Worldwide Medical Device Industry to 2026 - Key Market Drivers, Challenges and the Impact of Technology Convergence

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May 24, 2021, 08:15 ET

DUBLIN, May 24, 2021 /PRNewswire/ -- The "Medical Device Market by Device Type, Function, Durability, Therapeutic Segment, Risk Classification, Manufacture Method, Delivery/Acquisition, Operational Support Model, Connectivity and Region 2021 - 2026" report has been added to ResearchAndMarkets.com's offering.

This medical device market report evaluates the market for both traditional and connected healthcare devices. Report analysis includes medical device market sizing with a wide variety of segmentation including medical device type, solution, location/usage area, medical device function, medical device durability, medical device usage by therapeutic segment, medical device risk classification, manufacture method (traditional or 3D printed), method of medical device delivery or acquisition, medical device operational support model, and medical device connectivity method.

The report covers the global leading medical device market suppliers and service providers. The report also assesses medical device market drivers, challenges, and the impact of technology convergence. The report also evaluates the issues specific to connected devices such as security and privacy.

The report has been recently updated to reflect the new normal in the wake of the COVID-19 pandemic as remote medical maintenance is in high demand as a large number of patients require monitoring and diagnostics that does not require a hospital or clinic visit.

The report provides medical device market sizing with forecasts from 2021 to 2026 as follows:

Durability: Durable and Non-durable
Risk Classification: Class I, Class II, and Class III
Manufacture Method: Traditional and 3D Printed
Operational Support Model: Online and Field-based
Connectivity Method: Bluetooth, 3G, LTE, 5G, Wi-Fi, Other Non-cellular
Device Type: Wearable, Implanted, Portable-Handheld, Stationary, Peripherals, and Other
Revenue Model: Sales (direct), Revenue Sharing, Rental, Pay-per-Procedure, Support, and Other
Region of the World: North America, Asia Pacific, Europe, Middle East, and Africa, and Latin America
Solution: Diagnostics, In-Patient Monitoring, Outpatient Monitoring, Surgical Procedures, and Medical Treatment
Location/Usage Area: Hospitals and Urgent Care Facility, Home, Physician's Office, Clinic or Routine Care Facility, and Body Wearable
Function: Critical Care Equipment (Life Support and Others), Diagnostic Equipment (In-vitro and others), Dental Equipment and Supplies, Irradiation Apparatuses, Medical Laboratory Equipment, Medical Monitoring Equipment, Organ Transplants, Surgical Instruments and Appliances, Treatment and Therapy Equipment, and Other
Non-durable Types: Diagnostic, Dialysis, Inhalation, Wound Care, Radiology, Infection Control, Infusion, Intubation and Ventilation, Personal Protection, Hypodermic, Sterilization, and Other
Delivery/Acquisition (Traditional Device): Purchased and Used by Medical Facility by Patients, Purchased and Used by Consumer, and Purchased by Healthcare Supplier and Leased by Consumer
Delivery/Acquisition (Connected Device): Total Do-it-Yourself (DIY) by End-user, Pre-integrated Communication/Control with Healthcare Company, Configurable Communication/Control with any Third-party, and Medical Device as a Service (e.g. end to end solution including security/privacy protection).
Therapeutic Segment: Anesthesia, Respiratory, Audiology, Cardiovascular, Dental, Diabetes, Ear Nose and Throat, Gastroenterology, Neurology, Nephrology, Oncology and Hematology, Ophthalmic, Orthopedic, Pediatric, Skincare (Wound Management, Plastic Surgery, etc.), Urology-Gynecology, and Other
Industry Sub-sector: Critical Care Devices, Diagnostic Equipment, Drug Delivery Systems, Dental Equipment and Supplies, Electro-medical Equipment, Implants, In-Vitro Diagnostics, Irradiation Apparatuses, Life-support Equipment, Medical Laboratory Equipment, Medical Monitors, Organ Transplant, Peripherals and Medical Supplies, Portable-handheld Devices, Surgical and Medical Instruments, Surgical Appliances and Supplies, Therapy Machines, Treatment Equipment, Wearable Monitoring and Diagnostics, and Others.

Select Report Findings:

Driven by the COVID-19 pandemic, the fastest-growing category is remote monitoring and diagnostics medical devices
One of the emerging areas is wearable medical devices that monitor temperature and other vitals as a means of predicting potential infection
The combination of DIY medical device procurement and telemedicine is an important category for suppliers as users seek greater autonomy and lower prices
The market is witnessing an evolution as a new category of multifunctional and multipurpose medical devices is emerging that incorporate fitness and healthcare

Traditionally focused on preventative care, diagnostics, and urgent care, the connected medical device market is increasingly crossing over into the general health and well-being category. This is especially the case with wearable devices used in the sports and fitness category, which may, for example, double as an apparatus for early detection, such as irregular heartbeat. This is important because an arrhythmia can be indicative of more serious problems developing.

Connected medical devices are increasingly becoming the norm with significant improvements in ICT as a whole, coupled with the evolution of microelectronics, display capabilities, and a fast-growing medical device market. By definition, a connected medical device is one that can communicate information over a distance and/or be controlled remotely as in a telemedicine scenario. Connections may be local (via WiFi, Bluetooth, or some proprietary local or personal area wireless) with long-distance communication via a gateway device (such as a router) or they may connect directly to a Wide Area Network (WAN) via cellular technologies such as LTE or 5G.

In terms of medical device market adoption, there are a few factors that inhibit usage. One of the foremost is concerns over security/privacy at both the end-user as well as the corporate level. This is especially true with connected medical devices, which may be prone to malware and hacking. In terms of security concerns, unwanted access to medical device software and operating systems could potentially render a device non-functioning and/or under the control of an unauthorized user. In terms of privacy issues, client sensitive data is generated continuously within the connected medical device market as equipment communicates device status, measurements, and patient status via wired and/or wireless connections.

Within the medical device market supply chain, there is a need for efficient device tracking in terms of both care of custody for delivery as well as usage for the traditional product and medical device as a service model respectively. This is true for a variety of reasons, but most notably because some equipment within the medical device market is very expensive and prone to damage if mishandled. In addition, medical devices in acute care situations are needed at the moment, rendering any incidence in which a device is lacking, missing, or damaged a potential cause of great harm to a patient.

Accordingly, there is a growing need within the asset tracking market for solutions to support the medical device market. This is inherently possible as part of the connected medical device market as the equipment is by definition capable of communications locally and/or via a WAN to a centralized monitoring center and/or cloud computing systems. An increasingly interconnected market, coupled with advanced solutions to protect user privacy and device security, are all factors that we see paving the way for over 25% of developed countries to utilize connected device enabled telemedicine as the primary method of healthcare service delivery by 2030.

Target Audience:

Medical Device companies including Abbott Laboratories (ABT), Cardinal Health (CAH), Johnson & Johnson (JNJ), Medtronic (MDT), Royal Philips (RYLPF), Siemens (SIEGY), and many more
Managed Healthcare organizations such as Anthem (ANTM), UnitedHealth (UNH), Cigna (CI), Humana (HUM), CVS Health (CVS), Centene (CNC), Molina Healthcare (MOH), and WellCare Health Plans (WCG)
Hospitals, Acute, and Urgent Care organizations such as Hospital plays: Community Health Systems (CYH), HCA Healthcare (HCA), Tenet Healthcare (THC), and Universal Health Services (UHS)
Telemedicine Solutions providers such as CareClix, CirrusMD, CyberMed, GlobalMed, Kareo, MDLive, MeMD, MyTelemedicine, Net Medical Xpress, SnapMD, Teladoc, Tytocare and many more

Report Benefits:

Forecasts for stand-alone and connected medical devices through 2026
Identify the leading trends and market outlook for devices by category and type
Understand the acute and systemic driving factors for adoption and usage including
Identify the relationship and importance of medical devices and cloud-based healthcare
Identify market opportunities by specific treatment area, disease, delivery method, and support

Key Topics Covered:

1.0 Executive Summary

2.0 Medical Device Market

3.0 Medical Device Market Dynamics
3.1 Medical Device Market Overview
3.2 Medical Device Market Constraints
3.2.1 Challenges of a Fast-moving Industry
3.2.2 Medical Device Regulation
3.3 Medical Device Market Drivers
3.4 Medical Device Technology Convergence
3.4.1 Connected Health Technologies
3.4.2 AI, IoT, and Data Analytics

4.0 Connected Medical Devices
4.1 Connected vs. Non-connected Medical Devices
4.2 Connected Medical Device Challenges
4.3 Connected Medical Device Opportunities
4.4 Connected Medical Device Enablers
4.5 Connected Health = Sports, Wellness, and Medical Devices

5.0 Leading Medical Device Companies
5.1 Abbott Laboratories
5.2 Abiomed Inc.
5.3 Accuray Inc.
5.4 Affectiva
5.5 Angiodynamics Inc.
5.6 Atricure Inc.
5.7 Axogen Inc.
5.8 Basehealth
5.9 Baxter International Inc.
5.10 Becton Dickinson
5.11 Biodirection
5.12 Bio Rad Laboratories Inc.
5.13 Biotelemetry Inc.
5.14 Boston Scientific Corp.
5.15 Bruker Corp
5.16 Cantel Medical Corp.
5.17 Cardiac Insight
5.18 Cardiovascular Systems Inc.
5.19 Clinipace
5.20 Conmed Corp.
5.21 Cryolife Inc.
5.22 Danaher Corp
5.23 Dexcom Inc.
5.24 Edwards Lifesciences Corp
5.25 Evena Medical
5.26 Fitbit
5.27 Glaukos Corp.
5.28 Globus Medical Inc Class A
5.29 Heska Corp.
5.30 Hill Rom Holdings Inc.
5.31 Hologic Inc.
5.32 Idexx Laboratories Inc
5.33 Inogen Inc.
5.34 Insulet Corp
5.35 Integer Holdings Corp.
5.36 Integra Lifesciences Holdings Corp
5.37 Intuitive Surgical Inc.
5.38 Irhythm Technologies Inc.
5.39 Lemaitre Vascular Inc.
5.40 Livanova Plc
5.41 Livongo
5.42 Masimo Corp.
5.43 Medtronic Plc
5.44 Memed
5.45 Natus Medical Inc.
5.46 Nevro Corp
5.47 Nuvasive Inc.
5.48 Orthofix Medical Inc.
5.49 Penumbra Inc.
5.50 Pocared Diagnostics
5.51 Qualcomm Life
5.52 Resmed Inc.
5.53 Staar Surgical
5.54 Steris
5.55 Stryker Corp
5.56 Surmodics Inc.
5.57 Tactile Systems Technology Inc
5.58 Tandem Diabetes Care Inc.
5.59 Teleflex Inc.
5.60 Thermo Fisher Scientific Inc.
5.61 Transenterix Inc.
5.62 Varex Imaging Corp.
5.63 Varian Medical Systems Inc.
5.64 Verb Surgical
5.65 Viewray Inc.
5.66 Water Corp.
5.67 Wright Medical Group Nv
5.68 Zimmer Biomet Holdings Inc.

6.0 Medical Device Market Analysis and Forecasts 2021 - 2026

7.0 Connected Medical Device Market Analysis and Forecasts 2021 - 2026

For more information about this report visit https://www.researchandmarkets.com/r/vvqcau

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