Medical Device Manufacturing involves multiple phases and big investments. Many public and private sector MedTech giants are investing in the sector making the market extremely competitive. With the pandemic-driven fast-paced growth of accessible healthcare devices, Medical Device manufacturers in United States along with the rest of the world are preparing strategies to cope up with growing demand.
The US Medical Device Market is valued at 176.7 billion in 2020 and with tremendous boost in technology, market demand is expected to grow at a CAGR of 5.0% over the forecast period till 2028. The growing geriatric population and rising prevalence of the chronic disorders is the key behind massive growth in the market.
Some of the key Medical Devices that are on the top of our client’s list are discussed ahead. These devices form a backbone of the healthcare segment playing a crucial role in the day-to-day and clinical monitoring and treatment of a wide range of health conditions.
Major devices that rule the segment are:
In Vitro Diagnostic Devices
- Clinical Chemistry
- Molecular Diagnostics
- Hemostasis & Coagulation
Diagnostic Imaging Devices
- CT Scan
- Nuclear Imaging
Wound Management Devices
Respiratory Monitoring & Care Device
Trends and Future Assumptions for Medical Device Market
With globally evolving investment potential in private and public healthcare Medical Device Market is growing profusely. The in-vitro diagnostic segment, imaging devices, orthopedic devices, nephrology devices, urology devices, Monitoring devices, endoscopy devices, wearable healthcare technology devices, cardiac diagnostic tools, Diabetes monitoring devices will rule the segment.
A rapid growth in infectious diseases like coronavirus and many more is the driving force for the medical device market globally. The demand for pre, post, and after-care devices shall boost tremendously.
Case 1: To understand the changing dynamics of the Medical Device Market in context to increased infections like coronavirus.
Research revealed that many Medical Device Manufacturing companies like INKSmith in Canada switched to manufacturing face shields that were nowhere in their portfolio before the pandemic. Similarly, US-based Medical Device Manufacturing company (Massachusetts-based) Markforged and Formlabs started manufacturing nasal swabs to cater to the growing testing demand of the virus.
Conclusively, being flexible as a manufacturer helps in coping up with the unprecedented demands of the market. A robust supply chain network, willingness to invest in quality, strategic approach to the manufacturing process, and universal regulatory compliance are necessary to fulfill global medical device demands.
As a global Medical Device Contract manufacturing company targeting global markets, we continually upgrade our capabilities to flexibly cater to Medtech clients across the United States, Europe, and so on. We have automated capabilities and continually evolving processes in compliance with US FDA and ISO guidelines to serve our clients.
Johari Digital is a global Medtech company with 40+ years of expertise in medical device manufacturing. The manufacturing facility is in compliance with MDSAP, ISO 13485:2016, and FDA (21 CFR 820) standards and processes. Our stringent compliance and documentation process has helped us maintain long-term business relationships over long years. Our vision involves manufacturing accessible, affordable, and aspirational innovative medical solutions for our global clients.
1. What is the size of medical device manufacturer market in US?
The US Medical Device Manufacturing Market is valued at USD 176.7 billion in 2020 and is expected to reach USD 186.5 billion in 2021.
2. What is the growth rate of US Medical Device Market?
The US Medical Device Market is expected to grow at a compound annual growth rate of 5.0% reaching USD 262.4 billion in 2028.
3. Which shall be the most growing sector in US Medical Device Market?
The US Medical Device Market has diagnostic imaging segment as the most promising sector in the Medical Device segment. The rise in number of infectious diseases has fueled the manufacturers to focus on making accessible diagnostic technologies.
4. What are key reasons for growth in Medical Device sector in US?
Competitive technologies promoting accessible healthcare and diagnosis, rising cases of chronic diseases, favorable reimbursement policies, and improved mobile healthcare tool demand are key reasons to fuel the rise in the Medical Device Segment.