Medical Devices Market Trends

Medical Devices Market Drivers

Increase in prevalence of chronic disease

• The increase in prevalence of chronic disease and surge in need for early diagnosis drive the growth of the market. According to Center for Disease control and prevention, it was reported that around 60% of American have at least one chronic disease, and nearly 40% have two or more chronic disease.
• Globally, approximately one in three of all adults suffer from multiple chronic conditions (MCCs). This surges the need for medical devices and propel the growth of the market.

Advancement in Technology

• The adoption of innovative technology and increase in research and development activities around medical devices propel the growth of the market.
  Digital twin technology is revolutionizing medical device manufacturing by creating precise digital replicas of physical devices using real-time data and simulations. This integration enables manufacturers to optimize design, enhance production efficiency, and predict maintenance needs, significantly reducing quality defects and costs. As a result, it accelerates innovation and improves device reliability and performance. Thus, the adoption is driving smarter, faster, and more cost-effective manufacturing processes, ultimately boosting the medical device market’s growth and competitiveness globally.

Medical Devices Market Restraints

High cost of medical Device

• The high cost of medical device act as a major restrain for the growth of the market. Medical equipment costs are influenced by various factors such as technology, materials and design. A standard MRI machine cost around USD 1 million to USD 3 million. Beyond the cost, hospitals also consider installation, maintenance, and operational expenses.
• For medical device manufacturer, the cost of submitting a PMA application is around 4 times to 10 times higher than the cost of submitting a 510 (k) notification. According to SkyQuest analysis around 7% year-on-year increase in medical cost trends for the Group market and a 6.5% rise for the Individual market in 2025.