INDUSTRY REPORT
The advent of new technology in the market is also expected to increase demand for medical devices
A typical operating theatre .
INDUSTRY REPORT
“ The medical devices market is fragmented and competitive . It was estimated to be worth US $ 532.62 billion in 2021 .”
AN EYE ON ACCURACY
Growth patterns , trends and forecasts affecting global medical device markets for sheet metal manufacturers come under the spotlight .
A
medical device is any type of instrument ; apparatus ; appliance ; machine ; implant , or any other related / similar article used for diagnosing , treatment monitoring , prevention or alleviation of disease . The medical devices market is segmented by the type of device ( respiratory , cardiology , orthopaedic , diagnostic , endoscopy , ophthalmology and other devices ).
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 .
According to analyst Mordor Intelligence , the medical devices market was estimated to be worth US $ 532.62 billion in 2021 and is expected to witness a CAGR of around 5.5 % over the forecast period to reach US $ 734.39 billion in the year 2027 .
The COVID-19 pandemic is expected to have a mixed impact on the market . The supply chain disruption it is causing has led to shortages of critical medical devices across the globe . Many countries have taken definitive measures to ease the shortages by importing equipment and by domestic manufacture of medical devices .
Factors affecting market growth
“ Instances of counterfeiting and price gouging of imported medical equipment are expected to hamper market growth . Some medical devices experienced a sudden surge in demand ( for example , ventilators are in high demand for COVID-19 patients ). The factors driving market growth include the rising prevalence of chronic diseases and related increases in disability-adjusted life years , technological advancements in medical devices and a consistent increase in the ageing population ,” explained Mordor Intelligence .
26 | sheetmetalplus . com | ISMR March 2022