Medical Device Market to Reflect a Holistic Expansion during the Assessment Period 2021–2027
Description
The global medical device market is expected to grow USD 630.3 billion in 2027 from USD 436.2 billion in 2020 and register a CAGR of 5.4% from 2021 to 2027. The medical device industry is being transformed by technological advancements, expanding the number of connected medical devices accessible on the market while also enhancing their role in healthcare. The scenario of device connectivity is evolving due to advancements in wireless technologies, smaller devices, and computer power. Medical device data is being gathered, analyzed, and shared with healthcare organizations, resulting in better patient outcomes, lower costs, and an extra income opportunity. Integrating and presenting patient data correctly can only assist MedTech thrive in the future.
Depending on the device, market dynamics for pricing medical devices might be rather variable. Conventional surgical equipment, such as surgical gloves and other common surgical supplies, is competitive. These products are regarded as interchangeable goods. Companies compete intensely on pricing, and to be successful; they frequently require huge sales volumes. In contrast, markets for advanced items like implantable medical devices, like their pharmaceutical equivalent, are protected in mystery. Advanced device markets are more difficult to get and less competitive, enabling device manufacturers to demand higher costs and make significant profits.
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Changing government regulations and policies for the manufacturing of medical devices are all elements in the political sphere that could impact the medical devices market. A change in regulations may call for higher spending on devices. The government at the global level is focusing on more budgets, boosting growth in the long term. Medical device regulation in the EU is governed by three EU council directives 90/385/EEC on active implantable medical devices, 93/42/EEC on medical devices, and 98/79/EC on in vitro diagnostic medical devices.
COVID-19 Impact on the Global Medical Device Market
The global economy was devastated by the epidemic. Because of the lockdown and stringent controls implemented by governments during pandemics to stop the virus from spreading, manufacturing facilities witnessed a drop in output capacity. The FDA announced that it would suspend normal inspections of food, drugs, and medical devices in other countries, citing the virus's global spread. Global sourcing of high-tech products, such as respiratory ventilators and related equipment, has turned into a race. In 2019, the US imported $22 billion of high-tech medical equipment, such as CT scanners, ultrasound machines, patient monitors, and X-ray machines, to diagnose and treat patients. The effects of COVID-19 and related actions to control its spread have negatively impacted certain market players' businesses, beginning in the last few weeks of March 2020. For instance, Johnson & Johnson Services, Inc. reported revenue of USD 23.0 billion in 2020, a decrease of 11% from 2019. Another serious medical device manufacturer, Medtronic, had a 5.4 % drop in sales in the fiscal year 2020 and a substantial 26 % drop in the fourth quarter of 2020, compared to 2019. On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic, and governments worldwide mandated orders to slow the transmission of the virus. Many jurisdictions declared states of emergency, and countries worldwide took steps to restrict travel, instituted work from home policies, enacted temporary closures of businesses, issued quarantine orders, and took other restrictive measures in response to the COVID-19 pandemic. Uncertainty concerning the economic effects of the pandemic and the restrictive policies to mitigate its spread have introduced significant volatility in the medical devices markets. Certain markets have reopened while others remain closed or have closed again to control the spread of the virus.
Global Medical Device Market Dynamics
Drivers: Surging incidence of chronic diseases
Adopting sedentary lifestyles and irregularity in routine healthcare checkups in emerging and developed countries increases lifestyle-related chronic diseases such as obesity, neuro-based diseases, heart disease, diabetes, and many more. For instance, according to the American Heart Association, the number of deaths due to cardiovascular diseases was 17.6 million in 2016 and is projected to rise to over 23.6 million by 2030. Also, as per Global Health Data Exchange, the number of neurological disorder cases registered in Singapore was 2,065,419.9 in 2017 and has risen to 2,075,898.7 in 2019. Such a rise in chronic disease worldwide is driving the demand for the medical device market in the forecasting period.
Moreover, the surging prevalence of cancer across the globe influence a positive outlook for the growth of the market. Early diagnosis of cancer can lead to better treatment and a greater lifespan. Some cancer prevention screening tests include different medical imaging tests, screening mammography, and more, thereby augmenting the growth of medical devices across the globe. For instance, as per Global Health Data Exchange, the total number of leukemia cases globally was around 323,913.03 in 2017 and rose to 334,592.26 in 2019. Thus, the increase in the prevalence of cancer across the globe will foster medical device market growth.
Restraints: High cost of medical devices to restrict the market growth
In the last decade, the medical device industry has seen significant changes in new technology and design, among other factors. However, the high cost of these devices, including a higher acquisition cost and subsequent maintenance cost, leads to a higher overall device cost of ownership. Some modern medical devices include additional parts, such as chips, batteries, sensors, and other accessories, that must be replaced regularly. For instance, in the United States, an insulin pump costs between USD 4,500 and USD 6,500 per device. Furthermore, the entire annual cost of medical device accessories, including batteries, syringes, and other products, is about USD 1500. As a result, the patient's total cost of ownership is greater. Thus, the availability of higher-cost medical devices products in the market is restraining the market growth.
Opportunities: Technological Advancements to Bolster the Medical Devices Industry
The medical device industry has been significantly transformed by 3D printing in the healthcare industry. It enables the development of customized devices for patients since it allows easy design modifications without extra equipment, likely to boost the market growth. Furthermore, it employs a range of technologies to quickly construct complex structures, increasing the production of advanced medical devices. This makes them important for orthopedic implant applications as it allows for the production of long-lasting, high-quality, and optimal-fit implants with improved performance and flexibility.
Furthermore, the use of 3D printing in manufacturing can assist in the development of improved and high-performance surgical instruments like hemostats and forceps, which is likely to drive market growth. Medical devices are benefiting from the strong growth of the medical technology industry. The market is projected to increase as new technologies, such as artificial intelligence (AI), improve diagnosis. Furthermore, artificial intelligence (AI) assists healthcare professionals in remotely monitoring patients via sensors and automating therapy administration through mobile apps.
Scope of the Report
The study categorizes the medical device market based on category, application, sector, end-user, and application at the regional and global levels.
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By Category Outlook (Sales, USD Million, 2017-2027)
- Diagnostic Devices
- Electrodiagnostic Devices
- Radiation Devices
- Imaging Parts & Accessories
- Consumables
- Syringes, Needles & Catheters
- Bandages & Dressings
- Suturing Materials
- Other Consumables
- Patient Aids
- Portable Aids
- Therapeutic Applications
- Orthopedics and Prosthetics
- Fixation Devices
- Artificial Joints
- Other Artificial Body Parts
- Dental Products
- Dental Instrument & Supplies
- Dental Capital Equipment
- Patient Monitoring Devices
- MIS
- IVD
- Other Medical Device Categories
By Application Outlook (Sales, USD Million, 2017-2027)
- Diagnostic Imaging Devices
- In Vitro Diagnostics (IVDs)
- Cardiology
- Orthopedics
- Ophthalmics
- Respiratory
- Urology & Gynecology
- General and Plastic Surgery
- Endoscopy
- Dental
- Diabetic Care
- Wound Management
- Nephrology
- General Hospital and Healthcare
- Ear, Nose, and Throat
- Neurology
- Robotics Navigation
- Other Applications
By Sector (Sales, USD Million, 2017-2027)
- Public
- Private
By End-Users (Sales, USD Million, 2017-2027)
- Hospitals & Surgical Centers
- Clinics
- Household
- Other End-Users
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The cardiology segment is projected to account for the largest market share by category
Based on category, the global medical device market has been segmented into Diagnostic Imaging Devices, In Vitro Diagnostics (IVDs), Cardiology, Orthopedics, Ophthalmic, Respiratory, Urology & Gynecology, General and Plastic Surgery, Endoscopy, Dental, Diabetic Care, Wound Management, Nephrology, General Hospital and Healthcare, Ear, Nose and Throat, Neurology, Robotics Navigation, and Other Applications. The cardiology segment in the medical devices market holds the largest share of 18.9% in 2020.
The major factors driving the growth of the cardiology devices segment are the rising global prevalence of coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac deaths. According to the article, ‘Prevalence of Cardiovascular Disease in Adults,’ published in February 2020 in the US Pharmacist, in 2018, 30.3 million adults (12.1%) in the United States were diagnosed with cardiovascular diseases.
Asia Pacific accounts for the highest CAGR during the forecast period
The global medical device market has segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.1% in the global medical device market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia
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