Top 5 Emerging Markets in Medical Devices Industry in Q4 2024
High emphasis on healthcare around the world in the wake of surging incidence of chronic diseases is expected to continue driving up the sales of medical devices in the future. As digitization of the healthcare industry picks up pace, the need for more advanced medical devices is expected to increase as well. Establishing a strong base in the last quarter of 2024 is essential for companies looking to start off on the right foot in 2025. This is why companies in the medical devices industry should focus on these emerging markets to boost their revenue generation potential.
1. Medical Device Contract Manufacturing Market:
Rising popularity of outsourcing in the healthcare industry vertically and growing demand for novel medical devices are projected to primarily drive medical device contract manufacturing market growth. Use of advanced manufacturing technologies and practices such as 3D printing and automation are slated to create new opportunities for medical device contract manufacturing companies in the long run. Demand for medical device contract manufacturing is estimated to rise at an impressive 11.4% CAGR from 2024 to 2031.
2. 3D Printing Medical Devices Market:
Surging demand for personalized healthcare solutions and medical devices coupled with increased adoption of 3D printing technology are slated to help the 3D printing medical devices market expand at a stellar 17.1% CAGR from 2024 to 2031. Adoption of biofabrication techniques is estimated to be a key trend for companies operating in this market as the demand for functional living tissue printing gains traction. Laser Beam Melting technology is estimated to bring in the most revenue for 3D printing medical device providers.
3. Urology Devices Market:
The global urology devices industry is estimated to amass a valuation of USD 61.62 billion in 2031. Rapidly increasing senescent population around the world and rising prevalence of various urology disorders are expected to boost the sales of urology devices in the future. Developing urology devices that are in accordance with the minimally invasive surgery trend is expected to pay off big time for almost all urology device suppliers over the coming years.
4. Enteral Feeding Devices Market:
High incidence of chronic diseases and an expanding geriatric population around the world are driving up the sales of enteral feeding devices. Investing in the research and development of enteral feeding devices for home healthcare use and applications is expected to be a major trend for all market players across the study period and beyond. Sales of enteral feeding devices are estimated to increase at a modest 6.1% CAGR from 2024 to 2031.
5. Orthopedic Implants Market:
Increasing incidence of orthopedic injuries, technological advancements in implants, and rising aging population are some key factors that drive sales of orthopedic implants. The surge in demand for joint replacement surgery and rising popularity of custom orthopedic implants are key opportunities for market players in the long run. Global orthopedic implant sales are forecasted to rake in a revenue valuation of USD 32.92 billion in 2031.
These are some of the most lucrative medical device markets that companies can target to get the most out of the last quarter of 2024. Targeting developing countries is estimated to emerge as a major opportunity for almost any company focusing on these markets. Expanding senescent population is expected to be a key underlying trend to support the sales of almost all kinds of medical devices in the future. Advancements in medical technologies are also expected to play a pivotal role in generating new business scope for all medical device companies across the forecast period and beyond.
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