Medical Devices

Medical Devices

The demand for medical devices among the consumers is expected to witness a significant transition in the coming years. Rising household healthcare practices is one of the key factors responsible for the growth of this industry. Further, rising lifestyle disorders has created an increasing demand for self-monitoring devices such as insulin delivery devices, glucose monitors, and nebulizers among others. This is also expected to reduce the healthcare cost of households.

The medical devices industry pose several opportunities for the U.S. based manufacturers as well as several challenges for the regulatory bodies to support U.S. export competitiveness in other markets. Despite the straining economic conditions in some of the major markets across the globe, large and small players operating in the medical devices industry in the U.S. continued to show tenacity, thereby showing an optimistic growth of the industry in the coming years. Asia Pacific and Latin America are expected to show a steady growth in the demand for medical devices in the coming years. This is majorly due to the lack of proper healthcare facilities in the regions that will give rise in the demand for medical devices in the region. Further, rising healthcare spending and rising awareness regarding health is expected to pave the way for international companies to invest in these regions for expansion opportunities. Further, lower price points compared to that of the western market would also open the doors further for the medical devices industry in these regions.

According to Insights and Reports, U.S. led the medical devices industry, with the revenue expected to cross the US$ 200 billion market by the end of the 2021, followed by Europe, and Asia Pacific. Further, the U.S. based medical device exporters will continue to benefit from international trade agreements such as TPP and NAFTA.

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