The number of new pipeline medical devices at the early development or pre-clinical stage in Q3 2022 saw a 9% drop globally when compared with Q2 2022, according to GlobalData’s Pipeline Products database.
Compared with Q2 2022, the number of new medical devices in the pipeline in Q3 2022 saw a 12% increase globally.
The global medical devices market was worth $540.69bn in 2021 and is expected to reach $523.13bn by 2023, according to GlobalData’s analysis.
Medical devices pipeline products by market: In Vitro Diagnostics has the most devices
Looking at the newly announced pipeline products by market types, In Vitro Diagnostics accounted for the largest proportion (28%) in Q3 2022, followed by Healthcare IT (24%) and Cardiovascular Devices (13%).
As for the global medical devices market value, the In Vitro Diagnostics market held a 10% share, worth $84.27bn in 2021 and is expected to reach $42.93bn by 2023.
North America tops new pipeline products activity
Comparing new pipeline medical device activity in different regions of the globe, North America held the top position (40%) in Q3 2022, followed by Asia-Pacific(34%), and Europe (17%).
At the country level, the US had the most newly announced medical device pipeline products during the quarter, representing the largest share (39%) of the global market. In second place was China (24%), followed by Japan (3%).
New pipeline medical devices: Expected to be approved by 2025
According to GlobalData, in Q3 2022, approximately 31% of newly announced pipeline medical devices are expected to receive regulatory approval by the end of 2025. The leading category for devices expected to receive regulatory approval by the end of 2025 are Oncology, at 3.1% of devices.
Looking at the share of activity among the new pipeline products, developers, private and public company-developed pipeline products accounted for an 82% share of the global medical devices market, while institute-developed pipeline products held the remaining share.
The quarterly average for Q3 2022 saw company-developed new pipeline products accounting for 82% of new pipeline products and institute-developed pipeline products accounting for 18%.
The medical devices pipeline data used in this article were extracted from Medical Pipeline Products Database of GlobalData’s Medical Intelligence Center. Pipeline Products database covers all medical devices which are in development stage and intended for diagnosis, treatment, and management of diseases/conditions/symptoms directly or indirectly. Pipeline products are covered from various authenticated sources like company websites, SEC filings, conference presentations, analyst presentations, news releases, grants etc. The information is collected by following systematic research techniques and proprietary methodology.