Market Trends of Medical Devices Industry
Cardiology Devices Segment is Expected to Hold a Major Share in the Medical Device Market Over the Forecast Period
The cardiology segment is expected to witness significant growth in the medical devices market over the forecast period due to the rising prevalence of cardiovascular diseases, strategic initiatives by key market players, and technological advancement in cardiology devices.
The rising incidences and prevalence of obesity, diabetes, hypertension, and high cholesterol are also contributing to the demand for cardiological medical devices, as patients suffering from these diseases are likely to develop cardiac complications in their lifetime.
Cardiovascular devices are used for the diagnosis of heart diseases and the treatment of related health problems. The devices used in cardiology are classified into three categories: surgical, therapeutic, and diagnostic. Some widely used cardiovascular devices are electrocardiograms (ECG), defibrillators, pacemakers, cardiac rhythm management devices, catheters, grafts, heart valves, and stents.
The growing number of people suffering from cardiovascular diseases is the key factor driving the demand for medical devices. For instance, as per the 2022 data published by the Centers for Disease Control and Prevention (CDC), around half of the adults (approximately 127 million individuals) have one or more cardiovascular diseases in the United States. Additionally, in September 2022, an article published in the BMC Public Health mentioned that, by 2035, more than 130 million adults in the United States will have some heart disease, which may lead to a total cost of USD 1.1 trillion.
Growth in company activities and increasing technological advancements (such as artificial intelligence in cardiac wearable devices) have led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. This factor is expected to boost the segment's growth over the forecast period. For instance, in July 2023, Abbott received approval from the US Food and Drug Administration for the dual chamber leadless pacemaker AVEIR dual chamber (DR), which is used to treat abnormal or slow heart rhythms in individuals. In April 2022, Translumina launched its dual drug polymer-free coated stent, VIVO ISAR, in Europe.
Therefore, owing to the growing burden of cardiovascular disorders and new product launches by market players, the segment is expected to grow over the forecast period.
North America is Expected to Continue to Grow During the Forecast Period
North America is expected to make a major contribution to the medical devices market over the forecast period due to the growing burden of chronic diseases, high healthcare expenditures, and the presence of key players.
In addition, the increasing geriatric population will likely boost the market's growth over the forecast period. For instance, according to the 2022 statistics published by the United Nations Population Fund, in Canada, a large proportion of the population was estimated to be aged between 15 and 64 years, accounting for 65% of the total population in the current year. In addition, as per the same source, 19% of the population in Canada was estimated to be aged 65 years and above in 2022. Thus, the rising geriatric population is more prone to developing chronic diseases such as cardiopulmonary diseases, respiratory diseases, and orthopedic disorders, which increase the demand for diagnostic imaging and surgical pr o cedures. This factor, in turn, is anticipated to fuel the growth of medical devices, thereby propelling the market's growth over the forecast period.
The rising prevalence of chronic diseases, such as cardiovascular diseases, coronary heart diseases, and stroke, along with rising respiratory diseases, such as acute respiratory syndrome, among the population leads to increased cardiopulmonary bypass procedures, resulting in an increasing demand for medical devices. For instance, in October 2023, an article published in the Journal of Cardiac Failure reported that the prevalence rate of heart failure is about 1.9-2.6% among adults in the United States and is higher among the older population. Additionally, the same resource reported that the prevalence rate is expected to reach 8.5% among individuals aged 65-70. Thus, the high burden of cases of heart failure in the country is expected to increase the demand for medical devices for better diagnosis and treatment, which is further expected to boost the market's growth over the forecast period.
Similarly, a research study published in Frontiers in Public Health in May 2023 revealed that various factors led to an increased prevalence of diabetes among US adults, such as genetic domain, demographic domain, obesity, and biological and psychosocial factors associated with diabetes. Thus, biological factors such as systolic blood pressure, serum cholesterol, and the use of antihypertensive medications are associated with diabetes, which is expected to increase the demand for medical devices for remote monitoring and diabetes management solutions, thereby boosting market growth.
The growing focus of companies on developing advanced products and adopting various business strategies, such as collaborations and acquisitions to retain their market position, also contributes to the market's growth. For instance, in November 2022, PENTAX Medical introduced a new performance endoscopic ultrasound (EUS) system in Canada, a combination of the ARIETTA 65 PX ultrasound scanner and J10 Series Ultrasound Gastroscopes. It will provide better imaging and allow clinicians to manage high case volumes efficiently. Additionally, in March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, released Sylvee. This AI-powered wearable lung monitor employs acoustic resonance to assess lung function and identify lung volume variations. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19.
Therefore, the market is expected to grow over the forecast period due to the increasing geriatric population, rising burden of chronic diseases, and product launches.
