The number of new clinical trials for medical devices in July 2021 saw a 19% decrease globally when compared with the last 12-month average, according to GlobalData’s medical devices clinical trials database.The global medical devices market was worth $479.03bn in 2020 and is expected to reach $531.77bn by 2023, according to GlobalData’s analysis.
Medical devices clinical trials by market: Cardiovascular Devices has the most studiesLooking at the new studies by the type of markets, Cardiovascular Devices accounted for the largest proportion (14%) in July 2021, followed by Healthcare IT (13%) and Neurology Devices (10%).As for the global medical devices market value, the Cardiovascular Devices market held an 8% share, worth $39bn in 2020 and is expected to reach $57.09bn by 2023.
North America leads new clinical trials activityComparing the activity in new clinical trials for medical devices in different regions of the globe, North America held the top position with a 50% share during July 2021, followed by Europe with 28%, and Asia-Pacific with 14%. At the country level, the US had the largest share (44%) of the global medical device clinical trials during the month. In second place was France with a share of 9%, followed by Germany with 5%.
Looking at the share of activity in terms of new clinical trials sponsorship, company-sponsored trials accounted for a 57% share of the global medical devices market, while institute-sponsored trials held the remaining share.The monthly average for the last 12 months saw company-sponsored new trials account for 52% and institute-sponsored trials account for 48%.
MethodologyThe clinical trials data used for the analysis were extracted from the medical Clinical Trials Database of GlobalData’s Medical Intelligence Center. Medical device clinical trials database covers all clinical trials conducted on medical devices, combination devices, diagnostics, and diagnostic imaging agents covering 16 markets (as per medical device taxonomy). GlobalData tracks clinical trials from six key registries: NCT, UMIN, ACTRN, ChiCTR, EudraCT, and ISRCT. It also monitors universities, company websites, press releases, investor presentations and annual reports to track medical device clinical trials. Industry refers to commercial entities such as private and public companies and their subsidiaries. Non-Industry refers to non-profit making entities including hospitals, universities, government research institutions and non-government research institutions. The information is collected by following systematic research techniques and proprietary methodology.