Medical Products Market Size, Share, Growth Analysis, By Product Type(Wheelchairs {Manual Wheelchair [Folding Frame Manual Wheelchairs, Rigid Frame Manual Wheelchairs], Powered Wheelchair}, Medical Beds {Patient Beds), By Device Type(In-Vitro Diagnostics, Dental Equipment, Ophthalmic Devices, Diagnostic Equipment), By End-Use(Hospitals, Ambulatory Surgical Centers, Home Healthcare), By Application(Urology, Cardiology, Radiology, IVD), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Medical Products Market Driver

The increasing prevalence of chronic diseases will drive up demand for medical devices.

• Chronic diseases, such as diabetes, cancer, and other infectious diseases, are becoming more common as a result of sedentary lifestyles and other factors. Furthermore, various countries' healthcare agencies are concentrating on raising treatment and diagnosis rates through an increasing number of awareness programmes. The affected person requiring diagnostic procedures and tests is growing in tandem with the growing incidence and consciousness of such conditions among the general population. According to the International Diabetes Federation (IDF), an estimated 537 million people had diabetes in 2021, with that number expected to rise to 643 million by 2030 and 783 million by 2045. Similarly, the American Cancer Society estimates that 1.9 million new cancer cases will be diagnosed in 2021.
• In addition, due to the rising occurrence of vision problems and joint fractures in the elderly population, the demand for ophthalmic and orthopedic procedures is increasing. According to Osteoarthritis Action Alliance data from 2021, the prevalence rate of osteoarthritis of the knee is highest between the ages of 45 and 65, and 45% of patients with knee osteoarthritis are 65 or older. When the aforementioned factors are combined with rising per capita healthcare expenditure in developed and emerging countries, as well as improved reimbursement policies, the number of people undergoing diagnosis and treatment is on the rise. This is driving up the demand for medical devices in these countries.

The shift to homecare settings is increasing the demand for portable devices.

• The rise in the prevalence of chronic medical conditions, as well as the treatment of individuals suffering from these diseases, is putting enormous strain on various countries' healthcare systems. This has resulted in a significant increase in the world economic burden of going to treat these diseases. The overall costs of treating a person in a hospital inpatient set-up are considerably higher, and longer hospital stays have a higher economic burden. According to a 2021 article published by the American Journal of Managed Care (AJMC), there was a 19% cost reduction in home care management in a recent randomized trial comparing treated patients in a healthcare setting and treated patients in a hospital-at-home setting.
• Due to rising economic burdens and an aging population, there is a paradigm change in population preference for home healthcare services. Moreover, as key players and healthcare agencies increase their efforts to develop and launch new and easy-to-use medical devices, such as wearable and portable devices for chronic disease treatment the implementation of home healthcare services is increasing rapidly in developed countries. For instance, Shimmer Research, a global leader in wearable technology applications, will launch Verisense Pulse+, a new sensor for the Verisense platform that includes a photoplethysmogram, galvanic skin response, and an inertial measurement unit. In addition to activity and sleep levels, the device can measure clinical trial patients' heart rates, oxygen saturation, and emotional responses.

Medical Products Market Restraint

High device costs and insufficient reimbursement policies in emerging countries are limiting market growth

• Over the past decade, the sector has seen notable developments in terms of innovations being applied and the latest design improvements, among other things. Such devices, however, are costly, with a significantly greater acquisition cost and resulting maintenance expenses, resulting in overall features step cost and ownership. A few advanced devices are connected to various other components, including such chips, battery packs, sensors, and other accessories, which must be replaced regularly. According to an article published by the Academy of Managed Care Pharmacy, the average price of an insulin pen in the United States is between USD 4,800 and USD 6,800 per device. In addition, the total annual cost of this device's accessories, which also include batteries and syringes, is around USD 1550. This results in a higher ownership cost for the patient. Moreover, reimbursement for medical devices has been a barrier to the adoption of these devices in developing countries. Thus, the aforementioned factors, together with insufficient reimbursement policies, have been responsible for the relatively low adoption of medical devices in developing countries.