Global market demand trends for medical device

Global market demand trends for medical device

The medical device manufacturing industry produces equipment designed to diagnose and treat patients within global healthcare systems.

The aging population, driven by declining fertility rates and increasing life expectancy, represents a major demand driver for medical devices.

The global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million

older persons worldwide. The number of older persons is expected to double again by 2050 when it is projected to reach nearly a 2.1billion. In 

2030, older persons are expected to outnumber children under age 10(1.41 billion versus 1.35 billion), In 2050, projections indicate that there 

will be more older persons aged 60 or over than adolescents and youth at ages 10-24(2.1billion versus 2.0 billion). Globally the number of persons

aged 80 years or over is projected to increase more than threefold between 2017 and 2050, rising from 137 million to 425 million.

Escalating worldwide demand for medical device

Worldwide obesity has nearly tripled since 1975. In 2016, more than 1.9 billion adults 18 years older, were overweight. Of these over 650 million

were obese. 39% of adults aged 18 years and over were overweight in 2016, and 13% were obese. Most of the world's population live in countries

where overweight and obesity kill more people than underweight 38 million children under the age of 5 were overweight and obesity in BMI values 

are used to define whether an individual is considered to be underweight, healthy, overweight, or obese. The WHO  defines these categories using 

the cut-off points : an individual with a BMI between 25.0 and 30.0 is considered to be overweight: a BMI greater than 30.0 is defined as "obese".

Technological advances are revolutionizing the medical device industry, not only increasing the number of connected medical devices available to 

market but strengthening their role in healthcare. The global medical devices market in 2020 was valued at $456.9 billion, which is an increase at a 

compounded annual growth rate (CAGR) of 4.4% since 2015. Despite an expected decline of 3.2% in 2020, it is expected to rebound in 2021 with a 

6.1%CAGR and reach $603.5 billion in 2023.

The following are some major trends, meanwhile, it presenting new opportunities as well as challenges for medical device companies.