The pandemic had a mixed impact on the medical devices market. As a result of increasing virus mutations, there was an increase in the usage of virus-testing devices among people. These included at-home biosensor tests, pulse oximeters, patient monitors, infusion and suction pumps, and others. Further, increased demand was witnessed from healthcare centers and clinical laboratories, which included in vitro diagnostics devices for patient sampling and clinical management were increasingly used. Further, there was also rising use of infrared and digital thermometers to assess the body temperature of infected patients and people likely to develop the infection.
In addition to that, medical imaging such as x-ray scans and chest scan devices were used by hospitals to diagnose the health of infected patients and deploy treatment practices if needed. Apart from this, oxygen cylinders and concentrators were widely in use by clinics and hospitals for supplying oxygen to COVID-19 patients. However, the rising demand for oxygen cylinders created a shortage of supply due to supply chain disruption and cross-border restrictions.
Further, home-testing devices were increasingly demanded by consumers for detecting early symptoms of the virus. These include pulse oximeters available in three types – handheld, tabletop, and fingertip. However, due to the global lockdown, there was a decline in cardiovascular and orthopedic surgery among patients, which lead to a decline in demand for cardiovascular and orthopedic medical devices by hospitals.
Post-pandemic, increased government expenditure in the healthcare sector boosted the market for medical devices in the region. In addition to that, increased foreign investments, and the development of medical device parks in developing nations such as India contributed towards the growth of the medical devices market. The restraints to this market include rising financial costs owing to advancements in technology and slow technological adaption by healthcare centers.
Based on the type of device, cardiovascular medical devices hold the largest share due to rising heart diseases such as chronic pulmonary diseases. These diseases attribute to increased cholesterol, diabetes, physical inactivity, and others. These devices are most commonly used by the elderly population to reduce heart-related risks. Some of these devices include cardio wearables with sensors, heart implants, pacemakers, diagnostic physiological sensors for detecting early heart failure, and others.
The orthopedic segment is the fastest growing segment in the market owing to increasing joint and bone injuries among athletes and sports persons. Further, regenerative and knee implants are widely used by aged people to help with mobility. Further, children with musculoskeletal disorders use orthopedic devices for the healthy functioning of muscles and bones.
Based on region, North America occupies the highest share of the market. Technological advancements in the region such as the use of AI and robots in diagnostic devices, telemedicine, and IoT for analyzing future health-related risks have contributed to the growth of medical devices in the region. The USA is the fastest-growing country in the North American region.
Further, Asia Pacific is the fastest-growing region in the market. Due to the rise in the old-age population, increasing risks of diseases such as cancer, heart attacks, joint-related diseases, hearing problems, and others have increased the use of medical devices among the aged population. Additionally, the growing demand for ERS (Emergency response Systems) and sensory devices among the elderly has further increased the market growth of medical devices. These remote monitoring devices, help families with elderly people to look after them and prevent future health risks such as refractive issues, falling, and others. Moreover, government support in the form of schemes and investment in the healthcare sector has boosted the market for medical devices in the region. India is the fastest-growing country in the Asia-Pacific region.
Companies playing a leading role in the Global Medical Devices market profiled in this report are - Medtronic, Johnson & Johnson Med Tech, GE Healthcare, Philips Health Care, Cardinal Health, Siemens Healthineers, Abbott Laboratories, Becton Dickinson India Ltd, Hindustan Syringes & Medical Devices, and Lepu Medical Technology.
Respiratory Devices
Cardiovascular devices
Orthopedic Devices
Diagnostic Imaging Devices
Endoscopy devices
Ophthalmic Devices
Dental Devices
Others
Hospitals
Clinics
Others
North America
Europe
Asia Pacific
Middle East and Africa
South America
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