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March 4, 2020updated 15 Mar 2022 7:31am

Medical Device Predictions 2020: Top themes revealed

Companies who invest in the right themes become success stories; those who miss the big themes end up as failures. GlobalData identifies the top 10 themes that will impact the medical device sector in 2019.

By GlobalData Thematic Research

Companies who invest in the right themes become success stories; those who miss the big themes end up as failures. GlobalData identifies the top 10 themes that will impact the medical device sector in 2019.

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Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
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Listed below are the top medical device themes for 2019, as identified by GlobalData.

China Impact

With the growing aging population, an increase of chronic conditions and increasing penetration of medical devices. The growing coverage by Chinese health insurance funds, and increased purchasing power by an expanding middle class forecasts China’s medical device market as growing steadily with a CAGR of 7.8% in 2020.

Cloud computing

GlobalData predicts that acceptance and incorporation of cloud computing in the medical devices industry will grow in 2020. This growth is fuelled by the demand for connectivity, wearable medical devices, and interest in the collection, management and analysis of large quantities of health data.

Genomics

The direct-to-consumer genetic testing market is growing rapidly. An MIT technology review published in February 2019 estimated that “as many people purchased consumer DNA tests in 2018 as in all previous years combined”. GlobalData predicts the market to continue to grow in 2020.

India Impact

A rise in healthcare spending by both governments and individuals in India has been spurred by growing consumer health consciousness. Allied to this, there is an increasing prevalence of diabetes and heart diseases, plus a growing aging population. Therefore, with increasing technological advancements, the demand for wearable gadgets and vital signs monitors will increase in 2020.

Mobile health apps

Mobile app usage in general is already embedded in our ever-increasingly connected society, and usage will continue to expand in 2020.

Nanotechnology in medicine

While a promising area of research, very few nanomedicines exist that successfully utilise nanotechnology. This is due to ill-defined parameters associated with pairing the correct ratio or combination of nanoparticles with the drug of interest. GlobalData expects that this will hamper growth of the market for nanotechnology in medicine.

Regenerative medicine

Therapeutic products will continue to focus on single-gene rare disease cures throughout 2020. Expensive therapy product adoption will increase as payers and manufacturers create new payment methods and frameworks. CAR-T therapies will continue to dominate the cell therapy space throughout 2020. Therapeutic product development will continue to focus on repairing specific tissues. Regulatory agencies in North America and Europe will continue to crack down on unproven stem cell therapies.

Regulation in healthcare

The new Medical Device Regulation (MDR) in Europe will lead to delays in products being brought to market throughout 2020, as companies struggle to meet new requirements.

Remote patient monitoring

People suffering from chronic and possibly life threatening diseases such as diabetes or heart disease are prime choices for remote patient monitoring (RPM) technologies. As the world’s population continues to age, the prevalence of these chronic diseases will continue to increase, resulting in a greater demand for remote patient monitoring.

Robotic

AI technologies are integral to the development of smart industrial robots, which are capable of anticipating and adapting to certain situations based on the interpretation of data derived from an array of sensors.

This is an edited extract from the Medical Device Predictions 2020 – Thematic Research report produced by GlobalData Thematic Research.

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Free Report
img

Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
Enter your details here to receive your free Report.

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