The number of medical devices gaining approval in the US in July 2021 saw a 23% increse when compared with June 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 July 2021
Looking at the device sectors, Hospital Supplies held the largest share of 20% in gaining US approval during July 2021, followed by General Surgery with 18% and Dental Devices with 11%.
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 July 2021, the number of new medical devices entering the US market saw a increase of 21% when compared with June 2021.
GlobalData’s database indicated that 510(k) approved medical devices entering the US market, accounted for 93% of new medical devices in July 2021, compared with 94% in the previous month.
EUA inclined by 62% in July 2021, as against 4% in June 2021. EUA 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 July 2021
During July 2021, Class II medical devices entering the market accounted for 93% of new medical devices approved in July 2021, compared with 91% in June 2021. Class I devices increased from 6% of new device approvals in June 2021 to 6% in July 2021.
General Surgery constituted the largest group of Class II devices, accounting for 19% of devices. Cardiovascular Devices topped Class III approvals at 33%. 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 July 2021
Looking at the share of activity among medical device organisations, GlobalData’s database indicated that company-developed devices accounted for an 81% share of newly approved devices in the US during July 2021, while institute-developed marketed products held the remaining share.
In comparison, June 2021 saw a split of 85% in newly approved devices originating from private and public companies and 14% 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.