US MEDICAL DEVICE MARKET
INTRODUCTION
A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material, or another similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.
Medical devices are used to diagnose, prevent, mitigate, treat, or cure disease or other conditions, and, unlike a pharmaceutical or biologic, achieve its purpose by physical, structural, or mechanical action but not through chemical or metabolic action within or on the body.
People are able to live longer, healthier, more productive, and independent lives because of advanced medical technology and diagnostics. The United States continues to be at the forefront of medical innovation thanks to the research and development that went into creating these cutting-edge technology.
The U.S. accounts for more than 40% of the global medtech market, making it the largest medical device market in the world. The United States consistently outperforms imports of medical technology. The fundamental regulatory and policy decisions made by America set the stage for upcoming advancements.
To guarantee a bright future for patients and healthcare providers access to earlier and more accurate diagnoses, life-improving medications, and continuing innovation for the next breakthrough cures, a strong FDA, adequate Medicare reimbursement, among other regulations, must be in place.
US MEDICAL DEVICE MARKET SIZE AND FORECAST
US medical device market is expected to gain market growth in the forecast period of 2020 to 2027. It is analyzed that the market is growing with a CAGR ofXX.X% in the forecast period of 2020 to 2027 and is expected to reach USD XXXX million by 2027.
RECENT DEVELOPMENTS IN US MEDICAL DEVICE MARKET
| Sl No | Company | Year | Development |
| 1. | Johnson &johnson | Feb 2022 | Johnson & Johnson Developed The Detect Screening Tool For Healthcare Specialists Who Treat Patients With Connective Tissue Disorders Like Ssc And Who Are Familiar With Pah As A Complication Of Ssc |
| 2. | Johnson &johnson | Feb 2022 | Johnson & Johnson collaborated with several companies on the technology, including a partnership with med-tech firm US2.ai on US2.v1, a tool to automate the analysis of echocardiograms |
| 3. | Abott | Feb 2022 | Abbott’s Cardiomem Hf System Received Fda Approval To Support Patients Battling Earlier-Stage Heart Failure |
| 4. | Abott | Mar 2022 | Abbott’s Freestyle Libre Is the First And Only Cgm System which gained Expanded Reimbursement In Japan To Include All People With Diabetes Who Use Insulin |
The U.S. is the largest medical device market in the world, comprising over 41.6% of the global MedTech market. The US medical industry is the base of more than 970 medical manufacturers which is very robust and hosts some of the largest medical device companies in the world
California is a medical device manufacturing hotbed with the presence of big companies e.g. Medtronic, Edwards Lifesciences, institution surgical, Varian medical system. With the increase in AI and ML in the medical device industry, FDA Publishes Approved List of AI/ML-enabled Medical Devices.
US MEDICAL DEVICE MARKET RECENT ACQUISITION
Vesper Medical Inc., a US-based medical technology firm that creates minimally invasive peripheral vascular devices, was acquired by Royal Philips, a world leader in health technology. Vesper Medical will add an advanced venous stent portfolio for the treatment of deep venous illness to Philips’ lineup of diagnostic and therapeutic devices.
In order to provide the visualisation and guidance necessary for the best diagnosis and treatment, Philips already has a leading peripheral vascular portfolio that includes peripheral atherectomy devices to remove blockages, peripheral therapy devices like the Stellarex drug-coated balloon to treat lesions, and the Tack implantable dissection repair device to restore blood flow.
Philips offers clinicians a comprehensive procedural solution for the management of peripheral artery disease with this portfolio (PAD). Vesper Medical will introduce a venous stenting solution to complement Philips’ robust IVUS venous imaging service in order to address the underlying cause of persistent deep venous illness (DVD).
Deep venous blockage is treated using the Vesper DUO Venous Stent System®, which consists of venous stents.
The deep venous system was specifically designed to address the various anatomical challenges it faces, and it offers doctors a modular portfolio to personalise therapy, restore venous flow, and treat the excruciating symptoms of deep venous disease for the wide range of patients who suffer from chronic venous insufficiency.
Apria, a provider of home healthcare equipment, has agreed to be acquired by American healthcare logistics company Owens & Minor. According to the firm, the acquisition is still subject to the usual closing requirements, such as shareholder approval, Hart-Scott-Rodino Act compliance, and other regulatory approvals.
The acquisition of Apria, which will enhance the overall value of the company’s proposition, excites Owens & Minor. Additionally, by increasing the company’s position in the market for higher-growth home healthcare, this purchase diversifies the company’s overall revenue stream.
Both businesses have similar cultures that are fueled by a dedication to their clients, patients, coworkers, and the communities they serve.
RECENT PARTNERSHIP IN US MEDICAL DEVICE MARKET
The Johnson & Johnson Medical Devices Companies (JJMDC) recently announced that it will work with Microsoft to enhance and enable its secure and legal environment for digital surgery. The Microsoft Cloud will assist JJMDC in realising its goal of fostering innovation that increases surgical decision-making, advances workflow, and advances skills for a better overall customer experience and better patient and financial outcomes.
The ecosystem in which JJMDC’s cutting-edge medical technology is found comprises cutting-edge robotics, top-notch instruments, cutting-edge imaging and visualisation, data and analytics, artificial intelligence, machine learning, and digital solutions.
It is crucial to establish strong connectivity with, and between, all components of the ecosystem with a seamless, interconnected network that meets surgeons where they are in their workflow and patients where they are in their healthcare journey in order to unleash the potential of these assets and make a clinical difference for patients.
As they develop a best-in-class, unified platform across cutting-edge surgical technologies, working with Microsoft will assist advance the digital approach. It combines our combined experience and is an exciting first step toward building a linked patient journey throughout the whole care continuum, before, during, and after a surgery.
As part of the strategic agreement, Microsoft will assist JJMDC in developing its digital surgery platform and internet of things (IoT) device connection as well as serve as the company’s chosen cloud provider for digital surgery solutions.
The firms anticipate working together to create innovation across the following areas by leveraging the capabilities of the Microsoft Cloud, which includes Azure, artificial intelligence (AI), machine learning, Microsoft 365, and Dynamics 365: Enhancing JJMDC device connection, insights, and intelligence utilising Azure IoT and Edge Computing technologies.
Innovating to improve patient outcomes through artificial intelligence, machine learning, and data insights. Using Azure capabilities and services, accelerate digital innovation and transformation across the JJMDC digital surgery ecosystem.
RECENT INNOVATION IN US MEDICAL DEVICE MARKET
Hugo robotic surgery system from Medtronic : Hugo is designed to compete with Intuitive Surgical’s da Vinci robots. The surgeon can operate up to four independent robotic arms simultaneously from one console during the procedure by utilizing a variety of modular devices and 3D imaging technology.
Through corporate technology, Hugo can also record video of the whole procedure, which can then be shared with medical teams for additional training. Medtronic introduced this capability to the system last year when it acquired Digital Surgery.
Velys robot for knee surgery, Johnson & Johnson. The Velys robotic-assisted platform is described by DePuy Synthes as a ground-breaking, table-mounted solution with an effective design that can fit into any operating room. The business claimed that it fits a surgeon’s workflow, provides familiar control, and aids in making precise bone incisions.
Along with precise, reliable plan execution, Velys’ technology also provides gap balance data for visualization and joint stability predictions, enabling the Attune complete knee system.
OrthoPediatrics: A potential alternative to pediatric spinal fusion surgery. When ApiFix received a Humanitarian Device Exemption for their self-named scoliosis therapy device, OrthoPediatrics was collaborating with it. The metal implant is intended to straighten children’s and teenagers’ spines as a possible alternative to spinal fusion surgery, which restricts spinal flexibility, as well as braces, which can be hot and painful.
A modern endobronchial ultrasonography (EBUS) bronchoscope from Olympus. Olympus is promoting the upcoming release of two surgical instruments.
The BF-UC190F is the next-generation endobronchial ultrasound (EBUS) bronchoscope from Olympus, and it is made to offer improved access and control for staging and diagnosing lesions and lymph nodes that are challenging to reach. In order to maximize sample collection, the ViziShot 2 EBUS-TBNA needle can be directly seen when it enters the lymph node thanks to the BF-real-time UC190F’s ultrasound imaging.
Bronchoscope with a single use, by Boston Scientific. The Exalt Model B single-use bronchoscope is expected to be released by Boston Scientific. It follows a general industry trend away from reusable scopes, which can be tricky to clean and risk contaminating patients.
Nevro: Neurostim is used to treat excruciating diabetic neuropathy. Recently, Nevro praised the outcomes of a study using its Senza device to treat excruciating diabetic neuropathy (PDN). The Senza spinal cord stimulation (SCS) system would be the first SCS device with a specific on-label indication for treating PDN to receive FDA approval. For other types of chronic pain, Senza is already approved.
TOP PLAYERS IN US MEDICAL DEVICE MARKET
- Johnson & Johnson
- Abbott
- Medtronic
- Baxter
- Danaher
- General Electric
- 3M Company
- Stryker
THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS
- What is the average transaction price of the US Medical Device Market right now and how will it change in the next 5-6 years?
- Market share of US Medical Device vendors right now and their upcoming products
- The cost advantage for OEMs who manufacture US Medical Device in-house
- 5 key predictions for the next 5 years in US Medical Device Market right now, latest trends in every market segment
- The market size (both volume and value) of the US Medical Device Market in 2022-2027 and every year between
- Production breakup of US Medical Device Market by suppliers and their OEM relationship
- What is happening overall in the US Medical Device Market right now?
- Who are the major players in the US Medical Device Market?
- What are the business opportunities in the US Medical Device Market right now and What is the target group?
- What are the plans for the market in the next US Medical Device Market in five years?
- What are the Threats in the US Medical Device Market in the next five years?
