Medical Devices Market Scope
Market Research Future (MRFR) says that the medical devices market touched USD 492.3 billion in 2021 and can accrue a solid valuation of USD 740 billion by 2030. Between 2022 and 2030, the market size shall expand at a rate of 5.2%, reveals MRFR.
Growth Drivers and Challenges
The medical devices market has been progressing at a tremendous pace worldwide, on account of the strong government financial support as well as the intensified preference for elective procedures. One of the top trends making rounds in the market is the escalating preference for minimally invasive procedures, augmenting the deployment of numerous innovative medical devices.
A variety of medical devices are being used today around the world, owing to the surge in supportive reimbursement schemes and the disconcerting rise in lifestyle-based illnesses, accidents, and sports injuries. This should be greatly beneficial for the worldwide market in the long run.
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The manufacturers active in the market are presented with several opportunities, such as the mounting demand for medical devices that can be used at home for diagnosis and monitoring of medical conditions. Technological advances in medical devices such as insulin delivery devices, glucose monitors, nebulizers, and oxygen concentrators for better accuracy rates also augment the market demand.
Market Segmentation
The medical devices industry has been divided into a few segments, namely product type, therapeutic application, as well as end users.
The product types covered are monitoring devices, treatment equipment, diagnostic devices, bioimplants and stimulation devices, drug delivery devices, and surgical devices, among others.
The key therapeutic applications of various medical devices include diagnostic imaging, respiratory, ophthalmology, general surgery, nephrology and urology, ear-nose-throat (ENT), neurology, gastrointestinal surgery, orthopedics, cardiovascular, dental, and more.
Diagnostic centers, hospitals & clinics, pharmaceutical companies and research laboratory are the top industry end-users.
Regional Analysis
America’s strong position in the worldwide market is bolstered by the escalating cases of neurological disorders, cancer, and diabetes. The United States will be the market leader in the following years, given the heightened number of surgical procedures that make use of numerous medical devices. Plastic surgeries are quite popular in the country, with a high demand for minimally invasive cosmetic surgeries. This should bode well with the medical devices industry in the years to come.
APAC will be the fastest emerging market in subsequent years, considering the fast expanding elderly patient pool, surge in technological developments and bolstered awareness regarding the latest medical devices.
Leading Firms
The renowned medical device developers in the market are Becton Dickinson (US), Abiomed Inc. (US), Bio Rad Laboratories Inc. (US), Siemens (Germany), Fresenius (Germany), Abbott Laboratories (US), Biotelemetry Inc. (US), Stryker (US), Baxter International Inc. (US), Accuray Inc. (US), Medtronic (Ireland), Angiodynamics Inc. (US), Johnson & Johnson (US), GE Healthcare (US), Boston Scientific Corp. (US), and many others.
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Latest Updates
February 2022
Orthofix Medical launches an innovative synthetic bioactive bone graft solution known as Opus BA, for cervical and lumbar spine fusion procedures. The medical device acts as a scaffold, and facilitates bone growth all across the surface, after which it gets reabsorbed and then replaced with the natural bone during healing. The device is available in strip and putty formulations and helps fill the bone gaps or voids within the skeletal system. Opus BA contains autograft or autogenous bone marrow with saline, is moldable and has a host of medical applications.
February 2022
Gunze Limited receives the medical device approval to sell its latest sheet-type absorbable adhesion barrier, TENALEAF, which has been developed in Japan. The company intends to make the product available by March 2022 via its subsidiary “Gunze Medical Japan” in Japan. The medical device offers surgeons with a new technique during an open and minimally invasive surgery, leading to easier manipulation.
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