Three Key Areas of Growth in the Medical Device Market

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The medical device industry is constantly evolving as changes in technology and the needs of patients drive the next generation of products that come to market. For companies operating in the space, it’s essential to understand the growing trends that could potentially affect your business. Here are three growth areas poised to impact the medical device industry in 2019 and beyond.

  1. Electronics Integrations. The mechanical devices that physicians and patients have relied on for decades are being upgraded with electronic integration and sensor technology designed to improve accuracy, performance, and ease-of-use. Whether it’s a newly redesigned hand-held surgical device that supplies and monitors balloon pressure or a digitized inhaler that provides analysis of patterns of use, analog products are being transformed into electronic solutions thanks to new battery technology, better design, advances in software development, and creative hardware manufacturing. These newly digitized devices can enable better patient outcomes and adherence than their analog counterparts, and as a result, drive down costs within the healthcare system. [1]
  2. Geriatrics. In 2017, there were roughly 650 million people on Earth aged 65 or over, but by 2025, that number is expected to jump to 810 million. All around the world, people are living longer, pushing up the average population life expectancy in numerous countries. Prone to chronic illnesses such as cardiovascular, neurological, orthopedic, and respiratory diseases, an increased need for medical devices designed to provide treatment and care for seniors has led to an emergence of technologies that meet the demands of this ever-growing sector. As such, researchers forecast the global medical devices market to post a compound annual growth rate (CAGR) of over 5% between 2018-2022. [2]
  3. Explosive Growth in Neurology. The rise of an aging population is just one reason why experts predict the neurology device market to boom with a CAGR of 8.41% between 2019-2024. The soaring prevalence of neurological disorders, more significant investments, and robust neurotherapy R&D are also elements seen as propelling market growth. Clinicians and device manufacturers are searching for better ways to treat neurological disorders including aneurysms, brain tumors, epilepsy, Parkinson's disease, and stroke, among others. Greater healthcare spending and private investment, particularly in the Asia-Pacific region, are fueling the explosion in the neurology market segment with investors seeing the profit-potential in providing solutions to neurological ailments. [3]

The medical device market is set to experience vigorous growth in the coming years, presenting attractive opportunities for enterprises doing business within the industry. For companies seeking an experienced partner, we’re here to help. Sunrise Labs is a leader in delivering solutions and deep product development expertise to the medical device, life science instrumentation, and connected health markets. View our portfolio to learn about the products we helped bring to patients and consumers.