Market Scope
Market Research Future (MRFR) expects the Medical Devices Market Segmentation to touch USD 63423.6 Million by 2027. MRFR also believes that the global market will attain a stunning growth rate of 23.20% between 2019 and 2027 (review period).
Growth Boosters and Challenges
The medical devices market will remain profitable throughout the conjectured period, backed by the supportive government and the rise in initiatives encouraging elective procedures. The most recent trend is the surging preference for minimally invasive procedures, which has elevated the demand for highly advanced medical devices. Minimally invasive surgeries are largely preferred as these involve tinier incisions, reduced hospital stay, faster healing, lesser wounds and pain and lesser risk of complications compared to open surgeries. These also help control the monumental healthcare costs. The demand for medical devices is also boosted by the availability of medical insurance and reimbursement schemes, while the surge in lifestyle-based disorders, sports injuries and accidents also benefit the global market. The rampant demand for efficient emergency healthcare and the accelerated adoption rate of mobile surgery centers should also foster business growth in subsequent years.
A lucrative opportunity will emerge in the form of growing preference among patients for medical devices that can be used at home for treatment and diagnosis of different medical conditions. Technological progression in devices like nebulizers and oxygen concentrators, insulin delivery devices and glucose monitors facilitate more accurate monitoring of ailments at home. Remote control technology has been a major development in the global market, as it reduces the workload of healthcare professionals by supporting home-based treatment and brings down the number of hospital visits.
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Market Segmentation
The market for medical devices can be segregated in terms of product type, therapeutic application and end users.
The global industry, with respect to product type, caters to diagnostic devices, monitoring devices, surgical devices, drug delivery devices, treatment equipment, bioimplants and stimulation devices, and others. Medical diagnostic devices are witnessing robust demand worldwide, since the number of chronic disease cases have doubled in the past few years. Increased awareness among people also adds to the segmental value.
Depending on therapeutic application, the market has been considered for general surgery, nephrology and urology, gastrointestinal surgery, ophthalmology, ear-nose-throat (ENT), diagnostic imaging, cardiovascular, orthopedics, neurology, dental, respiratory, and others.
Major end users in the global industry include diagnostic centers, hospitals & clinics, pharmaceutical companies and research laboratory.
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Regional Analysis
The medical devices industry has been regionally considered for Europe, Asia Pacific/APAC, MEA/Middle East & Africa as well as the Americas.
The American market is most likely to secure the lead in the years ahead, since the demand for medical devices is escalating rapidly with the growing prevalence of cancer, neurological disorders and diabetes. Some of the widely used medical devices for diagnosis and treatment are microscope, chromatograph and spectroscope. The region also witnesses a significant number of surgical procedures, which raises the demand for advanced medical devices. The ASPS report based on annual plastic surgery statistics says that ibn 2018, over 17.7 million minimally invasive cosmetic surgeries were conducted in the United States and this number has since escalated rapidly. Moreover, with the accelerating cases of diabetes, arthritis, growth hormone deficiency, anaphylaxis and osteoporosis in the region, the market for injectable devices is experiencing remarkable growth. Plus, supportive reimbursement schemes like the U.S. Medicare system also ensure steady market growth rate in the region.
APAC should emerge as a strong market and capture the fastest growth rate in the ensuing years, due to the soaring demand for medical devices to treat the expanding geriatric patient pool. The APAC market is underpinned by frequent technical progress and rising awareness about the fact that medical devices create value for doctors as well as patients. Thanks to continuous technological innovations in fields such as biotechnology and microelectronics, medical devices are now used for the treatment of a higher number of disorders, which helps cater to the needs of the value-based healthcare system in the region.
Leading Firms
Biotelemetry Inc. (US), Johnson & Johnson (US), Medtronic (Ireland), Abiomed Inc. (US), Stryker (US), Becton Dickinson (US), Fresenius (Germany), GE Healthcare (US), Accuray Inc. (US), Boston Scientific Corp. (US), Siemens (Germany), Abbott Laboratories (US), Baxter International Inc. (US), Angiodynamics Inc. (US), Bio Rad Laboratories Inc. (US), are the market leaders highlighted in the MRFR report.
Most of the players allocate significant budgets for research and development activities to focus on product innovation as well as new launches to foster brand awareness. A few other strategies employed by them are FDA approvals, joint ventures, acquisitions, expansions and collaborations, to name a few.
For instance, in February2021, RhythMedix, a well-known name in the remote cardiac monitoring devices segment, has launched RhythmStar, which is a wearable device that has a built-in 4G cellular connectivity. This cardiac telemetry monitoring device facilitates remote monitoring without requiring any electronic device. This technology allows faster ECG analysis as well as detection of cardiac abnormalities, following which it alerts the physician.
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