Medical Devices Market Trends- The Coronavirus Pandemic Has Resulted In The Expansion Of Medical Technologies
In the wake of the coronavirus pandemic, medical technologies such as wearables are becoming commonplace. The need to diagnose, treat and monitor patients without human contact has risen, to contain the spread of COVID-19, resulting in increased applications of medical technologies which will enable medical professionals to remotely treat their patients. Some such technologies are the applications of artificial intelligence (AI) in the care of people, wearable medical equipment, remote patient monitoring devices, electronic health records (EHR), etc. These medical technological solutions allow for contactless monitoring of patients, either in their homes or in hospitals, which is essential in containing COVID-19. For example, by maintaining the EHRs of a patient, doctors and patients alike are excused from handling traditional paperwork which is passed through many individuals involved in the treatment, and can easily view the data on their own devices.
The global medical devices market size reached a value of nearly $456.9 billion in 2019. The market is expected to decline to $442.5 billion in 2020 at a rate of -3.2%. The decline is mainly due to lockdowns imposed by the governments across the world that hindered the supply chain in the medical devices manufacturing industry. On the other hand, the unprecedented increase in the manufacturing of ventilators that are used to treat COVID-19 patients contributed to the medical devices market growth. The market is then expected to recover and grow at an annual rate of 6.1% from 2021 and reach $603.5 billion in 2023.
Going forward, the rising prevalence of chronic diseases such as diabetes and cancer is expected to be a major driver of the medical devices market. According to the United Nations, the proportion of total global deaths due to chronic diseases is expected to increase to 70% and the global burden of chronic diseases is expected to reach about 60% by 2030. Extended working hours, limited physical activity, and unhealthy food habits are the major causes of chronic diseases such as diabetes and cancer. The high prevalence of chronic diseases also increases the vulnerability to other contagious infections such as coronavirus infection, which severely attacks the patient’s lungs. This will further increase the demand for medical devices used in diagnosis, prognosis and treatment of a number of diseases, thus driving the medical devices market.
Use of medical devices for home-based diagnosis and treatment of medical conditions is increasing. Technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have enabled diagnosis and monitoring of many diseases at home. Remote control technology is also allowing healthcare professionals to support home-based treatments which is leading to increased preference for home and self-care treatment.