Bangalore, Aug. 04, 2022 (GLOBE NEWSWIRE) — Report Summary
The rise in ageing population coupled with increasing rates of chronic diseases worldwide has increased medical expenditure and advancements in medical devices technology. This paradigm shift has numerous opportunities for medical device suppliers across the world.
Increased pricing pressure from health systems, non-acute providers, group purchasing organisations GPOs, and other market participants has particularly impacted consumables players, whose products are often seen as relatively more commoditized compared with physician-preferred items.
With the progression of AI and ML technology due to the digital transformation trend in COVID-19, there has been massive improvement in medical devices capacity to diagnose disease better and earlier, in order to provide more precise treatment.
In the emerging countries, with increasing reliable network connectivity it is expected that the IoT device will penetrate more in the medical infrastructure in coming years.
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- Diagnostic Imaging devices generate approx 25% of the global medical device market revenue worldwide
- Cardiovascular segment is one of the leading medical device segments, which is estimated to reach ~$80B by 2027 from ~$55B in 2021
- Continued integration of artificial intelligence (AI), machine learning, and connected devices continue to accelerate the demand for new technologies in the US medical devices market.
- In Asia, China is the largest and fast-growing medical device market after Japan. This period of China medical device business is now being considered as “Golden Age”
- In Europe, Diagnostics contributed to sharp growth with the support of advanced therapies and imaging.Top 5 countries including Germany, UK, France, Italy, and Spain, accounted for ~68% of the total Europe medical device market size.
Market trends and opportunities
- In Europe, over 50% of the population may suffer from some form of periodontitis and over 10% have severe disease in near future, with prevalence increasing to 70-85% of the population aged 60- 65 years of age.
- Germany is one of the largest markets for IVD devices worldwide. In response to the growing COVID-19 pandemic and shortage of enough labs to take COVID-19 tests, IVD manufacturers came up with new IVD products
- India being the second largest country by population is still dependent on imports for its medical devices needs,approximately 80% of the devices in the country are still imported.The Indian medical device market is estimated at $9.7B in 2022 growing at 15.7% CAGR till 2027
- The rising number of minimal invasive procedures assisted by robots that offer quick recovery and less pain has led to an increase in the demand in IoT connected devices
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- Medtronic is seeing signs of a supply chain recovery and is working on its pricing strategy as inflation rises
- Intuitive with a significant global market share in the robotic medical device segment, has also begun to lease machines to hospitals that may not otherwise afford the system
- In the Dental device segment, Formlabs is a leading player in 3D printing devices. Since 2016, the company has seen a 460% increase in printers sold in the dental industry
- Owens & Minor, Inc acquired Apria Inc approx. $ 1.6 billions to enhance patient service through the hospital and into the home medical device segment
- DePuy Synthes
- Medtronics Plc
- Fesenius Medical Care
- GE Healthcare
- Philips Healthcare
- Ethicon LLC
- Siemens Healthineers
- Cardinal Health
- Baxter International Inc.
- Johnson & Johnson
- Abbott Laboratories
- Abiomed Inc.
- Accuray Inc.
- Boston Scientific Corp.
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