Medical Design Briefs - August 2021 - 4

FROM
THE EDITOR
COVID-19 Pandemic Helps Push
Growth of Medical Device Market
The global market for medical device
technologies should grow from
$605.7 billion in 2020 to $796.9 billion
by 2025 with a compound annual growth
rate (CAGR) of 5.6 percent for the period
of 2020-2025, according to a report
from BCC Research. Drug-delivery
devices, in particular, should grow from
$239 billion in 2020 to $302 billion by
2025 with a CAGR of 4.8 percent for the
period of 2020-2025. The report attributes
the global market's growth to the
increasing prevalence of chronic diseases,
the rise in the world's geriatric
population, growing demand for minimally
invasive procedures, the rise
COVID-19 cases during the pandemic,
and an increasing number of product
launches.
The report points to the fact that governments
are looking at medical device
technology companies in efforts to make
healthcare more affordable. " Some governments
in Western Europe encourage
older adults to stay in their homes for
longer periods in order to trim budgets.
There is considerable pressure on medical
device technology firms to ensure
compliance with varying regulatory standards.
Governments of various regions
have framed rules and regulations in
order to ensure that these companies
meet safety and efficacy criteria for their
devices, " BCC analysts note in the report.
It also highlights expected growth in
the developing countries of the AsiaPacific
region due to the growing number
of medical procedures being covered
by insurance companies, increased government
spending on healthcare, growing
geriatric populations, rising awareness
among people concerning healthcare,
and a rise in disposable income.
" India and China are lucrative markets,
with populations of over one billion
each and favorable economic growth
rates despite the recent global downturn, "
the analysts explain. " Companies
have not completely exploited these markets,
facing problems with distribution,
competition from low-cost products
manufactured locally, and an inability to
introduce products that meet patient
needs in these countries. "
And, of course, the rapid spread of
COVID-19 during 2020 had a great
impact as the medical device industry
shifted into high gear to rapidly produce
tests and ventilators needed in nearly
every region of the world.
" The virus created unprecedented challenges
for the medical device industry.
COVID-19 put the medical device industry
at center stage with the phenomenal
demand for personal protective equipment
(PPE), diagnostic tests, ventilators,
and other critical medical supplies, " the
report notes. Medical device leaders
looked " outside the normal sector boundaries
in order to explore creative solutions
to further supplement capacity, such as
partnerships with companies outside the
sector, open-source equipment design, and
deployment of medically trained employees
to support public-health needs. "
Sherrie Trigg
Editor and Director of Medical Content
For a copy of the report, go to
www.bccresearch.com
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Medical Design Briefs - August 2021

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