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Deviceology - Emerging Markets Access

The global Medical Devices market is a growing sector, expected to exceed $600 billion by 2025. This growth is propelled by technological innovation, an aging global populace, and escalating healthcare expenditures. However, the market dynamics differ substantially across continents, influenced by regulatory landscapes, healthcare infrastructure, and economic stability.

Asia is an emerging market for medical device innovation and adoption, with the market expected to grow at a CAGR of around 10% between 2020 and 2025. Countries like China and India are at the forefront, driven by a burgeoning middle class and government initiatives to improve healthcare infrastructure. Regulatory frameworks vary; Japan, for instance, has stringent regulations akin to those in the EU, while other nations have less formalized systems.

In South American, countries such as Argentina, Colombia, and Chile, also present opportunities in the medical devices market. While these markets are smaller compared to Brazil, they are experiencing steady growth, driven by increasing healthcare expenditures and government initiatives to improve healthcare infrastructure. Regulatory frameworks in these countries are evolving, with agencies like Argentina's ANMAT (Administración Nacional de Medicamentos, Alimentos y Tecnología Médica) and Colombia's INVIMA (Instituto Nacional de Vigilancia de Medicamentos y Alimentos) overseeing medical device approvals and quality standards.

Africa presents a market in its infancy but with considerable growth potential. The medical devices market on the continent is expected to reach around $7 billion by 2023. Regulatory oversight is still in the developmental stage, with only a few countries like South Africa having well-established medical device regulations. The focus is predominantly on low-cost, durable medical devices due to budgetary constraints.

Deviceology can play a pivotal role in helping clients penetrate these diverse markets. In Asia, Deviceology can assist in navigating the complex regulatory landscapes, identifying local partners for distribution, and providing market entry strategies tailored to each country's unique healthcare ecosystem. In South America, the firm can offer insights into compliance with ANVISA regulations and facilitate partnerships for Productive Development Partnerships (PDPs). For Africa, Deviceology can provide market research to identify high-growth sectors and assist in sourcing low-cost, durable medical devices that meet the continent's specific needs.

Market Data

Medical Devices Market Valuation and Dynamics

  • 2022: The global medical devices market was valued at USD 577.26 billion

  • 2030: The market is expected to reach around USD 850 billion by 2030.

  • CAGR: The market is poised to grow at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030

  • By End-User: Hospitals and clinics accounted for 88.5% of the total revenue share in 2022.

  • Diagnostics Centers: This segment is growing at a CAGR of 10.3% from 2022 to 2030.

  • Regional Dominance: North America dominated the market with 39.9% of the total revenue share in 2022.

  • Emerging Markets: Countries like India and China are becoming increasingly important in the medical devices market, with China expected to surpass the European Union as the second-largest market by 2030.

  • AI and IoT: Artificial Intelligence (AI) and the Internet of Things (IoT) are revolutionising the medical devices industry. AI in medical imaging, for instance, is expected to reach USD 2 billion by 2024.

  • Telemedicine: The COVID-19 pandemic has accelerated the adoption of telemedicine, which in turn has increased the demand for connected medical devices. The global telemedicine market is expected to reach USD 185.6 billion by 2026.

  • Sustainability: There is a growing focus on sustainability and environmental impact in the production and disposal of medical devices. Companies are looking into biodegradable materials and energy-efficient manufacturing processes.

  • Cybersecurity: As medical devices become more connected, cybersecurity becomes a significant concern. The global healthcare cybersecurity market is expected to reach USD 26.1 billion by 2027.

  • Focus on In-Vitro Diagnostics Segment, expected to gain $33.6 billion of global annual sales by 2025.

  • Leverage Public Expenditure, which is projected to gain $114.6 billion of global annual sales by 2025.

  • Target Hospitals and Clinics, expected to gain $181.9 billion of global annual sales by 2025.

  • Concentrate on the USA Market, which will gain the most at $55.7 billion.

  • Develop Disposable Medical Products to meet increasing demand.

  • Invest in Contactless Medical Devices for enhanced safety and convenience.

  • Explore Wearable Devices for continuous health monitoring.

  • Expand in Emerging Markets to tap into new customer bases

Opportunities and Focus

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Deviceology - The Market Access People

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