Medical Device Market Snapshot: Opportunities for 2021 & Beyond
The response to COVID-19 has served as an ongoing lesson that is driving significant changes in the healthcare system. As with global manufacturing, the pandemic brought economic disruption to the Medtech industry. Along with the disruptive challenges, the 2020 crisis has also created explosive opportunities for medical technology innovation.
The Shift in Patient Care
As examined in a 2020 mid-year survey, Medtech leaders note that advancements in technology are both key priorities and top challenges. As non-urgent care was a crippling economic factor, a rising "demand for rapid and accurate tests and an adequate supply of personal protective equipment" partially reduced the industry's losses. To meet the challenges, there are integral factors that medical device companies should consider; "digital well-being, virtual care, remote monitoring," and technological investments for efficiency and effectiveness outside of practitioner's offices.
Reducing Risk & Building Sustainability
Supply chain disruptions and a lack of attainable goods created a significant roadblock for many industries during the pandemic. Medical device supply chains took a particularly significant blow due to their complex, global, and multi-tiered nature. Understanding vulnerabilities and planning for all potential disturbances will be a necessity going forward. It's time to revisit "supply chain planning and collaboration" to reduce the risks of future supply chain dislocations.
Pressure is Driving Growth in the Medical Device Industry
Single-use assemblies, drug delivery and fluid management, in-vitro diagnostics, and stick-to-skin devices are all on center stage. New technological advancements are being seen in every segment of the medical device market as the pace of innovation accelerates and speed to market is constantly challenged. Along with the increasing demands for treating chronic disease, the value-based healthcare system necessitates cost-saving and positive outcome solutions.
1. Single-Use Assemblies
In the single-use assemblies market, encompassing "bag assemblies, filtration assemblies, bottle assemblies, mixing system assemblies", among other products, the forecast is for an estimated increase up to "USD 1,825 million in 2024 from USD 805 million in 2019."
Single-Use Assemblies Opportunities Revolve Around Sterile Solutions
Single-use systems, "primarily of plastic components," are rapidly gaining attention to replace stainless steel equipment. "Medical device makers are seeing growth in single-use instruments and disposable medical devices, including process containers, tubing, connectors, baskets, and valves."
2. Drug Delivery & Fluid Management
Again, energized with the emergence of COVID-19 and the increasing momentum of chronic diseases, the biologics market, technological advancements, and new product launches are the main driving factors in this medical device segment. The forecasted growth in pharmaceutical drug delivery technology is looking to reach "USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020."
Drug Delivery Opportunities are About Efficient Process
With biologics being on center stage, there is a concerning problem with delivery staff and needle sticks. While that opens opportunities for better injectable solutions, there is also an opportunity in biosimilars.
Nanotechnology is promising exciting possibilities of transforming drug delivery. Already in development, nanoparticles are being employed "to deliver drugs, heat, light or other substances to specific types of cells (such as cancer cells)." There are vast amounts of opportunities to tackle the "Major Challenges in Nanotechnology."
A significant part of value-based care is the patient outcome. Collaboration must take place to establish the "increasing role in patient outcome and future trends."
3. In-Vitro Diagnostics
COVID-19 certainly accelerated immediate testing results, and the in-vitro diagnostics (IVD) market is expediting these types of tests. With a forecasted increase "to reach USD 96.0 billion by 2025 from USD 84.5 billion in 2020, at a CAGR of 2.6%."
In-Vitro Diagnostics Opportunities are Requiring Efficient Conveniences
Convenience and efficiency are driving the IVD market to assist with value-based healthcare. While physicians realize the efficiencies of IVD instruments/devices, patients welcome at-home testing while mitigating the need for medical facility visits.
The ability to test, diagnose, and treat a patient as quickly as possible puts clinicians and healthcare facilities on the ultimate path towards value-based care compliance. Point of care testing (POCT) is now "anticipated to rise at a considerable rate during the forecast period, between 2020 and 2026."
4. Stick to Skin Adhesives
For the medical adhesives segment, growth is projecting to go "from USD 7.6 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 6.8%." With decades of research, opportunities continue to look upwards for improved patient solutions.
Medical Adhesives Opportunities Revolve Around Safety and Sustainability
With decades of research and development, the opportunities in medical adhesives are within safety and sustainability "with innovation closely linked to healthcare quality, environmental sustainability, cost controls, and better workplace and product safety."
As we continue to merge onto the value-based healthcare platform, MedTech innovation must have evidence to improve patient outcomes and provide cost savings to patients, healthcare institutions, and insurance companies.