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.
Listed below are the top medical device themes for 2019, as identified by GlobalData.
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.
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.
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.
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.
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.
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.