Over half of the global teenage population suffers from dental conditions such as caries, decay or misalignment. The WHO also reports dental treatment among the top five healthcare procedures. Growing awareness about oral health, increasing disposable incomes and augmented preference for dental asthetics, along with the incidence of dental diseases are driving the global endodontics and orthodontics market. Growing number of specialized dentists and orthodontists is also supporting the market growth.
The global upper limb prosthetics market is growing dynamically, Growing trauma cases (majorly road accidents), prevalence of disabilities, injuries, prevalence of bone disorders and infection drive the overall upper limb prosthetics market growth. Technological evolution in the bionic industry would also drive the overall market. The manufacturers are expanding the usage with higher technology assessment utilized for top applications worldwide such as osteoarthritis, bone injury, osteoporosis, and other post-surgery applications.
The field of orthodontics is rapidly shifting from the traditional wire retainers and braces to clear aligners created with CAD/CAM technologies. Several new products and solutions are being introduced in the market due to the growing demand from adult patients seeking orthodontic treatments. The major market players in this industry have created their mark in the industry with their novel products, first in class introductions and new business models disrupting the dentist-patient relationship by marketing the products directly to the consumers.
The catheter stabilization devices market is set to reach from US$ 1,330.0 Mn in 2021 to US$ 2,392.1 Mn by 2033 projecting stable growth at a compound annual growth rate (CAGR) of 6.5% during the forecast period. Intravascular catheters are widely employed in modern day healthcare for treatment of lifestyle disorders.
The veterinary surgical instruments market is set to reach from US$ 728.5 Mn in 2017 to US$ 1,336.9 Mn by 2026 showcasing steady growth at a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2018 to 2026. As per the latest research findings of World Organization for Animal Health (OIE), foot and mouth disease is responsible to circulate in 77% of the global livestock population. It is highly contagious disease with a 100% morbidity rate in susceptible cattle population. It has a high prevalence rate in low and middle income countries worldwide.
Surgical drills market accounted for a market value of US$ 419.9 Mn in 2017 and projected to grow at a CAGR of 4.6% during the forecast period from 2018 to 2026. During the forecast period from 2018 to 2026, battery-powered drills will maintain its significant growth due to key factors such as its user-friendly due to its metal alloy body that makes it lightweight, and lithium battery provides superior run times & increased life cycle of the device along with consistent performance.
Growing health awareness, increasing orthopedic surgeries performed worldwide, and growing indulgence in sports and athletic activities, and therefore sports injuries have resulted in higher demand for rehabilitation and feedback treatments. Higher incidence of sports injuries among the youth has registered an increase in physiotherapy and rehabilitation treatments. Some common sports injuries are plantar fasciitis, rotator cuff tear, sprains, strains and cartilage tears.
The hemodialysis vascular grafts market is set to reach from US$ 196.6 Mn in 2017 to US$ 285.2 Mn by 2026 representing balanced growth at a compounded annual growth rate (CAGR) of 4.3% during the forecast period from 2018 to 2026. Atrial fibrillation is the most common type of cardiac arrhythmia diagnosed globally. According to the research findings brought forward by World Health Organization (WHO), the number of end stage renal disease patients worldwide receiving dialysis will be approximately 5.24 million by 2033.
Intracranial stents market accounted for a market value of US$ 293.7 Mn in 2017 and projected to grow at a CAGR of 9.9% during the forecast period from 2018 to 2026. Rising prevalence and awareness related to intracranial cerebral atherosclerosis is identified as one of the key factors responsible for growth of intracranial stents market. Highest reported incidence of intracranial cerebral atherosclerosis was found in the Asian, Hispanic, and African descent population; around 8 to 10% of all ischemic strokes are result of intracranial cerebral atherosclerosis.
The leadless cardiac pacemakers market is set to reach from US$ 47.1 Mn in 2017 to US$ 269.8 Mn by 2026 representing outstanding growth at a compounded annual growth rate (CAGR) of 21.9% during the forecast period from 2018 to 2026. Atrial fibrillation is the most common type of cardiac arrhythmia diagnosed globally. As per the latest research citings of Global Burden of Disease (GBD) report the global prevalence rate of atrial fibrillation is 191.3 per 100,000 people.
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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