityDebt FinancingsSignificantly Higher2%1%1%4%3%Somewhat Higher34%24%19%28%29%Stay Same36%31%40%37%34%Somewhat Lower23%30%26%28%25%Significa
47、ntly Lower5%14%14%3%9%Q:How available do you expect capital to be for companies in second half of 2023,relative to the past six months(select one for each type of capital/financing)5?0%50%100%Medical devices,diagnostics and tools leaders are particularly pessimistic aboutthe availability of capital
48、from venture capital and IPOs,with only 25%and 20%of respondents expecting greater availability from either source,respectively.Large-cap executives are even more pessimistic about the availability of capitalfrom venture capital and IPOs,with 5%and 0%of respondents expectinggreater availability,resp
49、ectively.Medical device executives are similarly skeptical with respect to the IPO market,with only 13%seeing greater availability of capital.Diagnostics and toolsexecutives are somewhat more positive,with 34%expecting greater availabilityof capital from venture capital,and 29%anticipating more capi
50、tal availabilityfrom IPOs.5Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L
51、A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary7Expectations for M&A and Partnership ActivityWhile only 24%of respondents believe that large-cap consolidation willincrease in the second half of 2023 relative to the first si
52、x months of theyear,68%of respondents expect bolt-on acquisitions to increase.Inaddition,morethanhalfofrespondents(56%)expectpartnership/collaboration activity to increase.An almost even number of respondents anticipate corporate carve-out/business separation activity to either increase 47%of partic
53、ipants or remain at similar levels(44%).Notably,15%of medical device corporate executives foresee anincrease in large-cap consolidation,versus 33%of diagnostics and toolsexecutives.There is optimism,especially among diagnostics and tools executives,and SMID-cap executives,for more partnership and co
54、llaborationactivity,with 66%and 60%of them,respectively,expecting an increasein partnership and collaboration.3While large-cap consolidation is expected to remain at the same relativelylow level,bolt-on acquisitions together with partnerships/collaborations areexpectedtoincrease.Morereasonableseller
55、priceexpectations,macroeconomicconfidence,andtheavailabilityofattractivetargetopportunities will be important catalysts of rising strategic activity.68%of respondents expect bolt-on acquisition activity to increase in the second half of 202356%expect partnership/collaboration activity to increase3La
56、rge cap consolidationBolt-on acquisitionsCorporate carve-outs/business separationPartnerships/collaborationsSignificantly Higher3%14%6%12%Somewhat Higher21%54%41%44%Stay Same52%23%44%39%Somewhat Lower17%8%9%4%Significantly Lower6%1%0%1%Q:How much corporate development activity do you expect there to
57、 be in second half of 2023,relative to the past six months(select one for each type of corporate development activity)6?0%50%100%6Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED
58、,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary8Challenges to Executing Deals in the CurrentEnvironment61%ofrespondentsr
59、egardsellerpriceexpectations as a key barrier to M&A in thecurrent environment.This level of concern isconsistentacrosscorporateexecutivesandinvestors,with both cohorts citing it as the topchallenge.41%of respondents view macro environmentuncertainty as a top obstacle to executing M&Ain the current
60、climate,while 36%of leaders viewascarcityofattractivetargetsasakeychallenge.Notably,while only 16%of survey participantsregard antitrust uncertainty as a top challenge toexecuting M&A in the current environment,morethan half of large-cap executives(53%)view thisas a key barrier.While 41%of diagnosti
61、cs and tools executivesview challenges for acquirors in using stock asacquisition currency(at current levels)as a keyhurdle to M&A today,only 23%of medical deviceexecutivessharethisview.Thesedifferingperspectives are consistent with views on equitymarket recovery,where 45%of medical deviceexecutives
62、viewthemarketsaseitherrecovering,recovered or poised to recover in thesecondhalfof2023,versusonly29%ofdiagnostics and tools executives.61%41%36%34%29%28%27%17%16%10%3%Seller price expectationsMacro environment uncertaintyScarcity of attractive targetsLimited availability and/or high cost of debt fin
63、ancingChallenges for acquirors using stock as acquisition currency at current levelsAbility to generate attractive return metricsEPS DilutionTarget stock price volatilityAntitrust uncertaintyIntegration complexitiesOtherQ:What are the top challenges to executing Medical Devices,Diagnostics&Tools M&A
64、 in the current environment?Select top three761%of respondents regard seller price expectations as a key barrier to M&A in the current environment7Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE C
65、OPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary9Catalysts of Greater Deal ActivityConsistentwithmedical
66、devices,diagnosticsandtoolsleadersperceptions of top challenges to M&A,58%of respondents believe thatmore reasonable seller price expectations are necessary to drive greaterM&A activity.In particular,68%of large-cap executives and 67%ofinvestors regard more reasonable seller price expectations as a
67、key driverof activity.The need for acquirors to add key strategic capabilities is another topfactortocatalyzegreaterM&Aactivity,asidentifiedby52%ofrespondents.60%of diagnostics and tools corporate executives sharethis view,compared to 45%of medical device corporate executives.Almost half of all resp
68、ondents 46%view acquiror needs to acceleraterevenue growth as a key M&A catalyst.52%of medical device corporateexecutives share this view,compared to 38%of diagnostics and toolscorporate executives.Additionally,42%ofrespondentsseeimprovingmacroeconomicconditions as a key catalyst.Consistent with the
69、 limited concern about antitrust uncertainty,only 7%ofrespondents view an improved antitrust environment as a key catalyst togreater M&A.58%52%46%42%23%23%15%14%14%7%5%1%More reasonable seller price expectationsAcquiror need to add key strategic capabilitiesAcquiror need to accelerate revenue growth
70、Improving macroeconomic environmentGreater access to and/or lower cost of debt financingStrengthening buyer stock prices(i.e.,stronger acquisition currency)Acquiror need to increase profit margins and/or cash flow generationLower volatility of target stock pricesAcquiror need for scaleImproved antit
71、rust environmentAcquiror need for talent(e.g.,acqui-hire)OtherQ:What are the top three factors that will catalyze greater M&A activity in the Medical Devices,Diagnostics&Tools industry in the second half of 2023?Select top three858%of respondents believe that more reasonable seller price and value e
72、xpectations are necessary to drive greater M&A activity,consistent with perceptions of top challenges to M&A8Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY
73、FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary10Strategic Challenges Facing the IndustryAsignificantmajorityofmedicaldevices,diagnostics and
74、 tools leaders 69%of them viewreimbursementchallengesasatopstrategicchallengefacingtheindustry.Generating sustainable growth and maintainingmargins and profitability follow closely behind,with 66%of participants perceiving this as a topstrategic challenge.Half of all respondents 50%also view theaffo
75、rdabilityofproductsasakeystrategicchallenge,in part,possibly,reflecting concernabout inflation.Interestingly,a higher portion of medical devicecorporate executives 47%regard the abilityto harness and utilize data as one of the majorstrategic challenges facing the industry,versus37%of total responden
76、ts overall.Adisproportionatenumberoflarge-capcorporateexecutives47%alsoviewregulatorypolicyasasignificantchallenge,compared to 36%of total survey participants.4As the industry navigates reimbursement challenges and seeks to maintainconsistent growth and profitability levels,applications of data anal
77、ytics,artificialintelligence(AI),and machine learning(ML)are expected to disrupt diseasediagnosis across various therapeutic categories,early-detection screening,anddiagnostic-imaging and image-guided therapies.469%66%50%37%36%33%6%3%Reimbursement challengesGenerating sustainable growth and maintain
78、ing margins and profitabilityAffordability of products in an increasing cost environmentThe ability to harness and utilize dataRegulatory policyThe integration of technology into devices and productsIncreasing consumerization of patient choicesOtherQ:What are the greatest strategic challenges facing
79、 the Medical Devices,Diagnostics&Tools industry?Select top three969%of medical devices,diagnostics and tools leaders view reimbursement challenges as a top strategic challenge facing the industry9Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tool
80、s,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary11Expec
81、ted Disruptions of Data Analytics,Artificial Intelligence,andMachine LearningParticipants expect rising disruption from applications of data analytics,AI,and ML across various areas.Medical devices,diagnostics and tools leaders view disease diagnosesacross various therapeutic categories as the area
82、most ripe fordisruption by data analytics,AI,and ML,with 61%of respondentssharing this view.Notably,while 72%of diagnostics and tools corporateexecutives have this perspective,only 48%of medical devices corporateexecutives do so.More than half of participants 52%regard early-detection screeningas a
83、top area susceptible to disruption by data analytics,AI,and ML.Additionally,48%of participants view diagnostic-imagingand image-guided therapies as areas most likely to be disrupted by data analytics,AI,and ML.Just 30%of medical device corporate executives view robotic-assistedsurgery as an area lik
84、ely to be disrupted by data analytics,AI,and ML.61%52%48%43%34%30%17%12%3%AI-driven disease-diagnoses across various therapeutic categoriesEarly detection screeningDiagnostic imaging/image guided therapiesPatient monitoringConnecting devices and diagnostic applications across the care continuumGenom
85、icsRobotic assisted surgeryConsumer diagnostic devicesOtherQ:What are the top areas most ripe for disruption by Data Analytics,Artificial Intelligence,and Machine Learning?Select topthree10Whereas72%of diagnostics and tools company participants view disease-diagnoses as the area most ripe for disrup
86、tion by data analytics,AI,and ML,only 48%of those in medical devices agree10Figures include responses from all survey participants(n=145)across medical devices,diagnostics and tools,and investors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTED
87、WITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary12Forces Transforming the Medical Devices SectorThe majority of medical device leaders 59%considerthecreationofdigital,AI-enabl
88、edproduct ecosystems as the force most likely totransform the industry during the next five to 10years,while almost half(49%)view increasedlevels of technological innovation as a force likelyto be transformative.41%of respondents believe that the delivery ofcare virtually and in other non-traditiona
89、l settingsare a force that will transform the medical devicessector,while 36%of survey participants viewincreased utilization of robotic or technology-enabled devices as transformative.30%ofmedicaldeviceleadersbelievethatdisruption by innovative players or new entrantswill be transformative,with 33%
90、of medical devicecorporate executives citing this as the mostmeaningful factor,comparedtojust11%ofinvestors.5The creation of digital/AI-enabled product ecosystems are expected tomost transform the medical devices sector over the next ten years,whilethe adoption of robot-assisted surgery is expected
91、to be the fastest-growing subsector in the next several years.59%of medical device leaders consider the creation of digital,AI-enabled product ecosystems as the force most likely to transform the industry during the next five to 10 years559%49%41%36%30%28%26%16%14%0%Creation of digital/AI-enabled pr
92、oduct ecosystemsIncreased levels of technological innovationDelivery of care virtually and in other nontraditional settingsIncreased utilization of robotic assisted or tech-enabled devicesDisruption by innovative players/entry of new playersPortfolio rationalization/optimization strategies(e.g.,dive
93、stments,spin offs)Significant changes in reimbursement trendsIncreased consolidation of large-and mid-sized companiesAbility of large incumbents to provide solutions to improve outcomes and reduce costsOtherQ:Which of the following forces do you believe will most transform the Medical Devices sector
94、 during the next five to 10 years?Select top three1111Figures include responses from all survey participants(n=69)across medical device corporate executives and investors.N=69 includes 60 medical device corporate executives in addition to four medical devices-specific investors and fiveinvestors who
95、 identify in the Study as participants in both the medical devices and diagnostics and tools sectors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G
96、N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary13Innovative,High-Growth Medical Device SubsectorsAlmost three quarters of medical device leaders 70%view roboticsas the area within medical devices that will see the fastest growth withinthe next one to three years.Additi
97、onally,almost half of medical device leaders(45%)expectdiabetes(including pumps and CGM)to be another area poised to seerapid growth over this period.Approximately 41%of medical device leaders view the neurovascularspace as poised for growth within the next three years,and 38%ofmedical device leader
98、s anticipate interventional cardiology and imagingas areas set to experience high growth.Q:Which subsectors within Medical Devices do you expect to see the highest growth within the next one to three years?Select top three1270%45%41%38%38%25%25%10%10%RoboticsDiabetes(Pumps or CGM)NeurovascularInterv
99、entional CardiologyImagingPeripheral VascularElectrophysiology(EP)Advanced Wound CareOther70%of medical devices leaders view Robotics as the subsector that will see the highest growth within the next one to three years12Figures include responses from all survey participants(n=69)across medical devic
100、e corporate executives and investors.N=69 includes 60 medical device corporate executives in addition to four medical devices-specific investors and fiveinvestors who identify in the Study as participants in both the medical devices and diagnostics and tools sectors.NO PART OF THIS MATERIAL MAY BE C
101、OPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary14Forces Transforming the Diagnostics and ToolsSectorDis
102、ruption caused by innovative players and newentrants,as well as the increasing use of multi-omic tools,are the two forces perceived bydiagnostics and tools leaders as most likely totransform the industry over the next five to 10years,with both cited by 48%of respondents.Following closely is early-de
103、tection screening,which 46%of diagnostics and tools leaders seeas a disruptive force emerging within the nextdecade.Declining sequencing costs and thescaling of bioinformatics solutions are also seenas being transformative by 37%and 35%ofdiagnostics and tools leaders,respectively.4Leaders in the dia
104、gnostics and tools sector believe disruption by innovativenew players,increased use of multi-omic tools,and greater focus on earlydetection screening will most transform the sector over the next five to 10years.They are responding by prioritizing liquid biopsy,bioinformatics,andproteomics technologi
105、es.648%48%46%37%35%30%25%22%9%1%Disruption by innovative players/entry of new playersIncreasing use of multi-omics toolsEarly detection screeningDeclining sequencing costsScaling of bio-informatics solutionsIncreased consolidation of large-and mid-sized companiesShift of diagnostics into point of ca
106、re and at home solutionsSignificant changes in reimbursement trendsPortfolio rationalization/optimization strategies(e.g.,divestments,spin offs)OtherQ:Which of the following forces do you believe will most transform Diagnostics and Tools during the next five to 10 years?Select top three13Almost half
107、of diagnostics and tools leaders see boththe disruption of the industry by innovative players/entry of new players andthe increasing use of multi-omic tools as transformative forces over the next five to 10 years 13Figures include responses from all survey participants(n=81)across diagnostics and to
108、ols corporate executives andinvestors.N=81 includes 58 diagnostics and tools corporate executives in addition to 18 diagnostics and tools-specificinvestors and five investors who identify in the Study as participants in both the medical devices and diagnostics and toolssectors.NO PART OF THIS MATERI
109、AL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L S L E A D E R S S T U D Y 2 0 2 3Executive Summary15Innovative,Disruptive Technological Priorit
110、iesLiquid biopsy is viewed by 54%of diagnostics and tools leaders as a toppriority over the next 12 months for disruptive innovation.More than halfof diagnostics and tools leaders(51%)also cited bioinformatics as a topinnovative,disruptive technological priority over the course of the nextyear.A lar
111、ge portion of respondents 43%also view proteomics as a keypriority over the next 12 months,while 38%stated that spatialtechnologies are a technological priority for the year ahead.Q:What are your top three innovative,disruptive technological priorities for the next 12 months in diagnostics and tools
112、?Select top three1454%51%43%38%27%26%19%19%9%5%Liquid BiopsyBioinformaticsProteomicsSpatialPoint of Care/At home testingSingle CellShort read sequencingLong read sequencingInfectious disease monitoringOtherLiquid biopsy is viewed as a top priority for disruptive innovation by 54%diagnostics and tool
113、s leaders14Figures include responses from all survey participants(n=81)across diagnostics and tools corporate executives andinvestors.N=81 includes 58 diagnostics and tools corporate executives in addition to 18 diagnostics and tools-specificinvestors and five investors who identify in the Study as
114、participants in both the medical devices and diagnostics and toolssectors.NO PART OF THIS MATERIAL MAY BE COPIED,PHOTOCOPIED,OR DUPLICATEDIN ANY FORM BY ANYMEANS OR REDISTRIBUTEDWITHOUT THE PRIOR CONSENT OF LAZARD LAZARD 2023L A Z A R D M E D I C A L D E V I C E S,D I A G N O S T I C S A N D T O O L
115、 S L E A D E R S S T U D Y 2 0 2 3Executive Summary16ContactDavid GluckmanVice Chairman of Investment Banking and Global Head of HealthcareDavid.GluckmanLNew YorkStephen SandsVice Chairman of Investment Banking and Global Chairman of HealthcareStephen.SandsLNew YorkJason BernhardVice Chairman of Inv
116、estment Banking and Chief Operating Officer of Financial Advisory North AmericaJason.BernhardLNew YorkRick Aldridge,Managing DirectorRick.AldridgeLBostonMedha Chadha,Managing DirectorMedha.ChadhaLNew YorkAjay Dhankhar,Managing DirectorGlobal Head of Medical Technology,Diagnostics and ToolsAjay.Dhank
117、harLNew YorkGuillaume de Frminet,Managing DirectorGuillaume.de.FreminetLParisVictor Kastensson,Managing DirectorVictor.KastenssonLStockholmMichael Kingston,Managing DirectorHead of North American Life SciencesMichael.KingstonLSan FranciscoGuillaume Molinier,Managing DirectorCo-Head of European Healt
118、hcareGuillaume.MolinierLParisPrasad Parmeshwaran,Managing DirectorPrasad.ParmeshwaranLSan FranciscoDale Raine,Managing DirectorCo-Head of European Healthcare Dale.RaineLLondonRahul Rekhi,Managing DirectorRahul.RekhiLNew YorkFrdrik Rothenburger,Managing Director,Co-COO European HealthcareFrederik.Rot
119、henburgerLParisJason Schoenholtz,Managing DirectorJason.SchoenholtzLNew YorkEric Stewart,Managing Director,Co-COO European HealthcareEric.StewartLLondonJulian Temple,Managing DirectorJulian.TempleLNew YorkMichael Wiggins,Managing DirectorHead of Private Market Advisory,HealthcareMichael.WigginsLChic
120、agoIan Wijaya,Managing DirectorHead of North American Healthcare ServicesIan.WijayaLNew YorkJames Hay,DirectorJames.HayLLondonMichael Lefferts,DirectorMichael.LeffertsLNew YorkLo Scher,DirectorLeo.ScherLLondonMatthew Schorr,DirectorMatthew.SchorrLNew YorkSid Varshney,DirectorSid.VarshneyLSan Francis
121、coPaul Wang,DirectorPaul.WangLSan FranciscoAlexandra Bashner,Vice PresidentAlexandra.BashnerLNew YorkKatherine Bedkowski,Vice PresidentKatherine.BedkowskiLLondonJean-Eric Castelli,Vice PresidentJean-Eric.CParisDerek Chait,Vice PresidentDerek.ChaitLNew YorkOliver Dean,Vice PresidentOliver.DeanLNew Yo
122、rkChristoph Giesen,Vice PresidentChristoph.GiesenLLondonMythili Iyer,Vice PresidentMythili.IyerLSan FranciscoDaniel Klodor,Vice PresidentDaniel.KlodorLChicagoMartin Mo,Vice PresidentMartin.MoLSan FranciscoJosh Tan,Vice PresidentJosh.TanLNew YorkAlfonso Torres,Vice PresidentAlfonso.TorresLNew YorkNathan Weiss,Vice PresidentNathan.WeissLNew York