Shifting Sands of Medical Device Markets

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Pandemic-infused demand for remote care solutions has grown dramatically in recent times, medical devices being the cornerstone in this area. With these devices instituting a paradigm shift in care delivery models, we undertook a critical assessment of Medical Device Markets and attempted to determine the key innovations.

CATEGORY: Medical Devices GEOGRAPHY: Global

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Growth Trajectory of the Global Medical Device Market

Global Medical Device Market was valued at USD 488.9 Billion in 2021 portraying a moderate growth trajectory while estimated USD 495.5 billion in the following year. The market is poised to reach USD 802.3 billion by 2030 exhibiting a CAGR of 5.5%

Global Medical Device Market Size, 2021-30 (USD Billion)

The growth of the Medical Device market is led by certain factors:

The growing prevalence of chronic conditions and growing emphasis on preventive care approaches such as early diagnosis than treating the disease
The rise in the number of inpatient admissions and surge in the number of patients undergoing surgical and diagnostic procedures fuelled the demand for medical devices
Larger investments by key industry players and a shift in focus toward innovating advanced technologies to support medical devices and equipment
Even After the pandemic hit, Global Medical Device Market bounced back led by rising concerns around self-managing health conditions and remote care due to travel barriers

Top 5 Trends to Watch in Medical Device Industry

top 5 trends in medical device industry

FDA Approvals in Medical Device Market

MedTech Approvals Over the Past Decade

medtech approvals over the past decade

FDA kept approvals of medical devices intact during the pandemic; however, as the pressure eases, it has slowed down in the current year
H1 2022 witnessed a total of 12 premarket approvals with an average approval time of 20.9 months
Cardiology devices topped the list with 4 approvals while other areas such as Anaesthesia & Respiratory, In Vitro Diagnostics, and Orthopaedics, stayed on tie with 2 PMA approvals in the same period
There were a total of 12 de novo clearances with an average approval time of 13.3 months in the same timeline

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.