INDUSTRY REPORT
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“ By end-user , the hospitals and clinics segment accounted for 88.5 % of the total revenue share in 2022 . The diagnostics centres ’ segment is growing at a CAGR of 10.3 % from 2023 to 2032 . The North American region has dominated the market with 39.9 % of the total revenue share in 2022 ,” commented the analyst .
Increasing investment in research & development ( R & D ) activity by medical technology companies for the development of new and advanced medical devices , and easy approval for those devices by the regulatory authorities , is expected to drive market growth over the coming years .
“ Due to factors including the increasing prevalence of chronic conditions , increasing healthcare expenses and the existence of major manufacturers , North America is anticipated to dominate the medical devices market over the forecast period ,” highlighted the analyst . More cardiopulmonary bypass surgeries are performed because of the rising prevalence of chronic conditions in the population , such as coronary heart and stroke disorders as well as respiratory
illnesses such as cardiovascular disorders and acute respiratory syndrome . This boosts the need for medical devices in the region .
“ Additionally , the growing geriatric population in Canada is more likely to develop chronic conditions like respiratory diseases , orthopaedic disorders and cardiopulmonary diseases , which elevates the demand for surgical procedures and diagnostic imaging ,” added the analyst .
In the market report , Asia Pacific emerged as the fastest growing region during the forecast period owing to a rising ageing population , increasing per capita income and growing health concerns . Rising investment in healthcare infrastructure in the region is anticipated to further boost the market for medical devices over the analysis period .
Over the anticipated period , cardiovascular devices are also expected by the analyst to dominate the global market for medical devices .
Market dynamics
A key driver of the global medical device market , according to the Precedence report , is the increasing adoption of 3D printing of medical devices .
“ Surgical equipment , dental restorations as well as orthopaedic and cranial implants are among the medical items created via 3D printing . Medical gadgets and implants developed using 3D printing may be more successful than those made using mass
Press brakes bend sheet metal components for medical production methods since they are made products ( image : Protolabs ). specifically for the physiology of a patient or even for a particular surgery . For instance , surgeons are already using personalised surgery and patient-specific , 3D-printed equipment and implants during knee surgery , where they have discovered that they hasten recovery and lower patient pain levels . With 3D printing , there is a significant opportunity to raise product quality in density and orthodontic procedures ,” commented the analyst .
However , increased expenditures for new product development and patient service offerings are anticipated to result from regulatory reforms . The General Data Protection Regulation , which was implemented by the European Union , as well as adjustments to the device approvals are a few of these developments connected to consumption confidentiality .
The U . S . FDA has prolonged the time period to complete the marketing authorization by 55 % during the past decade by requesting additional clinical data to back up the security and effectiveness claims of medical equipment such as endoscopic instruments .
“ Investments in novel devices are strained by the possibility of lost sales as a result of device release delays and increased expenses as a result of demanding regulatory procedures , which has an impact on the expansion of the market for medical devices ,” explained Precedence Market Research .
Image : Shutterstock . com .
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