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Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

ReportLinker
ReportLinker

The medical devices market was estimated at USD 532. 62 billion in 2021, and it is expected to record a CAGR of around 5. 5% over the forecast period, to reach USD 734. 39 billion in 2027. The COVID-19 pandemic had a mixed impact on the market.

New York, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" - https://www.reportlinker.com/p06360520/?utm_source=GNW
Currently, countries continue to face the huge threat of the pandemic. Most pharmaceutical and biotechnological companies are focusing their R&D departments on identifying new molecules or leads for treating the coronavirus disease. The supply chain disruption caused due to COVID-19 led to shortages of critical medical devices worldwide. Therefore, many countries have taken definite measures to ease the shortages by importing equipment such as domestic manufacturing of medical devices.

In addition, domestic manufacturing of essential medical devices is expected to overcome trade barriers and ensure product quality and market stability. However, instances of counterfeiting and price gouging of imported medical equipment are expected to hamper the market’s growth. According to the data given by the US FDA (United States Food & Drug Administration), in August 2020, FDA recalled the TaqPath RT-PCR COVID-19 Kit with Applied Biosystem’s COVID-19 Interpretive Software v1.2 for 7500 RTPCR instruments developed by Life Technologies Corporation due to the false-positive results because of improper vortexing. However, some medical devices experienced a sudden surge in demand during the pandemic. For instance, ventilators were in high demand for COVID–19 patients as they are an important tool for patients in critical conditions. In March 2020, Medtronic announced that it had increased the production of ventilators by more than 40% to date. It also stated that it is on track to more than double its capacity to manufacture and supply ventilators in response to the urgent needs of patients and healthcare systems across the world.

The factors driving the market’s growth include the rising prevalence of chronic and related increases in disability-adjusted life years, technological advancements in medical devices, and a consistent increase in the aging population.

The proportion of the older population and the length of life expectancy also increased worldwide, which may significantly impact the healthcare system and the medical devices market. According to the World Ageing Population report, in 2019, there were around 703 million people aged 65 years and above worldwide. Over the next three decades, this number is expected to more than double, reaching over 1.5 billion by 2050. The majority of the older population is contributed by Eastern and Southeast Asia, followed by Europe and North America. Thus, due to an increase in the geriatric population, healthcare and long-term care expenditures are expected to increase sharply. The older population is often susceptible to hearing loss, cataracts and refractive errors, back and neck pain, osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia, which is expected to boost the market’s growth.

The advent of new technology in the market is expected to increase the demand for medical devices. Companies like ABLE Motion are innovating in the sector. For example, a Barcelona-based company was the world’s first manufacturer of home-use robotic exoskeletons for individuals with lower-limb paralysis. The battery-powered, 8-kg exoskeleton has parameters for smart device configurations, allowing physical therapists and physicians to remotely monitor patients. Garwood Medical, a Buffalo, New York-based MedTech start-up, provides clinical outcomes for infections and wound healing. The company’s range of products includes the BioPrax, a minimally invasive device designed to prevent biofilm infections on prosthetic knee implants by using electrodes to prevent microbe growth. Signum Surgical, a Galway, Ireland-based MedTech start-up, developed innovative implant technologies to promote post-surgery healing and prevent infection in colorectal patients. Signum Surgical hopes to expand its range of products to treat other colorectal disease conditions in the future.

Chronic diseases are the most prevalent health condition that involves significant expenditure. Chronic diseases include cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis, and obesity, which can lead to hospitalization, long-term disability, reduced quality of life, and even death. According to the International Diabetes Federation, approximately 463 million adults between 20 and 79 years were living with diabetes in 2019. The number is estimated to rise to 700 million by 2045. According to Arthritis-India, osteoarthritis (OA) affects about 4-6% of the adult population, and it is mentioned as one of the top five chronic diseases in India. The country is likely to notice a prevalence of osteoarthritis, with about 80% of the population aged 65 years and above suffering from wear and tear of joints by 2025.

Hence, such factors indicate the rising demand for medical devices for diagnosis, treatment, monitoring, and management of diseases.

Key Market Trends

The Cardiology Devices Segment is Expected to Hold a Major Share in the Medical Device Market

Cardiovascular devices are used to diagnose and treat heart diseases and related health problems that are leading causes of death worldwide. There are three basic types of cardiology devices: diagnostic and monitoring devices, therapeutic devices, and surgical devices. Some of the widely used cardiovascular devices are electrocardiogram (ECG), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents. The major factors driving the growth of the cardiology devices segment are the rising prevalence of coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac deaths. According to the British Heart Foundation statistics, in 2020, around 7.4 million people were living with heart and circulatory diseases in the United Kingdom. According to the same source, an estimated 170,000 deaths due to cardiac diseases occur each year in the United Kingdom. According to a research article by Xin Du et al., published in the Journal of the American College of Cardiology in June 2019, in China, the burden of cardiovascular (CV) disease is very high due to highly prevalent and poorly controlled risk factors resulting from changing sociodemographic structure and lifestyles. In October 2019, iRhythm, a digital healthcare company, launched its Zio system in the United Kingdom to support the identification and clinical diagnoses of cardiac arrhythmias, such as atrial fibrillation (AF). The Zio system is a small wearable heart monitor that is attached to the patient’s chest for up to 14 days. In May 2019, AliveCor received the US FDA’s approval for KardiaMobile 6L, the first six-lead personal ECG device that uses a form factor to gather maximum information. The increase in the number of older people is also leading to a growth in the number of cardiovascular diseases as this demographic group is more susceptible to such disorders.

North America Dominates the Market and is Expected to Continue the Growth Trend During the Forecast Period

The primary growth driver of the medical devices market in North America is the higher investment of yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States, with an increasing rate of adoption. The United States is the largest market in North America.

The US medical devices sector is an important part of the healthcare industry. The market has a very competitive landscape, with leading medical device market players, such as Johnson & Johnson, Abbott, and Baxter International. According to the International Agency for Research on Cancer, in 2020, about 2,281,658 new cancer cases were diagnosed, including 209,512 cases of prostate cancer, 253,465 cases of breast cancer, 227,875 cases of lung and bronchus cancer, and 101,809 cases of colorectal cancer. Furthermore, most medical device market players are small- and medium-sized companies with huge innovations and supported funding. Also, the advent of technological advancements, such as 3D printing, artificial intelligence, and robotic surgery devices, and their adoption, are likely to boost the market’s growth. In August 2020, Utah-based Innovasis Inc. announced that the US FDA gave 510(k) clearance for its Bio-enhanced 3D printed AxTiHA and TxTiHA Interbody Fusion Devices that have been modified with Promimic HAnano Surface technology. These trends are likely to boost the growth of the market in the future.

Competitive Landscape

The medical devices market is fragmented competitive and consists of several major players. Companies like Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers (Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare hold a substantial share in the market. Many of these companies are undertaking various strategies to maintain their market shares. For example, in October 2020, Medtronic PLC entered a partnership with The Foundry, a medical device company. The partnership combines Medtronic’s leadership in structural heart and intellectual property with The Foundry’s track record of innovation in the field of transcatheter mitral valve repair and replacement.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06360520/?utm_source=GNW

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