The number of medical devices gaining approval in the US in August 2021 saw an 8% increase when compared with July 2021, according to GlobalData’s marketed products database.
The US medical devices market was worth $155.82bn in 2020 and is expected to reach $183.74bn by 2023, according to GlobalData’s analysis.
Hospital Supplies led newly approved devices in August 2021
Looking at the device sectors, Hospital Supplies held the largest share of 19% in gaining US approval during August 2021, followed by Diagnostic Imaging with 14% and Orthopedic Devices with 14%.
As for the US medical devices market value, the Hospital Supplies market held a 17% share worth $26bn in 2020 and is expected to reach $21.94bn by 2023.
510(k) approved medical devices dominate the US market
In August 2021, the number of new medical devices entering the US market saw a increase of 8% when compared with July 2021.
GlobalData’s database indicated that 510(k) approved medical devices entering the US market, accounted for 89% of new medical devices in August 2021, compared with 93% in the previous month.
CLIA inclined by 4% in August 2021, as against 0% in July 2021. CLIA have become more common during the COVID-19 pandemic, as a speedy mechanism to bring therapeutic devices to market more quickly than the usual device approval process.
Class II devices dominated the US marketing activity for new medical devices in August 2021
During August 2021, Class II medical devices entering the market accounted for 89% of new medical devices approved in August 2021, compared with 93% in July 2021. Class I devices increased from 6% of new device approvals in July 2021 to 9% in August 2021.
Diagnostic Imaging constituted the largest group of Class II devices, accounting for 15% of devices. Cardiovascular Devices topped Class III approvals at 50%. Class III devices are devices that generally pose the most risk to patients and includes implantable devices. Class I devices are of a lesser risk.
Company-developed devices lead US regulatory approvals during August 2021
Looking at the share of activity among medical device organisations, GlobalData’s database indicated that company-developed devices accounted for an 82% share of newly approved devices in the US during August 2021, while institute-developed marketed products held the remaining share.
In comparison, July 2021 saw a split of 81% in newly approved devices originating from private and public companies and 18% from institutes.
The medical devices approval data used in this article were extracted from Medical Marketed Products Database of GlobalData’s Medical Intelligence Center. Marketed Products database covers all commercialized medical devices which are intended for diagnosis, treatment, and management of diseases/conditions/symptoms directly or indirectly. Marketed products are covered from regulatory bodies like US FDA , company websites, news releases, SEC filings etc. The information is collected by following systematic research techniques and proprietary methodology.