Medical Device Technologies Market Outlook 2028

·         The global medical device technologies market was valued at US$ 400.02 Bn in 2020

·         It is estimated to expand at a CAGR of 4.3% from 2021 to 2028

·         The global medical device technologies market is expected to reach the value of US$ 662.7 Bn by the end of 2028

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Analysts’ Viewpoint on Medical Device Technologies Market Scenario

Telehealth and remote monitoring of patients are key drivers that are contributing to the medical device technologies market growth amid the ongoing COVID-19 pandemic. Even though med-tech companies are capitalizing on advancements in cardiovascular diseases, there is a need for advancements in complex medical conditions such as cancer and neurological diseases to improve clinical numbers. Hence, companies should increase RD investment to develop innovative technologies for complex medical conditions to improve patient quality of life and reduce healthcare expenditure at medical facilities. The evolution of medical device technologies have led to breakthroughs in disease diagnosis and in the treatment of diseases. Medical technologies have brought about efficacy, sustainability, and efficiency in healthcare systems with hi-tech devices such as ultrasounds, continuous glucose monitoring systems, etc.

Med-tech Companies Building Comprehensive Devices Portfolio to Expand Revenue Streams

Med-tech companies are boosting their production capabilities in hospital supply devices, dental devices, and drug delivery systems. The global medical device technologies market has been studied in terms of device type, end user, and region. The segments of the market depending upon device type are in vitro diagnostics devices, diagnostic imaging devices, cardiology devices, and ophthalmology devices, among others.

In vitro devices and other devices are steering growth of the global medical device technologies market in terms of revenue. The segment of in vitro diagnostic devices is expected to display notable growth in the upcoming years too due to rising incidence of infectious diseases, along with surge in the popularity of non-invasive diagnostic practices. Others devices such as diabetes care devices, wound management devices, and respiratory care devices are also projected to have a significant bearing on the development of medical device technologies market, owing to the adoption of advanced technologies for the manufacture of devices.

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Next-gen Medical Device Technologies to Create Long-term Revenue Opportunities Post COVID-19 Pandemic

Medical treatment and diagnosis are reaching newer heights with the augmented research and development activities observed by the healthcare industry. The ongoing global pandemic, COVID-19, is further predicted to drive the demand for the advanced medical device technologies.

The global medical device technologies market is projected to be driven by the impressive technological progress made in the medical sector. The prevalence of technology is one of the vital factors that play a key role in the innovations of the healthcare industry. Increasing integration of medical technologies in modern day clinical care is achieved to ensure optimal utilization of these technologies by patients. This factor is likely to work in the favor of the global medical device technologies market in the years to come. The conventional healthcare practices are estimated to effectively transform the changing requirements of the medical industry.

Europe and North America to Witness Advancements in Medical Device Technologies

The key regional segments of the global medical device technologies market include North America, Europe, Asia Pacific, Middle East Africa, and Latin America. North America is predicted to stay at the forefront in terms of revenue among all regions in the market due to rising incidence of cancer, metabolic diseases, and large patient pool of individuals with chronic diseases cardiovascular diseases that require crucial diagnosis therapies. The demand for automated medical processes and the region being home to several med-tech giants is also contributing immensely to the North America medical device technologies market.

Moreover, the market in North America is driven by rise in prevalence of cardiovascular diseases and implementation of the Cancer Moonshot initiative to address the rapidly rising incidence of cancer. Around 1.5 million people experience heart attacks and stroke in the U.S. every year, while direct medical costs for cancer treatment accounted for US$ 363 Bn each year from 2016 to 2017. This includes the cost of health care services, medicines, and lost productivity due to death.

Europe is anticipated to trail North America in the global medical device technologies market revenue-wise. In vitro diagnostic devices are majorly fueling the growth of this regional market on account of high prevalence of cancer, stroke, and cardiovascular diseases.

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In addition, increase in the number of diabetic patients and robust government investments in healthcare infrastructure are the major drivers of the medical device technologies market in Asia Pacific. According to the IDF, in 2020, around 580 million people in Asia Pacific were diabetic, comprising 60% of the world’s total diabetic population.

Medical Device Technologies Market: Overview

·         According to Transparency Market Research’s latest report on the global medical device technologies market for the historical period 2017–2019 and forecast period 2021–2028, rise in prevalence of chronic diseases and increase in incidence of disability-adjusted life years are projected to fuel the growth of the global market during the forecast period

Increase in Geriatric Population: Key Driver

·         The proportion of geriatric population and life expectancy has increased across the world. This is expected to have a positive impact on the healthcare system, which in turn is likely to boost the growth of the global medical device technologies market.

·         According to the World Ageing Population report, in 2019, around 703 million people aged 65 years and above were living across the world. Over the next three decades, this number is expected to more than double to reach 1.5 billion by 2050.

·         East and Southeast Asia account for majority of the geriatric population, followed by Europe and North America, as per the above-mentioned source. Hence, surge in the geriatric population is projected to increase health and long term care expenditure.

·         The elderly population is susceptible to hearing loss, back neck pain, cataract refractive errors, osteoarthritis, chronic obstructive pulmonary disease, depression, diabetes, and dementia. This is anticipated to drive the global medical device technologies market.

Technological Innovations

·         Technological innovations, including continuous glucose monitoring systems, mHealth devices, and insulin delivery systems, are expected to propel the global medical device technologies market. Additionally, advancements in the ophthalmology segment have been observed in platforms such as smart adapters, implantable miniature telescopes, and premium intraocular lenses (IOLs).

·         Minimally invasive diagnostic and surgical procedures use robotic technology along with medical imaging modalities such as 3D/4D visualization to offer accuracy and rapid diagnosis. Advancements in 3D/4D imaging is responsible for the development of computer-assisted detection (CAD) and image analysis applications.

·         Moreover, majority of simple and complex biochemical and molecular operations have been shifted to chip-based microfluidic setups in the past few years. These factors are likely to fuel the growth of the global medical device technologies market.

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Uncertain and Ambiguous Regulatory Environment to Hamper Market Growth

·         The regulatory framework for approval process has been a major restraint of the pharmaceutical, biotechnology, and medical technology industry. The FDA regulates in vitro diagnosis under the Act and Title 21 of the Code of Federal Regulations (CFR) in the U.S. A premarket application and a premarket notification (510(k)) are the two main regulatory paths, which lead to approval and clearance of a device. In the U.S., IVDs are also regulated through the Clinical Laboratory Improvement Amendments of 1988. Directive 98/79/EC of the European Commission provides regulatory guidelines for manufacturing and commercialization of in vitro diagnostic devices in Europe. The timeframe required for receiving regulatory approval for in vitro diagnostics is uncertain and the investment made in RD of such devices can go in vain if the regulatory authority denies approval. Such uncertainties involved in the commercialization of IVDs act as a restraint of the global market.

·         However, there are no clear regulatory framework/guidelines for the diagnostic sector in emerging countries such as India and China, where the IVD market has significant potential to grow due to a large patient base. Such a discrete and uncertain scenario about the regulations for IVD devices creates confusion among IVD manufacturers regarding commercialization of IVDs. Recently, the American Clinical Laboratory Association (ACLA) filed a citizen petition against the FDA challenging its authority to regulate laboratory-developed tests (LDTs). This is a potential threat to the FDA’s approach to streamline and standardize IVD devices. Currently, laboratory-developed tests (LDTs) are the substitutes for commercial IVDs and shrink the potential IVD market by a substantial volume.

·         IVDs approved by the FDA are for only clinical diagnostic purpose. IVDs to be used for research/investigation purpose are labelled “research use only” (RUO) or “investigational use only” (IUO), and the FDA exempts these products from regulatory requirements such as premarket approval, 510(k) clearance, and GMP requirements. Hence, these products may not be safe for clinical use due to unproven safety and efficacy. There have been instances where companies have promoted and sold RUO/IVO products for clinical use and the FDA has failed to address these concerns due to lack of authority to regulate them. This factor also restrains the penetration of clinically approved IVDs in the market. Overall, this factor is expected to have moderate to high impact on the growth of the medical device technologies market.

Medical Device Technologies Market: Competition Landscape

·         This report profiles major players in the global medical device technologies market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

·         The global medical device technologies market is highly fragmented, with the presence of a number of international as well as regional players

·         Leading players operating in the global medical device technologies market are

o    Abbott Laboratories

o    Boston Scientific Corporation

o    Baxter International, Inc.

o    Medtronic plc

o    Cardinal Health, Inc.

o    F. Hoffmann-La Roche Ltd.

o    GE Healthcare

o    Johnson Johnson

o    Siemens Healthineers

o    Smith Nephew plc

o    Stryker Corporation

o    Koninklijke Philips N.V., among others

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