As per the report “Global Medical Devices Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027″ published by Astute Analytica, the market generated the revenue of US$ 412.4 billion in 2020 and is expected to grow at a CAGR of 6.3% over the forecast period 2021-2027 in terms of value. Factors such as increasing incidence of chronic diseases and rising demand for minimally invasive treatment among others are supporting the estimated revenue generation of US$ 625.3 Bn by 2027.
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Chronic diseases are one of the most common and expensive health problems in the United States. Nearly half of all Americans have at least one chronic disease and the number is rising. Cancer, diabetes, hypertension, stroke, heart disease, respiratory disorders, arthritis, obesity, and oral diseases are all chronic diseases that can lead to hospitalization and long-term impairment, leading to an upsurge in medical device market.
Emergence of new and hassle-free home monitoring medical devices and increasing geriatric population are the other factors that are driving the market. Various countries around the world have a population that is primarily made up of the elderly. The ageing population necessitates long-term care, requiring the development of new medical devices for healthcare. According to the World Health Organization, the number of individuals aged 60 and more was around 900 million in 2015, and it is expected to reach nearly 2.0 billion in 2050, with the majority of the rise occurring in developing nations. Between 2015 and 2050, the share of the population aged 60 and up will double, from 12% to 22%. 80% of the world’s elderly will reside in low- and middle-income nations by 2050.
However, the high cost of medical devices and reimbursement issues associated with medical device seems to obstruct the market growth. In many countries, reimbursement rates are determined by pre-determined formulae that are applied to processes or types of devices rather than by the technology or features of the individual manufacturer. This hinders businesses from investing in innovative technologies that can help them save money and improve their results in the long run. The reimbursement procedure for medical equipment is one of the most complicated and opaque processes that stifles medical device innovation. Many people from various countries are involved in the process and contact with manufacturers. Reimbursement choices are frequently ambiguous, time-consuming, and opaque. Manufacturers in various nations confront considerable problems in this area.
Technological Advancements in Medical Devices generates profitable opportunity in the market
The emergence of 3D printing in the healthcare business seems to have had a tremendous impact on the medical device industry. It uses a variety of technologies to quickly build complicated structures, resulting in a surge in advanced medical device manufacture. This is crucial for orthopaedic implant applications because it enables for the development of long-lasting, high-quality, and optimal-fit implants with increased performance and flexibility.
As new technologies, such as artificial intelligence (AI) are integrated to aid in enhanced diagnosis, the market is expected to grow. AI also helps healthcare workers to monitor patients remotely via sensors and automate therapy delivery using mobile apps. Significant advancements in new technologies such as smart sensors, smart gadgets, and other lightweight communication devices are driving medical equipment that create data into care pathways, forging alliances with IoMT systems. These advancements in biological signal monitoring and disease identification without the use of humans are helping healthcare companies improve patient outcomes, reduce costs, and increase efficiency. Physicians and medical …….