The global medical device market is expected to reach a
Westford, USA, May 18, 2022 (GLOBE NEWSWIRE) — Advances in technology are reshaping the medical device industry, not only increasing the amount of medical device market share but also strengthen their role in health care. Advances in wireless technology, smaller devices, and increased processing power are changing the landscape of device interconnection. Data collected, processed and shared from medical devices with healthcare organizations improves patient outcomes, reduces costs and provides an additional source of revenue. Properly integrating and presenting patient information can only support the future growth of MedTech.
Significant advancements in new technologies, such as smart sensors, smart gadgets, and other lightweight communication devices, are propelling the sale of medical devices market and the growth of medical devices market that create data in the journeys of care and form partnerships with IoMT systems. These breakthroughs in monitoring biosignals and diagnosing disease without human intervention are helping healthcare companies improve patient outcomes, reduce costs and increase efficiency. MedTech’s position has become even more crucial, operating as a value-based partner rather than just a gadget developer and seller.
The introduction of new technologies in the global medical device market is expected to boost the demand for medical equipment. Companies such as ABLE Motion are at the forefront of innovation in the industry. A Barcelona-based company, for example, was the world’s first manufacturer of robotic exoskeletons for home use for people with lower limb paralysis. The 8 kg battery-powered exoskeleton has smart device configuration options that allow physiotherapists and doctors to monitor patients remotely. Garwood Medical, a Buffalo, New York-based MedTech startup, provides clinical outcomes for infections and wound healing. Among the company’s products is the BioPrax, a minimally invasive device intended to prevent biofilm infections on knee prostheses by using electrodes to limit microbial growth.
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Both the share of the elderly population and life expectancy have increased globally, which can have a significant influence on the healthcare system and the medical device industry. According to the Globe Aging Population study, there were approximately 703 million people aged 65 and over worldwide in 2019. This figure is expected to more than quadruple over the next three decades, reaching more than 1.5 billion. by 2050. East and Southeast Asia contribute the most to the elderly population, followed by Europe and North America.
The outbreak has wreaked havoc on the medical equipment industry as supply has been severely affected following the shutdown. Companies, on the other hand, have responded effectively to these constraints, building a more resilient supply chain in weeks to meet demands for a wide range of medical supplies. The impact of COVID-19 on the Americas was severe for the medical device industry for a few weeks, but it began to show signs of improvement in the third quarter of 2020. The main driver of the medical equipment market recovery has been the strong demand for ventilators, breathing systems, patient monitoring systems and imaging systems.
Read Market Research Report, “Global Medical Devices Market Analysis is Segmented by Device Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmology, Dental , Nephrology, General Surgery, Other), by End User (Hospitals, Clinics, Others) and Region – Forecast and Analysis 2020-2027 » by SkyQuest
Due to improvements in precision, ergonomics, and control, physicians are increasingly prescribing robotic procedures to their patients. On the patient side, the need for smaller incisions, less blood loss, shorter hospital stay and faster recovery time is fueling their growing preference for minimally invasive operations using robots. Overall, the reduction in trauma and postoperative complications benefits both parties.
With many exchanges of information and accessibility between healthcare providers, manufacturers and suppliers, the concern of cybersecurity is increasingly at the forefront for medical equipment. The sophistication of cyberattacks has increased as technology has advanced. In order to prevent cyberattacks, medical device security can be addressed not only during the design and development phases, but also throughout the life of the product. Although larger companies claim to be better equipped to deal with cybersecurity challenges, small businesses need to react quickly and collaborate to minimize any disruption to the flow of information.
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Asia-Pacific is expected to be the fastest growing regional market due to increased demand for healthcare items; Moreover, the increase in the elderly population with health problems is driving the development of the market. The Middle East and Africa is expected to have the lowest market share over the projected period. The Middle East is expected to hold the majority of the market share owing to the growing number of government healthcare activities in this field. Moreover, India has a huge potential market given its highest population across the globe. About 65% of Indian manufacturers are largely domestic companies operating in the consumer goods market and meeting domestic demand with minimal exports.
Large multinational corporations, with extensive service networks, are at the forefront of high technology in the medical device industry in India. In India, there are 750-800 players in the domestic medical device market with an average investment of $2.3-2.7 million and revenue of $6.2-6.9 million. The production volume and area is increasing, there are six medical device manufacturing “clusters” in the country (see the “Data on the map” section below). The clusters are surrounded by “medical device parks”: states have committed to creating specialized industrial parks where efficient domestic manufacturing at lower prices can take place.
Companies frequently use new product releases and approvals to expand their global footprint and product lines, and these approaches help them meet growing customer demand. Collaboration is one of the most popular strategies employed by medical device companies to grow their international customer base while maintaining their brand identity.
The report published by SkyQuest Technology Consulting provides in-depth qualitative information, historical data and verifiable projections on the size of the market. The projections presented in the report have been derived using proven research methodologies and assumptions.
SkyQuest has segmented the global medical device market based on device type, end-user, and region:
- Medical Devices by Device Type (Revenue, USD Million, 2020 – 2027)
- Market segments
- Orthopedic devices
- Cardiovascular devices
- Diagnostic Imaging
- Wound management
- Diabetic treatments
- General surgery
- Medical Devices by End User (Revenue, USD Million, 2020 – 2027)
List of Medical Devices Market Key Players
- Medtronic (Ireland)
- Stryker (USA)
- Fresenius SE & Co. KGaA (Germany)
- Koninklijke Philips NV (Netherlands)
- F. Hoffmann-La Roche SA (Switzerland)
- General Electric Company (USA)
- Siemens Healthineers AG (Germany)
- comics (US)
- Boston Scientific Corporation (USA)
- Johnson & Johnson Services, Inc. (USA)
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