INDUSTRY REPORT
“ The proportion of older population and length of life expectancy has also increased throughout the world . This is expected to have significant impact on the healthcare system and thereby positively impact global medical device market growth . ……. Health and long-term care expenditures are expected to increase sharply . The older population is often susceptible to hearing loss ; cataracts and refractive errors ; back and neck pain and osteoarthritis ; chronic obstructive pulmonary disease ; diabetes ; depression and dementia . This is expected to boost market growth for medical devices ,” continued the analyst .
The advent of new technology in the market is also expected to increase demand for medical devices . One example is Signum Surgical , an Ireland-based MedTech startup , which has developed innovative implant technologies to promote post-surgery healing and prevent infection in colorectal patients .
Chronic diseases are also the most prevalent health conditions that involve significant expenditure globally . These include cancer ; diabetes ; hypertension ; stroke ; heart disease ; respiratory diseases ; arthritis and obesity that can lead to hospitalisation , long-term disability , reduced quality of life and even death .
“ All of these factors indicate rising demand for devices required for diagnosis , treatment , monitoring and management of the diseases ,” explained Mordor Intelligence .
Key market trends
The cardiology devices segment is expected to hold a major share of the medical device market , according to the analyst . Cardiovascular devices are used to diagnose and treat heart disease and related
The cardiology devices segment is expected to hold a major share of the medical device market
health problems . There are three basic types of cardiology devices : diagnostic and monitoring devices ; therapeutic and surgical devices . Some widely used cardiovascular devices include electrocardiogram ( ECG ); defibrillators ; pacemakers ; cardiac rhythm management devices ; catheters ; grafts ; heart valves and stents .
“ Major factors driving the growth of the cardiology devices segment are the rising global prevalence of various coronary heart diseases , such as stroke and cardiomyopathy , which cause a global burden of cardiac deaths ,” explained Mordor Intelligence .
It also pointed out that North America dominates the market and is expected to continue doing so over the forecast period .
“ The primary growth driver of the medical devices market in North America is the higher investment of yearly revenues into product innovation and the constant improvement of existing technologies . Mobile health and telemedicine have been growing in the United States , with an increasing rate of adoption . The United States in the largest market in the North American region ,” it explained .
“ The medical devices sector in the United States has a very competitive landscape , with the presence of leading medical device market players such as Abbott and Baxter International . The majority of medical device market players are small- and medium-sized companies with huge innovations and supported funding . The advent of technological advancements ( such as 3D printing , artificial intelligence and robotic surgery devices and their adoption ) are likely to further boost market growth ,” it added . The medical devices market is fragmented , competitive and consists of several major players . Many of these large companies are pursuing various strategies to maintain their market share , such as partnerships ; merger & acquisition ; joint ventures and collaboration . Other key trends shaping the medical devices industry , according to digital solutions engineer Nagarro , include :
■ Internet of Medical Things ( IoMT ): The IoMT market is predicted to rise by 28 %, to reach US $ 285.5 billion by 2029 . Medical gadgets that collect data and create alliances with IoMT systems are being driven by significant advances in new technologies such as smart sensors , smart gadgets and other lightweight communication devices . These innovations assist healthcare companies in improving patient outcomes , lowering costs and increasing efficiency .
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