Medical Devices Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027) – Yahoo Finance
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 dollars 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 associated with 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 particular pandemic. Most pharmaceutical plus biotechnological companies are focusing their R& D departments on identifying new molecules or leads for treating the coronavirus disease. The particular supply chain disruption caused due to COVID-19 led to shortages of critical medical products worldwide. Therefore , many countries have taken definite measures to ease the disadvantages by importing equipment such as domestic manufacturing of medical gadgets.
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 associated with imported medical equipment are expected in order to hamper the market’s growth. According to the data given by the US FDA (United States Food & Drug Administration), in August 2020, FOOD AND DRUG ADMINISTRATION recalled the particular 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 healthcare 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 with regard to patients within critical conditions. In March 2020, Medtronic announced that it had increased the production of ventilators simply by more than 40% to date. It also stated that this is on track to a lot more than double its capacity in order to manufacture and supply ventilators in response to the urgent needs associated with 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 within medical devices, and the consistent increase in the aging population.
The particular proportion of the older population and the particular length of existence expectancy also increased worldwide, which may significantly impact the healthcare system plus the medical devices marketplace. According to the World Ageing Population report, in 2019, there were around 703 million people aged 65 years and above globally. Over the next three decades, this number is expected in order to greater than double, reaching over 1 . five billion by 2050. The majority of the older population will be contributed simply by Eastern plus Southeast Asia, followed by Europe and North America. Thus, due to an increase in the geriatric populace, healthcare plus long-term care expenditures are expected to increase sharply. The particular older population is often susceptible to hearing loss, cataracts and refractive errors, back and neck pain, osteoarthritis, persistent 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 likely to boost the demand for healthcare devices. Companies like ABLE Motion are usually innovating within the sector. For example , a Barcelona-based company was the world’s first manufacturer associated with home-use robotic exoskeletons for individuals with lower-limb paralysis. The particular battery-powered, 8-kg exoskeleton has parameters regarding smart device configurations, allowing physical therapists and physicians to remotely monitor individuals. Garwood Healthcare, a Buffalo, New York-based MedTech start-up, provides clinical outcomes intended for infections plus wound healing. The company’s range of products includes the BioPrax, a minimally invasive gadget 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 intestines disease problems in the particular future.
Chronic diseases are the most prevalent health condition that involves significant expenditure. Persistent 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 plus 79 years were living with diabetes in 2019. The number is estimated to rise in order to 700 mil by 2045. According to Arthritis-India, osteoarthritis (OA) affects about 4-6% associated with 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 regarding 80% from the population aged 65 years and above suffering from wear and tear of joints simply by 2025.
Hence, such factors indicate the particular rising demand for medical devices to get diagnosis, treatment, monitoring, and management associated with diseases.
Key Marketplace Trends
The Cardiology Devices Segment is Expected to Hold a Major Share within the Medical Device Market
Cardiovascular devices are used to diagnose and treat heart illnesses and associated health problems that are leading causes of death worldwide. There are 3 basic types of cardiology products: diagnostic plus monitoring gadgets, therapeutic devices, and surgical devices. Some of the widely utilized cardiovascular products are electrocardiogram (ECG), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents. The major factors driving the growth of the cardiology products segment would be the rising frequency of coronary heart diseases, such as stroke plus cardiomyopathy, which cause the global burden of heart deaths. In accordance to the particular British Heart Foundation statistics, in 2020, around 7. 4 million people were living with coronary heart and circulatory diseases in the United Kingdom. According to the same source, an estimated 170, 000 deaths because of cardiac diseases occur each year in the United Kingdom. Based on a research article by Xin Du et al., published in the particular Journal of the American College associated with Cardiology in June 2019, in China, the problem of cardiovascular (CV) disease is very large due to highly prevalent and poorly controlled risk aspects resulting from changing sociodemographic structure and lifestyles. In October 2019, iRhythm, a digital health care company, launched its Zio system within the United Kingdom to support the identification and medical diagnoses of cardiac arrhythmias, such as atrial fibrillation (AF). The particular Zio system is a small wearable center monitor that is attached in order to the patient’s chest pertaining to 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 enhance in the number of older people is also top to a growth in the particular number of cardio diseases as this demographic group is more susceptible to such disorders.
North America Dominates the Marketplace and is Anticipated to Continue the Development Trend During the Forecast Period
The primary growth driver from the medical devices market in Northern America is the higher investment of yearly revenues into product innovation and constant improvement associated with existing systems. Mobile health and telemedicine have been growing in the United States, with a good increasing rate of adoption. The United States is the largest market in North America.
The US medical gadgets sector is an important part of the healthcare industry. The market has the very competitive landscape, with leading healthcare device marketplace players, this kind of as Johnson & Manley, Abbott, plus Baxter International. According in order to the International Agency meant for Research upon Cancer, in 2020, about 2, 281, 658 brand new cancer cases were diagnosed, including 209, 512 cases of prostate cancer, 253, 465 instances of breast cancer, 227, 875 cases associated with lung and bronchus cancer, and 101, 809 situations of colorectal cancer. Furthermore, most medical device market players are small- plus medium-sized companies with huge innovations and supported funding. Also, the particular advent of technological advancements, like 3D printing, artificial intelligence, plus robotic surgery devices, and their ownership, are likely to boost the market’s growth. In August 2020, Utah-based Innovasis Inc. declared that the ALL OF US FDA gave 510(k) clearance for its Bio-enhanced 3D printed AxTiHA plus TxTiHA Interbody Fusion Products that have been modified with Promimic HAnano Surface technology. These trends are usually likely to increase the development of the marketplace in the future.
The medical devices market is fragmented competing 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 Company, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare hold a substantial share in the market. Many associated with these businesses are undertaking various strategies in order to maintain their market shares. For instance , inside October 2020, Medtronic PLC entered a partnership along with The Foundry, a medical device company. The partnership combines Medtronic’s leadership in structural cardiovascular and intellectual property with The Foundry’s track record of innovation in the field of transcatheter mitral valve repair and replacement.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full statement: https://www.reportlinker.com/p06360520/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds plus organizes the latest industry information so you get all the researching the market you need – instantly, in one place.
CONTACT: Clare: [email protected] com US: (339)-368-6001 Intl: +1 339-368-6001