The smartphone enabled medical devices market is set to reach from US$ 4,411.1 Mn in 2017 to US$ 31,759.3 Mn by 2026 at a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2018 to 2026. Mobile devices have become an integral part of human lives. In the last decade it has been successful in transforming several aspects of clinical practice, which has eventually led to the development of medical software applications.
Veterinary surgical sutures market accounted for a market value of US$ 264.13 million in 2019 and projected to grow at a CAGR of 6.7% during the forecast period from 2021 to 2029. Increasing pet ownership in developed and developing countries is one of the major drivers assisting the growth of veterinary surgical sutures market as pet owners are more concern about pet injuries and diseases.
The global neurosurgery devices market held US$ 12,454.2 Mn in 2017 and expected to grow at compound annual growth rate (CAGR) of 8.2% during the forecast period from 2018 to 2026. The market is set to grow during the forecast period owing to influx of novel neurosurgical devices and growing inclination towards minimally invasive surgeries. Moreover, growing incidences of spinal disorders, traumatic injuries and endovascular surgeries are few of the major factors for the growth of the market.
Adhesion barriers are used for reducing internal scarring and separating the internal organs and tissues therefore avoiding organ adhesion. These products are predominantly employed in abdominal, orthopedic, reconstructive, urological and gynecological surgeries. Of the various formulations available, adhesion barriers film based products are the most widely used. As the global rate of surgical procedures is consistently increasing, the demand and uptake of adhesion barriers is also expected to rise correspondingly. Adhesion barriers are viewed as an effective tool to reduce the post-surgical complications arising from adhesion of tissues or organs, therefore reducing the risk of follow-up procedures and overall procedural cost.
The global dental amalgam market is growing significantly, was valued at US$ 358.1 Mn in 2020 and expected to reach US$ 577.8 Mn by 2029. Increasing dental filling procedures, treatment with minimally invasive procedures along with the increasing prevalence of dental infection, tooth fractures, and tooth decay drives the overall dental amalgam market growth.
The hemodialysis and peritoneal dialysis market is valued at US$ 75,662.2 Mn in 2020 and is set to grow with a compounded annual growth rate (CAGR) of 6.2% during the forecast period from 2021 to 2029. According to the latest research citing of National Kidney Foundation 10% of the global population is suffering with chronic kidney disease eventually resulting into mortality of millions of people annually due to lack of access to effective treatment. People suffering with end stage renal disorders have 2 viable options such as kidney transplantation or dialysis. Elderly population in the developed regions receive kidney dialysis as a part of access to universal healthcare.
Breast implants are used for reconstruction or cosmetic purpose. Breast augmentation, also known as breast enlargement and augmentation mammoplasty has been gaining significant popularity during the last decades for the purpose of improving the size and shape of breasts. Growing fad of augmenting asthetic appeal, and increasing purchasing power are the key factors that are drawing demand for augmentation procedures worldwide.
The global fundus camera market held US$ 521.0 Mn in 2020 and expected to grow at compound annual growth rate (CAGR) of 6.3% during the forecast period from 2021 to 2029. Fundus camera is used for determining the structural documentation of the retina, which can be photographed directly as the pupil is used as both entrance and exit for the fundus camera's illuminating and imaging light rays. Ophthalmologist use the fundus camera to determine the etiology in the disease such as diabetic retinopathy, neoplasm of the choroid, cranial nerves and retina.
The medical aesthetics market is set to reach US$ 30 billion by 2029 from above US$ 11.5 billion in 2019 promoting outstanding growth at a compounded annual growth rate (CAGR) of 9.9 % during the forecast period from 2021 to 2029.
The dental bone graft substitute and other biomaterials market is set to reach US$ 2,337.8 Mn by 2029 from US$ 969.0 Mn in 2020 highlighting impressive growth at a compounded annual growth rate (CAGR) of 10.3% during the forecast period from 2021 to 2029. As per the statistics provided by the Global Burden of Disease Study (GBD) periodontitis is considered as the sixth most prevalent disease worldwide affecting approximately 743 million people worldwide. The global prevalence rate of periodontitis is 11.2%, factors responsible for the disease etiology are chewing of tobacco & betel nuts, craving for sugar candies and poor oral hygiene.
The global market for medical devices is anticipated to increase at a CAGR of 5.5% from 2023 to 2030. An increasing number of patients are undergoing diagnostic and surgical treatments due to the increasing frequency of chronic diseases and the healthcare industry's emphasis on early detection and treatment. In developed and developing countries, the demand for medical devices, such as capital equipment and consumables, is fuelled by an increase in the number of hospitalizations and surgical and diagnostic procedures. Leading market participants are expanding their spending in R&D for the development of technologically improved equipment in order to meet the rising demand for novel devices. Over the projected period, the medical devices industry is anticipated to be bolstered by the rising investment of medical technology businesses in research and development, as well as by regulatory agencies' favorable clearance scenarios.
There are some limitations to wearable technology, including security and data privacy concerns. Despite these limitations, fitness trackers and activity monitors continue to enjoy a substantial market share due to their usability and benefits. The increased emphasis on fitness among adults worldwide and the increasing emphasis of regional and national healthcare agencies on monitoring and diagnosis have contributed significantly to the increase in demand for fitness trackers.
Although internet connectivity is essential for the transfer of patient data from remote devices to physicians, data security risks may impede the growth of the medical device market. Hence, this increases the risk of data security. The increasing use of connected devices increases the likelihood of data breaches or hackers. Almost 2,300 patients of Hammersmith Medicines Research had sensitive information including medical questionnaires, copies of their driver's licenses, passports, and national insurance numbers leaked in March 2020. On these patients, the research business was conducting trials for the COVID-19 vaccination.
Breakthroughs in medical technology have radically transformed patient care by enabling a greater emphasis on clinical outcomes. For instance, minimally invasive or non-invasive medical technology not only save recuperation time but decrease medical expenditures. The expansion of the markets for telemedicine and drug-eluting stents exemplifies the expanding trend in modern medicine to use cutting-edge technology to improve therapeutic outcomes.
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