The global medical devices market consists of sales of medical devices or equipment and related services by entities (organizations, sole traders, and partnerships) that manufacture medical equipment or devices that are used in the diagnosis, treatment, and monitoring of medical conditions. The medical device market includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, dental devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies, and other medical devices.

Market Growth

However, a data security threat may hamper the market growth for medical devices as an internet connection is required for transferring patient’s data from remote devices to the physician. Hence, this increases the threat to data security. The rising trend for connected devices makes them attractive and thus increases the risk for data breaches or hacks. For instance, in March 2020, critical patient data, including medical questionnaires, copies of driving licences, passports, and national insurance numbers, were leaked for over 2,300 patients of Hammersmith Medicines Research.

The research firm was carrying out trials for the COVID-19 vaccine on these patients. Growth in the medical devices market during the historic period resulted from growth in the number of healthcare facilities, rapid growth in elderly population, economic growth in emerging markets, rapid technological advances, and increased healthcare expenditure. The market was restrained by low healthcare awareness and low healthcare reimbursements. Going forward, the increasing prevalence of chronic diseases, sudden emergence of severe infections will drive growth in the medical devices market. Factors that could hinder the growth of the market in the future include challenges due to regulatory changes, data security issues, and the COVID-19 pandemic.

COVID-19 Analysis

The COVID-19 (coronavirus) outbreak is disrupting supply chains all around the world, with the most aggravating effect on the medical device market. The COVID-19 pandemic has impacted the production scenario globally and changed the business environment for numerous organisations across the world. Most companies have extended their production capacity to meet the increasing demand for essential supplies of COVID-19, which has severely impacted the overall medical devices market around the world and directly influenced hospital capacities and the ability for patients to seek care for a number of diseases. According to the World Health Organization (WHO), during COVID-19, over 28.5 million elective surgeries across the world were cancelled, while 40% of global cancer surgeries were postponed. The coronavirus pandemic caused an unprecedented growth in the demand for medical products. The supply chain for COVID-19-relevant medical devices, such as personal protective equipment (PPE), ventilators, testing supplies, and other equipment, was unprepared to satisfy higher demand.