Medical Devices Market | Contrive Datum Insights

The Global Medical Devices Market Size Was Valued At USD 488.98 Billion In 2021. The Market Is Projected To Grow From USD 495.46 Billion In 2022 To USD 718.92 Billion By 2030, Exhibiting A CAGR Of 5.5% During The Forecast Period.

Medical Devices Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for medical devices is lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market was 1.4% smaller in 2020 than it was in 2019.

More people are having diagnostic and surgical procedures done because chronic diseases are becoming more common and healthcare agencies are putting more emphasis on early diagnosis and treatment.

For example, the American Hospital Association (AHA) says that in 2021 there will be about 33.4 million hospital admissions in the United States.

The demand for medical devices, such as capital equipment and consumables, is growing in both developed and developing countries. This is because the number of hospital stays and surgical and diagnostic procedures is going up.

This is made even better by the fact that the top players in the market are putting more money into research and development (R&D) to make more technologically advanced equipment to meet the growing demand for new devices.

For example, Stryker is expected to spend USD 1.23 billion on research and development in 2021, up from USD 0.98 billion in 2020. Medtronic, which makes a lot of medical devices, said that it would spend USD 2.49 billion on research and development in 2021, up from USD 2.33 billion in 2020.

Medical technology companies are putting more money into research and development, and regulatory agencies are making it easier for them to get their products approved. This is expected to boost the medical devices industry in the coming years.

For example, the Center for Devices and Radiological Health of the U.S. FDA gave breakthrough designations to 213 devices in 2021, compared to about 130 in 2019.

Market Dynamics:

Latest Trends:

A big trend is that customers want wearable devices more and more.

There are a few things that wearable devices can't do, such as keep your data safe and private. Even with these problems, fitness trackers and activity monitors are still very popular because they are easy to use and have many benefits. Fitness is becoming more important to adults around the world, and monitoring and diagnosis are becoming more important to regional and national health agencies. Both of these factors have led to a higher demand for fitness trackers.

The market for these devices grew quickly after the COVID-19 pandemic broke out and people became more worried about their health. Based on a number of independent surveys done in the U.S. in 2019, about 21.0% of the adult population owned a fitness tracker.

The number of people who buy these devices has also grown because market players have made better models with more features and lower prices. This gives both new companies and companies that have been around for a while a huge chance to grow if they focus on this segment and come out with new wearable devices to meet the growing demand for these devices.

For example, a 2021 article from RunRepeat says that more than 445 million wearable fitness devices were sold in 2020, bringing in more than 31% more money than before the pandemic.

Driving Factors:

Chronic diseases are becoming more common, which will drive up the demand for medical devices.

Diabetes, cancer, and other infectious diseases are becoming more common, in part because people are becoming less active and because of other factors. Also, health agencies in different countries are working to increase the number of people who get diagnosed and treated by putting on more awareness programmes. As people become more aware of and more likely to have these conditions, the number of people who need diagnostic procedures and tests is also growing.

For example, the International Diabetes Federation (IDF) estimates that 537 million people will have diabetes in 2021. By 2030, 643 million people will have diabetes, and by 2045, 783 million people will have diabetes.

In the same way, the American Cancer Society said that there would be 1.9 million new cases of cancer in 2021.

Also, the number of older people is growing quickly, and more of them are having vision problems and breaking bones in their joints. This is driving up the demand for ophthalmologic and orthopaedic procedures.

For example, Osteoarthritis Action Alliance's 2021 report says that the number of people who get knee osteoarthritis each year is highest between the ages of 45 and 65, and 45% of people with osteoarthritis are 65 or older.

When these things are combined with the fact that healthcare costs are going up per person in both developed and developing countries and that reimbursement policies are getting better, more people are getting diagnosed and treated. This is making these countries want more and more medical devices.

The move towards homecare is making more people want portable devices.

The growing number of people with chronic diseases and the cost of treating them are putting a lot of stress on the health care systems of many countries. Because of this, the cost of treating these diseases around the world has gone up a lot. Overall, it costs a lot more to treat a patient as an inpatient in a hospital, and the longer a patient stays in the hospital, the more money it costs.

For example, a 2021 article from the American Journal of Managed Care (AJMC) says that in a recent randomised trial that compared patients who were treated in a hospital and those who were treated in a hospital-at-home setting, home care management saved 19% of the costs.

As the cost of living goes up and the number of people over 60 grows, there is a shift in the way people feel about home healthcare services. Also, the number of people using home healthcare services is rising quickly in developed countries. This is because key players and healthcare agencies are working harder to make new, easy-to-use medical equipment, like portable and wearable devices for treating chronic diseases, and putting it on the market.

Shimmer Research, a world leader in applications for wearable technology, released Verisense Pulse+ in March 2021. This is a new sensor for the Verisense platform that includes a photoplethysmogram, galvanic skin response, and an inertial measurement unit. In clinical trials, the device can measure a patient's heart rate, oxygen saturation, emotional responses, and how much they move and sleep.

Restraining Factors:

High prices for devices and poor reimbursement policies in developing countries will slow the growth of the market.

In the last ten years, there have been many important changes in the industry, including the use of new technologies and changes to designs. But these devices are expensive. They cost a lot to buy, and they also cost a lot to keep up. This means that the total cost of owning and using the device is higher. Some of the more advanced devices have other parts, like chips, batteries, sensors, and other accessories, that need to be replaced from time to time.

For example, a 2020 article by the Academy of Managed Care Pharmacy says that the average price of an insulin pump in the United States is between USD 4,500 and USD 6,500 per device. Along with this, the accessories for this device, like batteries and syringes, cost around USD 1,500 per year.

This means that the cost of ownership for the patient is higher than it would be otherwise. Also, getting paid for medical devices has been a problem in developing countries, making it harder for people to use them. So, the relatively low use of medical devices in emerging countries is due to the above reasons and the fact that their reimbursement policies aren't good enough.

Segmentation Analysis:

By Type Analysis:

The In-Vitro Diagnostics (IVD) segment is expected to have the highest CAGR because more people are using real-time diagnostic tests to find out exactly what's wrong with people with chronic and infectious diseases like diabetes, cancer, and HIV/AIDS. In 2021, the others segment had the biggest share of the market. This was because medical clothing, masks, gloves, surgical lights, foetal monitors, and other hospital supplies were in higher demand and being used more. The wound management segment is also expected to grow at a high CAGR because medical device companies are putting more money into making new wound devices and bioactive therapies.

The growth of the Minimally Invasive Surgery (MIS) segment is also expected to be driven by technological advances in surgical robots and the growing number of healthcare providers who use them. But the orthopaedic and cardiovascular device markets are expected to grow at a much faster rate. This is because the number of people with heart and bone problems is growing around the world.

Also, the growing number of people with diabetes and retinal disorders is expected to increase the use of diabetes care and ophthalmic devices, which will then drive the growth of the medical devices market over the next few years.

By End-User Analysis:

The In-Vitro Diagnostics (IVD) segment is expected to have the highest CAGR because more people are using real-time diagnostic tests to find out exactly what's wrong with people with chronic and infectious diseases like diabetes, cancer, and HIV/AIDS. In 2021, the others segment had the biggest share of the market. This was because medical clothing, masks, gloves, surgical lights, foetal monitors, and other hospital supplies were in higher demand and being used more. The wound management segment is also expected to grow at a high CAGR because medical device companies are putting more money into making new wound devices and bioactive therapies.

The growth of the Minimally Invasive Surgery (MIS) segment is also expected to be driven by technological advances in surgical robots and the growing number of healthcare providers who use them. But the orthopaedic and cardiovascular device markets are expected to grow at a much faster rate. This is because the number of people with heart and bone problems is growing around the world.

Also, the growing number of people with diabetes and retinal disorders is expected to increase the use of diabetes care and ophthalmic devices, which will then drive the growth of the medical devices market over the next few years.

Regional Insights:

In 2021, the size of the market in North America was 188.14 billion USD. The main reasons for its dominance are that it has good and fair reimbursement policies, a well-developed healthcare infrastructure, rapid adoption of advanced medical technologies, and key players in the region. This is made worse by the fact that more and more people in the area are being diagnosed and treated for long-term conditions, which means that there are more patients.

Europe's market is expected to have a high CAGR because more money is being spent on healthcare, infrastructure is well-developed, and more advanced diagnostic and treatment devices are being used. During the forecast period, the market is expected to grow due to a strong focus on moving medical care to home care settings and the introduction of portable medical equipment by leading global and local players in the region.

Asia-Pacific is expected to grow at a higher CAGR than other regions because diseases like heart disease, infectious diseases, dental problems, and diabetes are becoming more common. Market players are also putting more effort into expanding their direct presence in emerging countries like China and India to meet the needs of patients in this region.

On the other hand, Latin America and the Middle East and Africa are expected to have a high CAGR over the next few years. This is because the healthcare infrastructure in a few countries, like Saudi Arabia and Brazil, is growing quickly, and global market players are moving into these areas, either directly or indirectly.

Scope Analysis

Recent Development:

• January 2022 – Medtronic received US FDA approval for the Intellis Rechargeable Neurostimulator and the Vanta Rechargeable Neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy.
• November 2021 – Siemens Healthineers launches the NAEOTOM Alpha, the world's first photon counting technology CT scanner approved for clinical use in the US and Europe.

Market Segmentation

By Type:

• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• IVD
• MIS
• Wound Management
• Diabetes Care
• Ophthalmic
• Dental
• Nephrology
• General Surgery
• Others

By End-user:

• Hospitals & ASCs
• Clinics
• Others

By Companies:

• Medtronic (Ireland)
• Stryker (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Fresenius SE & Co. KGaA (Germany)
• Koninklijke Philips N.V. (Netherlands)
• Hoffmann-La Roche Ltd (Switzerland)
• General Electric Company (U.S.)
• Siemens Healthineers AG (Germany)
• BD (U.S.)
• Boston Scientific Corporation (U.S.)
• Others