INDUSTRY REPORT
A typical operating theatre .
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We analyse growth patterns in global medical device markets for sheet metal manufacturers .
PRECISION FACTOR
“ The global market for medical device technologies is reported to grow from US $ 605.7 billion in 2020 to US $ 796.9 billion by 2025 , with a compound annual growth rate ( CAGR ) of 5.6 %.”
The medical device manufacturing
industry is changing considerably , embracing smarter , more connected technologies . It is under constant pressure to control costs without sacrificing research development , timelines or safety . In recent years , emerging technology , process innovations and an ageing population have contributed to explosive growth in the demand for medical devices . According to analyst BCC , the global market for medical device technologies should grow from US $ 605.7 billion in 2020 to US $ 796.9 billion by 2025 , with a compound annual growth rate ( CAGR ) of 5.6 % for the period 2020-2025 .
This analysis takes into account COVID-19 updates .
Medical devices are durable and disposable in nature . They can be used for a wide variety of conditions for surgical procedures , home health care , clinical settings or in the medical office setting . The medical device industry itself covers implants , instruments and equipment intended for therapeutics , monitoring and diagnostics . These include reconstructive devices such as hip and knee replacements , as well as implantable monitors for cardiac and diabetic care .
A medical device refers to an apparatus , instrument , appliance or machine for prevention , diagnosis , treatment , monitoring or alleviation of disease . These devices offer numerous advantages to patients by helping medical service providers in the diagnosis and treatment of patients as well as assisting patients to improve their quality of life . They can be further segmented into cardiovascular ; orthopaedic ; diagnostic imaging ; MIS ; IVD ; diabetes care ; wound management ; dental ; nephrology ; ophthalmic and others .
The analyst pointed out the rising trend for medical wearable devices , which is also anticipated to drive the demand for medical devices over the next few years
26 | sheetmetalplus . com | ISMR March 2021