The number of new clinical trials for medical devices in October 2021 saw a 37% 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 studies
Looking at the new studies by the type of markets, Cardiovascular Devices accounted for the largest proportion (19%) in October 2021, followed by Healthcare IT (10%) and In Vitro Diagnostics (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 activity
Comparing the activity in new clinical trials for medical devices in different regions of the globe, North America held the top position with a 48% share during October 2021, followed by Europe with 29%, and Asia-Pacific with 13%.
At the country level, the US had the largest share (39%) of the global medical device clinical trials during the month. In second place was Canada with a share of 6%, followed by France with 6%.
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 53% of new trials and institute-sponsored trials account for 47%.
The 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.