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February 2, 2022updated 15 Mar 2022 7:31am

The growing elder population will continue to drive the global medical device market

Home care devices, as well as wearable and remote monitoring devices, can assist elderly citizens who choose to age at home.

By GlobalData Healthcare

As life expectancy increases around the world, medical device companies must address the growing needs of the elderly population. A recent report by GlobalData, The Aging Population and Medical Devices, examined this demographic shift and its impact on the medical device market, including home care devices, assistive devices and wearable devices. Overall, devices that allow seniors to live more independently at their own place of residence are in demand.

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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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Assistive devices aid and support the elderly in improving their quality of life and regaining independence and confidence. They can compensate for a variety of different acquired disabilities and include a range of devices, from wheelchairs and hearing aids to robotics.

As the population ages, the market for assistive technology grows. For example, the value of the hearing implant market is expected to reach $3.1bn by 2030, growing at a compound annual growth rate (CAGR) of 4.4%. While the market was negatively impacted by Covid-19 in 2020, there was a surge in sales last year.

Although old age brings more acute health problems and increases reliance on healthcare systems, the preference for ageing at home has continued to increase. Home care devices, as well as wearable and remote monitoring devices, can assist with this challenge.

Wearable devices can monitor a variety of health metrics, including blood pressure, heart rate, blood oxygen levels and blood sugar. They can also detect falls and send alerts to facilitate independent living. Potential barriers for adoption by seniors include cost, access to the internet, digital literacy and disabilities such as visual and hearing impairment, which could interfere with device usage.

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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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