Trends and Future Prospects for the Global Medical Devices Market
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Medical devices are any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material, or other similar or related article intended for a medical purpose, alone or in combination. The Global Medical Devices Market Size is expected to Grow from USD 510.5 Billion in 2023 to USD 920.5 Billion by 2033, at a CAGR of 6.07% during the forecast period 2023-2033. The creation of innovative medical devices that meet the needs of both patients and healthcare professionals holds the key to the future of healthcare. The healthcare sector will see further advancements in patient care and treatment results as a result of increasing technologies. The development in the medical devices sector including the development of precision medicine, integration of digitalization and connected devices, and development of sustainable devices are offering lucrative market opportunities for innovation in medical devices.
Marketing Excellence: Strategies of Medical Devices
In July 2022, CathWorks and Medtronic cooperated, demonstrating their dedication to improving the detection and treatment of coronary artery disease. The demand for point-of-care testing is accelerating as healthcare providers and consumers look for better ways to get fast, accurate, and actionable information to guide decision-making. Abbott and Alere Inc. announced a definitive agreement for Abbott to acquire Alere, significantly advancing Abbott's global diagnostics presence and leadership. In a move to expand its Enterprise Services business, Siemens Healthineers AG, through Siemens Medical Solutions USA, Inc., has signed an agreement to acquire a majority stake in ECG Management Consultants, a leading U.S. healthcare advisory firm.
Environmental Commitment and Innovations
Stryker’s Sustainability Solutions provides hospitals with the opportunity to contribute to the restoration of national forests. They are expanding globally through a partnership with Veritree. Johnson and Johnson has long championed sustainability – it even added its responsibility of “protecting the environment and natural resources”. Initiatives taken by J&J are recycling single-use medical devices, addressing digital health waste, and expanding the safe returns program. Kaiser Permanente developed and implemented a set of Environmentally Preferable Purchasing (EPP) principles, which comprise a holistic set of environmental criteria aligned with the commitment to promote cleaner energy, safer chemicals, resource conservation, and waste reduction.
Insights and Projections: Global Medical Devices Market Analysis
The report provides a summary of the global top trends and future prospects for the global medical devices market based on historical data sets (current trends, industry statistics, and emerging trends shaping the medical devices industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global medical devices trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Medical Devices Industry
- Prevalence of Chronic Diseases
Modified lifestyle behaviors including smoking, unhealthy diet, and sedentary lifestyle are considered risk factors for the development of chronic diseases like cardiovascular diseases, cancer, and diabetes. The World Health Organization (WHO) estimated that chronic diseases accounted for 49% of the global disease burden and 61% of all deaths. The global burden of disease is predicted to reach 56% by 2030, with 70% of all fatalities worldwide attributed to chronic illnesses. This has led to a growing patient pool requiring diagnosis and surgical procedures like orthopedic, cardiac, neurological, etc. which are resulting in driving the market demand. A rise in the geriatric population surges the need for ophthalmic and orthopedic procedures due to the growing incidence of impaired vision and joint fractures in this age group which are responsible for driving the market growth.
- Technological development of innovative devices
Accurate diagnoses, effective treatments, and personalized care through the integration of advanced algorithms and patient data analysis in medical devices which results in the digitalization of healthcare. For instance, personalized medicine, implantable devices, smart medical devices, and non-invasive surgery are offering better patient care with reduced costs. The rising R&D investments for developing innovative devices (tech advanced equipment) with favorable scenarios for approval of devices are expected to drive the market growth. In addition, a preference towards home healthcare, and a demand for home-based monitoring equipment.
Opportunities and Future Prospects in the Medical Devices Industry
- Trend of wearable electronic devices
In March 2022, ValuePenguin performed a survey that revealed that 45% of Americans wear fitness trackers. Furthermore, 69% of Americans feel at ease donning these gadgets if their health insurance premiums are reduced. The growth of smart technology, increased awareness about portable devices and growing demand for wearable electronics and wireless medical equipment are the several factors driving the market opportunities for medical devices. There is ongoing research and development of technologically improved medical devices including surgical and imaging equipment as well as wearable devices that are used for improving diagnosis and treatment of diseases.
The development of precision medicine involves the development of new medical products that suit the specific needs of the patients as per their requirements. The integration of digitalization and connected medical devices that assist healthcare professionals and the growing environmental concerns led to the development of sustainable devices that less damage the environment.
List of Key Companies in the Medical Devices Industry
Medtronics
Johnson & Johnson Services, Inc.
Koninklijke Philips N.V.
GE Healthcare
Siemens Healthineers AG
Stryker
Abbott
BD
Cardinal Health
Others
Top Players in the Medical Devices Industry
1. Johnson & Johnson Services, Inc.
Headquarter: New Brunswick, New Jersey, US.
Johnson & Johnson Medical provides solutions to doctors, patients, and nurses, offering an extensive range of high-technology medical and surgical equipment, devices, and services. The business is organized into franchises to focus on target customers and better service. The FDA clearance of the TELIGEN System by the firm demonstrates their commitment to provide innovative surgical solutions, demonstrated by their projected revenue of USD 30 billion in 2023.
2.Koninklijke Philips N.V.
Headquarter: Amsterdam, Netherlands
Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring, and health informatics, as well as in consumer health and home care.
3.GE Healthcare
Headquarter: Chicago, Illinois, United States
GE Healthcare is a leader in precision care, infusing innovation with patient-focused technologies to enable better care. Dedicated to providing integrated solutions that make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier. Elekta and GE Healthcare have signed a global commercial collaboration agreement in the field of radiation oncology, enabling them to provide hospitals with a comprehensive offering across imaging and treatment for cancer patients requiring radiation therapy.
Recent Developments
- In April 2024, Medical device giant Johnson & Johnson (J&J) launched two new products in Europe, the Middle East and Africa – the Ethizia haemostatic sealing patch, and the Cereglide aspiration catheter.
- In January 2024, GE HealthCare announced it has entered into an agreement to acquire MIM Software, a global provider of medical imaging analysis and artificial intelligence (AI) solutions for the practice of radiation oncology, molecular radiotherapy, diagnostic imaging, and urology at imaging centers, hospitals, specialty clinics, and research organizations worldwide.
- In January 2024, Medtronic plc, a global leader in healthcare technology, announced the U.S. Food and Drug Administration (FDA) approval of its Percept RC Deep Brain Stimulation (DBS) system.
- In January 2024, BD (Becton, Dickinson and Company), US-based medical technology company, and Techcyte, a world leader in artificial intelligence (AI)-based digital diagnostics, announced a strategic collaboration agreement to offer an AI-based algorithm that guides cytologists and pathologists to efficiently and effectively identify evidence of cervical cancer and precancer using whole-slide imaging.
- In November 2023, Siemens Healthineers introduced the Acuson Maple1, a powerful, versatile, and affordable ultrasound system that enables rapid diagnosis and assessment in all clinical settings. Artificial intelligence (AI)-powered features optimize everyday clinical performance for users of all skill levels.
- In November 2023, Johnson & Johnson Services Inc. received regulatory approval in China for its MONARCH Platform, which is the first minimally invasive, robot-assisted technology for bronchoscopy.
- In March 2023, NVIDIA announced that it is collaborating with Medtronic, the world’s largest healthcare technology provider, to accelerate the development of AI in the healthcare system and bring new AI-based solutions into patient care.
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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