7 Top Trends in the Medical Devices Industry in 2024 and Beyond

physician next to a table of medical devicesMedical devices are a critical component of healthcare and include an enormous array of products used to treat, diagnose, or monitor various health conditions. The global medical devices industry has evolved rapidly over the past decade, driven by groundbreaking technological advancements, an increasing elderly population across the globe, and mounting demand from emerging market nations.

As the market changes and new technologies develop, opportunities for revenue growth continue to abound in the field of medical devices—capturing ongoing attention from investors and venture capitalists.

According to the latest market research reports, there are several key trends that are poised to shape the future of the medical device industry in significant ways.

1. Industry Consolidation

Hundreds of medical devices companies compete worldwide; however, the top 15 companies earn nearly half of the revenues in the market, according to Kalorama Information’s report The Market for Medical Devices, 12th Edition. Kalorama Information predicts the medical devices industry will become even more consolidated in the future.

“With increasing growth in the market, companies are merging to build revenue growth and present combined offerings to hospital and physician customers,” Kalorama Information explains.

The trend toward industry consolidation is echoed by Frost & Sullivan in its report Global Medical Devices Outlook 2022, which states, “From a broader industry dynamics perspective, every stakeholder in the medtech space (including other healthcare sectors) predicts increased mergers and acquisitions within the industry.”

2. Shifting Regulatory Landscape

Along with industry consolidation, another key area to watch is the ever-changing landscape of medical devices regulations. The medical devices industry is heavily regulated in most countries, and regulatory requirements have changed all over the world in the last few years.

“Quality control for medical devices includes both a pre-market stage (to obtain regulatory approval) and a post-market stage (to ensure safety and efficacy in a larger test population),” according to a recent report by GlobalData. “Proper navigation of all stages of quality control will continue to be critical to the success of a medical device. As old regulations are replaced with new ones, and devices are assessed according to new standards, certain medical devices could face barriers in maintaining or gaining market approval.”

3. Increasing Use of Robotic Surgeries

While changes in industry structure and the overall regulatory landscape are vital to understanding the medical devices industry, some of the most exciting market opportunities are arising from innovative technological advancements. One example is the increasing use of robotic surgeries, which have the potential to open up entirely new surgical possibilities, such as “the use of micro-robots to treat diseases in the brain,” as described in the report Robotics in Healthcare – Thematic Intelligence.

The global surgical robots market is projected to reach $18.4 billion by 2027 from an estimated $8.5 billion in 2022, growing at a fast compound annual growth rate (CAGR) of 16.6%, according to a recent report by MarketsandMarkets.

Minimally invasive surgeries are already on the rise due to the advantages of smaller incisions, fewer cuts, decreased scaring, reduced pain, increased safety, faster recovery periods, and significant cost savings. “Robotic minimally invasive surgery adds to these advantages by ensuring greater accuracy, repeatability, and efficiency,” MarketsandMarkets explains.

However, the adoption of surgical robotics will be restrained by high costs and concerns about surgical errors.

4. Use of Artificial Intelligence and Machine Learning

A related area of technological innovation with significant potential for growth is the use of artificial intelligence and machine learning in the medical device market.

Analysts note a surge in research activities surrounding AI-enabled solutions and new product introductions for various therapeutic applications. The number of FDA and CE marked approvals of AI-enabled devices is increasing each year, per BIS Research.

The global artificial intelligence/machine learning medical device market was an estimated $4 billion in 2022 and is anticipated to reach $35.5 billion by 2032, rising at a CAGR of 24.35% during the forecast period.

“The market is driven by factors such as the presence of a large ecosystem of companies offering AI solutions, growing demand in the field of radiology and cardiology, growing demand for wearable sensors, and large number of government initiatives,” states BIS Research.

Key market challenges include lack of transparency and concerns related to cybersecurity threats and potential bias in AI algorithms.

5. Rising Demand for Remote Patient Monitoring Devices

Another medical device market that will achieve a double-digit growth rate is the market for remote patient monitoring devices. Valued at $2.1 billion in the year 2022, the remote patient monitoring devices market is expected to reach $8.1 billion by 2030, rising at a CAGR of 18.4% from 2022 to 2030, according to estimates by Global Industry Analysts.

Remote patient monitoring devices can be a convenient and effective tool for managing chronic conditions, reducing hospital readmissions, and preventing health complications in patients who live in remote locations. The popularity of remote patient monitoring rose during the COVID-19 pandemic, when insurance coverage widened and more patients and providers adopted telehealth services out of necessity.

6. Growth of 3D Printing for Medical Devices

3D printing in medical devices is another fast-growing market that offers opportunities for innovation. “3D printing has been extensively adopted by the medical industry with applications including surgical planning, by providing a physical model of the operation area; training; and orthotics and prosthetics, among others,” according to GlobalData’s report 3D Printing in Medical Devices – Thematic Intelligence.   

Global Industry Analysts estimates the 3D printing medical devices market with a value of $1.7 billion in 2022 and expects it to reach $5.9 billion by 2030, growing at a CAGR of 17.3% over the forecast period.

7. Increasing Importance of Cybersecurity

The rise of virtual care, mobile health apps, digital monitoring, connected devices, and the cloud are helping to revolutionize patient care and potential treatment options, but all these technologies have a dark side: the threat of cyberattacks, data breaches, and hacking attempts.

Identifying and mitigating vulnerabilities is extremely complex for healthcare organizations. “Each clinic or hospital has several networks and digital complexes, including electronic health records (EHRs), electronic prescriptions and decision support systems, intelligent heating, ventilation, and air conditioning (HVAC), infusion pumps, medical Internet of things (loMT) devices, and more. All of them are vulnerable to cybercriminals,” explains MarketsandMarkets in the report Healthcare Cybersecurity Market – Global Forecast to 2028.

Medical device companies must take steps to address these concerns; at minimum, implementing strong encryption and authentication measures and regularly updating device software to address vulnerabilities.

Access More Medical Devices Market Research

To get more detailed data and analysis, explore our collection of medical devices industry research reports from leading market research firms like Kalorama Information, Frost & Sullivan, MarketsandMarkets, GlobalData, BCC Research, IBISWorld, Global Industry Analysts, BIS Research, and many others. These reports provide market data and forecasts, competitive intelligence, and strategic analysis to help corporations identify promising business opportunities, conduct due diligence, and build successful strategic plans.

About the Author: Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.

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Topics: Medical Devices Industry Insights