When my grandmother was hospitalized for a breathing issue, I assumed there must be some normal tests done which will help diagnose the illness. But I was wrong. The tests were done through an advance medical device – a CT scan machine, bringing forth all the minute details required for an intensive treatment. It was impressive to note that without taking a lot of time, the device detected the problem and the doctor was able to prescribe the appropriate treatment.
Walking into a new-age hospital today is like walking into a modern science museum. With every passing year, either we tend to hear or see a new apparatus developed to aid medical professionals to diagnose, prevent, treat and monitor medical cond itions before symptoms become harder to cure. Medical devices can consist of a simple machine right from a tongue depressor to a complex MRI machine. Although there are thousands of different types of medical devices available, of which a selected few may be appropriate for use, depending on the type of requirement, health expert available and the illness to be diagnosed in the particular area.
The medical devices can be segmented as – in-vitro diagnostics, dental equipment and supplies, ophthalmic devices, diagnostic imaging equipment, cardiovascular devices, hospital supplies, surgical equipment, orthopedic devices, patient monitoring devices, diabetes care devices, nephrology and urology devices, ENT devices, anesthesia and respiratory devices, neurology devices and wound care devices. The in-vitro diagnostics market was the largest segment of the medical devices market segmented by type of product, accounting for 12.7% share of the total market in 2019. Going forward, the hospital supplies market segment is expected to be the fastest growing segment in the medical devices market, at a CAGR of 11.1% during 2019-023.
Advancement of the Medical Device Market
Growth in the historic period resulted from a rise in the number of healthcare facilities, healthcare expenditure, technological advancements and rapid growth of the elderly population. Factors that negatively affected growth in the historic period were low healthcare awareness and low healthcare reimbursements. Going forward beyond 2020, a rapid increase in the prevalence of infectious diseases, and increasing prevalence of chronic diseases will support the market growth. Factors that could hinder the growth of the medical devices market in the future include supply chain disruptions due to the COVID-19 pandemic, increase in interest rates, data security and regulatory challenges.
The global medical devices market reached a value of nearly US$456.9 billion in 2019, having increased at a CAGR of 4.4% since 2015. The market is expected to decline mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. However, there is an unprecedented increase in the manufacturing of the ventilators that are used to treat COVID-19 patients. The market is then expected to recover and grow at a CAGR of 6.1% from 2021 and reach US$603.5 billion in 2023.
Broadening the Medical Device Market
Different types of medical devices are available keeping in mind the end user be it for use at home, hospitals, clinics and diagnostic centres. Market-trend-based strategies include focusing on the development of wearable and mobile applications, focusing on hybrid imaging technology to develop innovative imaging equipment, focusing on developing devices with low ionizing radiation, investing in developing technologically advanced medical devices, and developing portable medical devices realizing the demand from the customers and consumers.
In 2019, North America was the largest region in the global medical devices market, accounting for a 39.4% of the total share, followed by Asia-Pacific and Western Europe. Going forward, the fastest-growing regions will be Asia-Pacific and Eastern Europe, where growth will be at CAGRs of 9.7% and 9.2% respectively, followed by Middle East and Africa during 2019-2023. Major players in the market include Medtronic Plc, Johnson & Johnson, Abbott Laboratories., Becton, Dickinson and Company, Siemens Healthineers AG and others.
Amidst the unprecedented outbreak of corona virus, governments across the world are advising people to stay indoors and practice in social distancing, to reduce the spread of the pandemic. The COVID-19 pandemic has halted the economic activity in the majority of countries. The medical devices industry has impacted from the supply disruptions caused by the COVID-19 pandemic lockdowns which has also caused pricing pressures. Medical devices manufacturers are advised to focus on the production of supplies and medical devices which are used to treat COVID-19 patients to support the growth during the pandemic.
In present times, there has been a noteworthy progress in medical devices. With severe competition in the healthcare sector and high risk diseases, healthcare providers are on the look-out to provide better quality healthcare solutions at affordable prices. The need for modern and low-cost technology for medical devices has been on the rise, so that they can be used at home by unskilled workers, as well.