Ernst & Young recently released their annual Pulse of the Industry report — which provides a comprehensive analysis of the MedTech field, at large — finding the industry as well as the global economy is in a state of flux. Transitioning from a surge of post-pandemic investment, the MedTech sector continues to grow with an increasing focus on AI, wearables, and robotics. While investment to the sector has slowed, there is no deficit of product, sales, marketing, and developer work needed in MedTech, especially around security, AI functions of all stripes (operational, relational, and beyond) and even innovative uses of blockchain.
The management consulting market has been worth an estimated $300 billion annually for the last several years, it's forecasted to grow 10% each year over the next decade. A 2021 survey from Clutch found 24% of small businesses in the United States plan to hire a financial consultant or advisor. The survey also suggests a significantly larger percentage – around 70% to 80% – of companies have situations where management consultants could be beneficial. Shifts in the business model at top consulting firms exacerbated this gap, there is still a solution for companies between the F100 and SMBs, it's just not common yet.
