Medical Devices Industry

  South East Asia Telehealth Industry Overview The South East Asia telehealth market size was valued at USD 194.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2021 to 2028. Increasing penetration of the internet and the constant evolution of smartphones and tablets have made accessing telehealth services more convenient and are expected to contribute to the growing demand. Users are increasingly turning aware of the importance of monitoring health and fitness to control the incidence of chronic ailments and are using their smartphones to track the same. In addition, innovators are designing technologies to deliver quality care through various web and cloud-based platforms. The emergence of the internet of things in healthcare with integrated analytics, advanced wearable devices, and strong mobile connectivity has significantly transformed the healthcare industry and has enabled efficient patient monitoring, optimizing prescriptio...

  North America Oxygen Concentrators Industry Overview The North America oxygen concentrators market size was valued at USD 1.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2021 to 2028. The ongoing COVID-19 pandemic is rapidly increasing demand for respiratory care products including concentrators. For instance, Invacare Corporation witnessed a 72.2% increase in sales of respiratory products in the fourth quarter of 2020 in North America owing to the COVID-19 pandemic. COVID-19 patients who do not require ventilator support can be treated with an oxygen concentrator. Moreover, COVID-19 patients can take oxygen therapy in the safety and comfort of their homes. The application of oxygen concentrators in the treatment of COVID-19 is a major reason for the sudden increase in demand in 2020. An increasing number of cases of COPD is a major parameter driving the growth of the market. According to the American Lung Association, 14.9 mi...

  Drug Testing Industry Overview The global drug testing market size to be valued at USD 11.7 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period. Stringent regulations by government agencies mandating alcohol and drug testing for safety purposes and increasing initiatives to monitor and combat substance abuse are anticipated to support the market growth. Also, the growing incidence of substance abuse across the globe has led to an increase in the need for its screening, which has propelled the demand for drug testing. Moreover, the COVID-19 pandemic and resulting business closings, economic downturn, and job losses have adversely affected the mental health of people and have led to higher rates of substance abuse. As per the CDC estimates, around 13.3% of Americans initiated or increased substance abuse to cope with anxiety or emotions related to COVID-19, thus, created a high demand for drug testing. However, a nati...

  Endoscopy Visualization Systems Industry Overview The global endoscopy visualization systems market size was valued at USD 21.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. Endoscopy is a minimally invasive procedure used for the examination of the internal organs in the body. Visualization systems with advanced technologies can provide superior image quality, which makes them very important in the medical field. In recent years, endoscopic procedures have emerged as a potential adjunctive tool in various medical specialties such as general surgery, gastrointestinal, urology, and others. According to the Centers for Disease Control and Prevention, around 494,000 hysterectomies are performed in the U.S. annually. Approximately 80.0% of the surgeries are done laparoscopically or robotically. Thus, shift towards minimally invasive surgeries and increasing prevalence of cancer, thereby fueling the market growth. The ri...

  Mesenchymal Stem Cells Industry Overview The global mesenchymal stem cells market size was valued at USD 2.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.6% from 2021 to 2028. An exponential rise in mesenchymal stem cell (MSC) based research and its implications in the field of regenerative medicine fuel the growth of the market. The constantly evolving landscape of stem cell therapies is also expected to propel investments in the MSC market space; large-scale operational entities are targeting small or emerging players with an operating strategy of acquisition in order to boost their market presence. The strong pipeline of mesenchymal stem cell-based products coupled with emerging applications of mesenchymal stem cells is anticipated to accelerate the market growth. As of 2019, 10 mesenchymal stem cells based products have received approval from regulatory bodies across the world. Moreover, a substantial number of companies are explor...

  Medical Device Regulatory Affairs Industry Overview The global medical device regulatory affairs market size was estimated at USD 4.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028. This growth can be attributed to rising demand for faster approval processes, a shifting regulatory landscape, and expansion in emerging fields such as therapeutics and diagnostics. Besides, the increasing complexity of medical devices and favorable government initiatives are also supporting the growth of the market for medical device regulatory affairs. Right now, every aspect of the medical industry has been dominated by the COVID-19 pandemic. While the decline in economic activity has reduced revenue streams, demand for products such as ventilators and Personal Protective Equipment (PPE) has increased, mitigating the financial impact. As a result, regulatory agencies granted exemptions and emergency use authorizations quickly. Gather m...

  Laparoscopic Power Morcellators Industry Overview The global laparoscopic power morcellators market size was valued at USD 107.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increasing prevalence of uterine fibroids among women globally, the rise in preference for minimally invasive gynecological procedures, as well as technological advancements in surgical devices are the major factors expected to drive the market. Power morcellators are less invasive devices that are utilized during procedures such as fibroid removal or hysterectomy, for cutting tissues into smaller pieces. The market for laparoscopic power morcellators has been moderately impacted by COVID-19 owing to delay or cancellation of numerous elective surgeries, including hysterectomy/myomectomy, as many hospitals closed outpatient facilities in order to limit the spread of the disease and prioritize the treatment of COVID-19 patients. This in turn ...

  Healthcare Smart Beds Industry Overview The global healthcare smart beds market size was valued at USD 411.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. Smart beds are connected to electronic medical records (EMR) or electronic health records (EHR), which offer a wide range of medical data, including personal statistics like weight, body temperature, heartbeat, blood, oxygen, and other vital signs, medication, laboratory test results, allergies, and immunization status. Equipped with relevant data pertaining to a patient’s medical history, doctors can decide the future course of action, and nursing staff can help improve patient care. With the increasing prevalence of chronic diseases and the rising number of life-saving surgeries, the frequency, as well as duration of hospital stays, have been increasing. Moreover, the outbreak of COVID-19 has generated a significant demand for smart beds in hospitals across the g...

  Disposable EEG Electrode Industry Overview The global disposable EEG electrode market size was valued at USD 695.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2021 to 2028. The demand for disposable EEG electrodes is increasing owing to technological advancements, an increasing number of HAIs cases, and the rising prevalence of neurological disorders across the globe. The increasing incidence of HAIs due to lack of sanitation and precaution is one of the leading factors contributing to the growth of the market for disposable EEG electrodes. For instance, as per the CDC, about one in 25 hospital patients contracts at least one HAI every year. The use of disposable EEG electrodes helps to lower the risk of contracting HAIs. Furthermore, they also help to prevent the transmission of bacterial and other microbial infections from entering a patient’s body. Thus, healthcare professionals prefer to use disposable products over reusabl...

  Gastroretentive Drug Delivery Systems Industry Overview The global gastroretentive drug delivery systems market size was valued at USD 11.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Pharmaceutical companies are taking initiative with changing requirements and are constantly investing in developing gastroretentive drug delivery systems (DDSs) is the factor estimated to augment market growth. The rising disease burden throughout the world and proven efficacy of gastroretentive drug delivery systems in addressing several gastric-related disorders such as gastric ulcer, and peptic ulcer are anticipated to accelerate the overall market progression. The market for gastroretentive drug delivery systems experienced a mild impact of the ongoing COVID-19 pandemic in some regions due to production restrictions during mid-2020. However, the restraining effect was negated with growing demand, online prescriptions, and e-phar...

  North America And Europe Veterinary Telehealth Industry Overview North America and Europe veterinary telehealth market size was valued at USD 63.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.0% from 2021 to 2028. The rising animal population along with the increasing expenditure on pets and initiatives by the government and private sectors are some of the key drivers of this market. According to the American Pet Products Association (APPA), in 2020, Americans spent USD 103.6 billion on pets, which was about USD 6.0 billion more than the previous year. The COVID-19 pandemic fueled the rapid adoption of veterinary telehealth solutions as pet parents and veterinarians sought contactless ways to care for animals and their health issues. Many veterinary clinics and hospitals began offering telehealth services to their customers in combination with curbside services. This trend is expected to continue even after the pandemic, as more and mo...

  Endodontic Files Industry Overview The global endodontic files market size was valued at USD 17.96 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% over the forecast period from 2021 to 2028. Factors propelling the market growth are the rise in awareness concerning dental care, growing demand for dental care in the geriatric & pediatric population, rise in dental expenditure, government initiatives, and insurance coverage. The improved reimbursement scenario, growing dental tourism, and improving infrastructure are some of the key factors likely to drive the global market in the coming years. However, in 2020, the global market experienced a severe short-term decline due to the Covid-19 pandemic. The dental practices across the world were forced to close during the lockdown. The market began to recover in the last quarter of 2020 as the dental practices were able to reopen with some restrictions and measures to avoid the spread of the ...

  Patient-controlled Analgesic Pumps Industry Overview The global patient-controlled analgesic pumps market size was valued at USD 292.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028. The rise in the geriatric population and increasing preference for surgical procedures with technological advancements that enable procedures at the office and home care settings are the major factors driving the market. The patient-controlled pumps promote better patient management and care, thus offering several advantages in comparison to the conventional modules. In addition, rising trends of home healthcare settings due to COVID19 are expected to boost the demand for patient-controlled analgesic (PCA) pumps in near future. However, due to the restricted number of surgeries during the second and third quarters of 2020, the overall COVID19 impact on the global market caused a steep decline in the respective year. The prevalence of chro...