The number of medical devices gaining approval in the US in May 2022 saw a 21% increase when compared with April 2022, according to GlobalData’s marketed products database.
The US medical devices market was worth $169.99bn in 2021 and is expected to reach $169.71bn by 2023, according to GlobalData’s analysis.
Hospital Supplies led newly approved devices in May 2022
Looking at the device sectors, Hospital Supplies held the largest share of 30% in gaining US approval during May 2022, followed by Orthopedic Devices with 13% and Dental Devices with 12%.
As for the US medical devices market value, the Hospital Supplies market held a 14% share worth $23bn in 2021 and is expected to reach $22.97bn by 2023.
510(k) approved medical devices dominate the US market
In May 2022, the number of new medical devices entering the US market saw a 19% increase when compared with April 2022.
GlobalData’s database indicated that 510(k) approved medical devices entering the US market, accounted for 95% of new medical devices in May 2022, compared with 90% in the previous month.
PMA declined by 25% in May 2022, as against 5% in April 2022. PMA 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 May 2022
During May 2022, Class II medical devices entering the market accounted for 87% of new medical devices approved in May 2022, compared with 83% in April 2022. Class I devices decreased from 12% of new device approvals in April 2022 to 9% in May 2022.
Hospital Supplies constituted the largest group of Class II devices, accounting for 26% of devices. Cardiovascular Devices topped Class III approvals at 27%. 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 May 2022
Looking at the share of activity among medical device organisations, GlobalData’s database indicated that company-developed devices accounted for a 99% share of newly approved devices in the US during May 2022, while institute-developed marketed products held the remaining share.
In comparison, April 2022 saw a split of 99% in newly approved devices originating from private and public companies and 1% 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.