The Medical device industry is booming in all aspects. With technological advancement and almost every big IT giant entering into healthcare, multiple segments including In-vitro diagnostics, Wearable Medical Devices, Biosensor based devices and more are flourishing exponentially. Every day a new innovation comes up to improve accessibility and affordability of the Healthcare.
The majority of the population between the age group of 20 to 60 are actively changing the ways of healthcare. This has led to a massive change in the Medical Device Development Industry too.
As a Contract Manufacturing Partner for Medical Device Companies in 2022, we’ve analyzed most trending sectors of Medical Device Development.
In-Vitro Diagnostics Market
Initial Standing – USD 98.21 Billion in 2021
Predicted Standing – USD 113.1 Billion in 2026
CAGR – 2.9%
Factors fueling growth
- The rise in In-Vitro Diagnostic Market in Asia is linked to the alarming rate of chronic diseases
- Exponential growth in the number of individuals affected with Cancer, Diabetes, Nephrology, and Infectious Diseases
- Post Covid-19 majority population prefers preliminary treatment or diagnosis within the comfort of home
- A significant rise in demand for companion diagnostics like test kits and assays has also led to growth in the In Vitro Diagnostic Device Market
In-Demand In-Vitro Diagnostic Devices
- Cancer Diagnostics
- Blood Glucose Monitors
- Companion Diagnostics
- Devices for Blood Group detection
- Devices for genetic evaluation
Source: https://www.fortunebusinessinsights.com/industry-reports/in-vitro-diagnostics-ivd-market-101443
Point of Care Diagnostic Market
Initial Standing: 40.61 billion in 2022
Predicted Standing: 68.59 billion in 2030
CAGR: 6.8%
Factors Fueling Growth
- Post Covid-19, demand for Point of Care Diagnostics for diverse applications has doubled as people are more focused on their safety
- The breakout of chronic and infectious diseases like HIV/AIDS, RSV, and many more have also fueled the growth of Point of Care Diagnostics
- Shifting from “Post care” to “Preventive care” is another major factor for growth in POC segment
In-Demand Point of Care Devices
- Blood Analyzer device for blood disease detection
- Brain hemorrhage detection device
- Infrared Thermometer for Temperature Detection
Source: https://www.grandviewresearch.com/industry-analysis/point-of-care-poc-diagnostics-industry
Wearable Healthcare Device Market
Initial Standing – USD 27.91 Billion in 2020
Predicted Standing – USD 74.3 Billion in 2026
CAGR – 17.65%
Factors fueling the growth of the Wearable Device Market
- Massive demand for on-the-go monitoring equipment
- Increasing demand for IoT based Connected health monitoring devices with higher accessibility
- Preference for sleek and compact healthcare devices for easy handling
- The popularity of biosensor-based devices
- Rising demand for smart Watches and small pocket-sized devices for continual health monitoring
In-Demand Wearable Healthcare Devices
- Smartwatches for SpO2, Temperature and BP detection
- Sleep tracking sensor based wearable bands
- Fitness bands to track number of steps or plan daily exercise schedule
- Devices to directly share clinical reports to doctors over cloud
Source: https://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market
Cardiac Monitoring Devices
Initial Standing – USD 28.09 Billion (2021)
Final Standing – 43.33 billion (2028)
CAGR – 6.4%
Factors Fueling the Growth of Wearable Heart Monitoring Devices
- Around 1.28 billion adults suffer from hypertension all over the world, the majority belongs to low or middle-income countries requiring affordable healthcare
- Around 17.9 million population died from CVD (cardiovascular diseases) in the year 2019
- The number of heart patients has risen due to reckless urbanization & unhealthy lifestyles
- This has eventually led to a significant boom in the need for wearable heart monitoring devices offering continual heart health monitoring at ease
In-Demand Cardiac Monitoring Devices
- Patch based ECG monitoring devices
- Wearable BP and Heart Health Monitoring Devices
- Implantable Cardiac Monitoring Devices
Source: Globalnewswire
Electrotherapy Device Market
Initial Standing – USD 950 Million in 2020
Final Standing – USD 1.30 Billion by 2028
CAGR- 3.9%
Factors Fueling the Growth of Electrotherapy Devices
- Exponentially rising Aging population
- Increasing emphasis on Non-Pharmacological Solutions for pain and stress management
- Rise in population affected with Chronic and Acute pain in joints & muscles
- Mild to severe side-effects of pain medication
- Faster impact and less waiting time as compared to conventional pain medication
In-demand Electrotherapy Devices
- Neuromodulation Devices
- TENS devices
- Muscle Conditioning & Toning Devices
- CES based devices for Insomnia
Source : https://www.emergenresearch.com/industry-report/electrotherapy-market
Conclusion
The overall Medical Device Market is growing profusely. We invite budding projects in any of the Medical Device Segments mentioned above to sign up for seamless Medical Device Development & Manufacturing.