Medical Devices Market size was valued at USD 455.50 Billion in 2022 and is poised to grow from USD 481.92 Billion in 2023 to USD 756.59 Billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
The medical devices market is facing major transformations in the recent past owing to expanded use of AI-enabled medical devices, rising use of miniature devices, and essentially the rise of IoMT (Internet of Medical Things). Healthcare physicians are increasingly using advanced tools that not only help improve patient health quality but also allow them to treat their patients remarkably faster than earlier. Moreover, remote care technologies, growing use of AI in healthcare, and growing need to deliver improved care are some of the key factors influencing the growth of medical devices market.
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IoMT or Internet of Medical Things creates a line between doctors and patients and allows the transferring of medical information through a secure system, reducing the need for doctor visits, hospital stays, and pressure on hospital infrastructure. Some of the examples of IoMT include identifying patient admission to hospitals, and remote observation of patients with chronic or long-term disease. Moreover, the rise of wearable medical devices is another trend witnessed in the market that helps interact with or transfer patient information to caregivers. Surgeons, physicians, and radiologists can today simplify access to patients with the introduction of 5G technology in the industry. 5G streamlines real-time data transfer, which is important for precise and quick diagnosis. Hence, the potential for remote monitoring of patients has substantially expanded due to the 5G networks.
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Increased Dispersion of Immersive Technologies in Healthcare to Pave the Way for Enhanced Quality Care
The medical devices market is increasingly undergoing replacement of traditional surgery techniques with modern medical robots. Today medical robots are adopted for improved targeting of diseased areas and better patient safety. For instance, robots in medicine can competently perform functions like less blood loss, smaller incisions, faster recovery, and more. Conversely, doctors also enjoy better dexterity and ergonomics as compared to conventional laparoscopy. Also, clinics and hospitals are actively installing disinfecting robots that help healthcare professionals to emphasize patient commitment. Moreover, the rise of immersive technologies has always benefittedthe healthcare industry and mainly medical devices domain. Newbies in the market are actively leveraging AR, VR, and XR in the manufacturing of medical devices for enhanced designs. Such technologies also deliver optimal quality care while considering engagement and rehabilitation.
In December 2023, Medtronic signed a contract with Cosmo Intelligent Medical Devices with an aim on artificial intelligence-based technologies for endoscopy and healthcare. The contract comprises GI Genius, a computer-enabled polyp detection solution, and AI Access, a platform mainly for 3rd party AI uses.
In February 2023, Abbott acquired Cardiovascular Systems Incorporation, a top provider of atherectomy devices, a less-invasive plaque build-up in arteries treatment. The said acquisition will add fresh, corresponding tools to Abbott’s leading offerings of vascular devices.
In February 2024, Danaher Corporation introduced a strategic partnership with Cincinnati Children’s Hospital Medical Center. Danaher did this with a focus on enhancing patient safety by solving the leading failure reason in clinical experiments.
In January 2022, (JJMDC) Johnson & Johnson Medical Devices Companies declared its collaboration with Microsoft to expand and enable JJMDC’s compliant and secure digital surgery network.
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Constant Innovations in Medical Device and Medical Technologies to Deliver Best Patient Outcomes
The medical devices and medical technology industries are the two leading domains witnessing remarkable changes and growth. These are the top innovative areas and hold unique potential to transform healthcare and enhance patient care. Despite this optimistic landscape, the regulatory environment remains a consideration. To address this, medical device players should work in partnership with industry professionals for assurance that their products comply with all the important standards and are installed in effective and safest ways.
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