Published- Aug 2022
Number Of Pages -113
The rising emphasis on health and fitness among adults globally, coupled with the focus of national and regional healthcare agencies on diagnosis and monitoring, has contributed significantly to the increase in demand for fitness trackers.
Adding connectivity to the device allows data to be generated on patient’s condition. This will allow medical device companies to understand the exact requirements and provide solutions that deliver value to all stakeholders.
Over 90% of the top medical device companies use 3D printing to develop accurate prototypes of medical devices, as well as fixtures and jigs to simplify testing. Using 3D printing to produce surgical instruments is an accurate and cost-effective way to quickly manufacture highly-demanded medical supplies.
The digital revolution has put the medical device sector at the forefront. This change is driving massive investments in medical devices across the spectrum, whether as an accessory, software as a medical device (SaMD), or while connecting to other devices in a specific ecosystem.
The global medical devices market offers tremendous opportunity for U.S. manufacturers, as well as significant challenges, for government policymakers seeking to support U.S. export competitiveness in overseas markets. Besides the steady growth seen in the largest and more mature medical device markets that is likely to continue into the future, there are other promising markets for these products in Southeast Asia and Latin America.
Governments around the world are desperately trying to reduce the cost of healthcare – especially in the most expensive part of the system: hospitals. They want to pay less for medical devices and see proof of greater value in terms of better patient outcomes.
Technological advancements such as mHealth devices, continuous glucose monitoring systems and insulin administration systems will continue to have an impact on the growth of the medical device technologies industry.
Robotic technology, in conjunction with medical imaging modalities such as 3D/4D visualization, has recently been used in minimally invasive diagnostic and surgical procedures to give accuracy and speedy diagnosis. Advances in 3D/4D imaging have resulted in advances in computer-assisted detection (CAD) and image analysis applications.
Furthermore, during the last several years, numerous basic and sophisticated biochemical and molecular procedures have been moved to chip-based microfluidic devices. These factors are expected to have a beneficial impact on the medical device technologies market growth.
A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material or other similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.
The demand for medical devices, including capital equipment and consumables, is rising in both developed and developing nations due to the increased prevalence of inpatient admissions and the rising number of surgical and diagnostic procedures.
Medical devices are used in many diverse settings, for example, by laypersons at home, by paramedical staff and clinicians in remote clinics, by opticians and dentists and by health-care professionals in advanced medical facilities, for prevention and screening and in palliative care. Such health technologies are used to diagnose illness, to monitor treatments, to assist disabled people and to intervene and treat illnesses, both acute and chronic.
In addition to diagnosis and treatment, medical devices are also used for prevention. For example, contraceptive devices such as condoms, intrauterine devices (IUDs), and contraceptive implants are used to prevent unintended pregnancy. Medical devices are also used to prevent the spread of infection, such as surgical masks and gloves.
Rapidly Growing sedentary lifestyles and irregularity in health checkups in both developing and developed countries has led to a significant increase in the prevalence of obesity, neuro-based disorders, heart disease, diabetes, and other lifestyle-related chronic diseases.
WHO’s “Global Model Regulatory Framework for Medical Devices including in vitro diagnostic medical devices” supports Member States to develop and implement regulatory controls and regional guidelines for good manufacturing to ensure the quality, safety and efficacy of medical devices available in their countries. The Organization also works with Member States and collaborating centres to develop guidelines and tools, including norms and standards on medical devices.
The value chains of medical devices companies are rapidly changing to support the evolution toward integrated and personalized healthcare models and the adoption of innovative and complex approaches such as precision medicine. At the same time, medical devices companies will need to help healthcare organizations to lower costs and become more resilient.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of AI-Optimized medical devices, increasing acceptance of wearable medical devices, growing use of miniaturized medical devices, and growing adoption 3D-Printing in medical device
The Global Medical Devices Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Internet of Medical Things (IoMT) is modernizing healthcare
Medical gadgets that collect data and create alliances with IoMT systems are being driven by significant advancements in new technologies such as smart sensors, smart gadgets, and other lightweight communication devices. These innovations are assisting healthcare companies in improving patient outcomes, lowering costs, and increasing efficiency.
Medical device integration is enhancing healthcare at home
Medical devices (such as glucose monitors, insulin delivery systems, nebulizers, and oxygen concentrators) are increasingly being used at home to diagnose and treat medical disorders. These devices are integrated with the patient’s EMR, wearables, cell phones, and telehealth platforms to provide critical insights for enhanced clinical and operational decision-making.
Blockchain technology is revolutionizing the medical device industry
Studies show that 40% of patients are willing to share their personal information when data is collected for medical research purposes. Digital ledger technology (DLT), more popularly known as blockchain, has improved the privacy of data sharing across a large network of device users and has gained traction across the medical device value chain.
Robotics is changing the face of healthcare
Robotic surgeries have gained momentum in recent years, with multiple new device launches and approvals. According to a study published in JAMA, robot-assisted surgeries accounted for 15.1% of all general surgeries in 2018, up from 1.8% in 2012. Amidst the COVID-19 pandemic, using robots as a shielding layer helped physically isolate the healthcare worker (HCW) from the patient. This is an effective technique to combat the risk of contamination and maintain surgical volumes.
Medtronic – Micralynx Balloon Expandable Aortic Valve System: This transcatheter aortic valve implantation (TAVI) system utilizes a smaller delivery catheter and a balloon-expandable valve, potentially improving procedural feasibility for patients with complex anatomies.
Verily – Baseline Study Watch: This smartwatch collects real-world data on health metrics like sleep, heart rate, and activity levels from a large population, aiming to identify early biomarkers for cancer and other chronic diseases.
Boston Scientific – VerTez Microwave Ablation System: This minimally invasive system uses microwave energy to ablate tumors in the liver, lung, and other organs, offering a less-invasive alternative to surgery for certain patients.
Abbott – Deep Brain Stimulation (DBS) System for Parkinson’s Disease: This DBS system utilizes directional leads, which deliver targeted stimulation to specific areas of the brain, potentially improving treatment efficacy and reducing side effects for patients with Parkinson’s disease.
Medtronic – Inbrain Neuromodulation System: This system delivers targeted neurostimulation to specific brain regions associated with depression, offering a potential non-invasive treatment option for patients with treatment-resistant depression.
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