Technological advancements in medical devices have been on a high growth trajectory as the current demand and supply dynamics offer lucrative opportunities. In every stage of the healthcare continuum, medical device companies could play a significant role. It is worth noting that the medical devices sector has played an indispensable role in boosting healthcare access. The World Health Organization asserts that there are approximately 2 million different kinds of medical devices globally. Fortune Business Insights™ states that the market for medical devices will touch USD 718.92 billion by 2029 at a CAGR of 5.5% during the forecast period.
Prominently, the high prevalence of chronic diseases could trigger the demand for healthcare devices. According to the U.S. CDC, six in ten adults have a chronic disease in the U.S. The watchdog also asserts that chronic diseases are the major drivers of the USD 4.1 trillion U.S. health care costs annually. Fortune Business Insights™ has cited the American Hospital Association (AHA), stating an estimated 33.4 million inpatient admissions in the U.S. in 2021.
Wearable Technologies are Getting Smarter about Health
Healthcare authorities are grappling with a host of options amidst the prevalence of technologically complex and increasingly advanced healthcare devices. Accordingly, developments in artificial intelligence and sensors are playing a pivotal role in managing and detecting chronic health conditions and averting illness on devices worn on a wrist.
Leading companies are producing a slew of devices that can assist patients in monitoring health markers such as ECG monitors and blood pressure cuffs. For instance, RunRepeat claimed that over 445 million wearable fitness devices were shipped to consumers in 2020. Consumers have exhibited profound traction for smartwatches to keep up with the personalization trend. Besides monitoring heart rate, several smartwatches also detect abnormalities, including atrial fibrillation.
Smartwatches During COVID-19 Pandemic
The onslaught of the COVID-19 pandemic signified the relevance of smartwatches for monitoring health. Notably, the demand for smartwatches measuring blood oxygen saturation (SpO2) became prevalent to alert people with low SpO2. Moreover, wearable medical devices have offered clinicians an innate ability to monitor the patient remotely 24/7. With hospitals expanding their “at-home care” and telehealth service pipelines, wearable technologies could be here to stay.
Wearables will continue to offer a state-of-the-art upside for patient care through telehealth and home healthcare. Innovations could also redefine the healthcare landscape with developments in AI, semiconductors, and sensors. Several smartwatches have optical sensors that measure variations in blood volume.
Cardiovascular Devices Witness Innovation
Cardiovascular devices have come to the limelight with ischemic heart disease and coronary heart disease contributing significantly to morbidity and mortality globally. Prominently, fatalities due to cardiovascular diseases have risen notably. According to the U.S. CDC, approximately 659,000 people succumb to heart disease each year in the U.S. The startling statistic shows that governments and other stakeholders could vouch for advanced yet cost-effective therapies and medical devices.
Some cardiac devices, such as Implantable Cardioverter Defibrillators (ICD), pacemakers, cardiac loop recorders, and biventricular pacemakers, have become trendier to help monitor and control irregular heartbeats with specific heart failure and rhythm disorders. Further, minimally invasive procedures have gained immense popularity in treating cardiovascular disease or CVD.
Quest for Better Serviceability—Roadmap
Major companies have sought alignment with global manufacturing footfall amidst shifting consumption patterns. Major players warrant a shorter lead-time and favorable policies & regulatory framework to streamline the supply chain. For instance, China’s FDA enables fast-track approval of domestically produced advanced and innovative medical devices. Regulatory and policy measures could redefine the medical device sector by providing incentives for manufacturing healthcare devices.
The advent of Big Data and IoT will continue to help capture new actionable insights and streamline decision-making. So much so that predictive analytics could be sought to enhance patient outcomes and boost the quality of care. For instance, the application of a digitally guided therapy for chronic respiratory diseases has become pronounced that helps patients manage their medication.
With the quest for better serviceability gaining further prominence, smart healthcare devices have become trendier in the drug dispensary field, enabling alerts and notifications. With remote patient monitoring and real-time analytics garnering immense popularity, telemedicine could shape the dynamics of the medical sector.