A Multifactorial Evolution of the MedTech Industry Whitepaper
The medical device industry is a dynamic, innovative, and heterogeneous sector. The MedTech industry landscape comprises an amalgamation of large as well as numerous small manufacturers that are mainly involved in the research and development of new devices for specific therapeutic areas. The importance of the MedTech industry can be indicated by the total global market size of the industry which amounts to approximately half a trillion US dollars. The MedTech industry is well established in the United States and Western Europe and is gaining momentum in Asian countries as well. The industry is well regulated by various government bodies in respective countries such as Food and Drug Administration (FDA's) Center for Devices and Radiological Health (CDRH) is accountable for regulating firms who manufacture, repackage, re-label, and/or import medical devices sold in the United States.
Through this whitepaper “A Multifactorial Evolution of the MedTech Industry”, DelveInsight is representing the trends that have affected the medical device industry globally. The whitepaper includes an introduction, regulations, reimbursement scenario of medical devices, influencing factors, challenges faced by medical device players, prominent players operating in the market, along with the future outlook of the industry and conclusion. The MedTech industry witnessed major growth in its revenue over the past two decades which can be linked to an interplay of a myriad of factors including economic boom, industrial revolutions, globalization, increasing healthcare expenditure, mergers and acquisitions, and technological advancements. The industry often faces hurdles due to stringent regulatory scenarios, high cost of product development and low returns, and the biggest one, the ongoing COVID-19 pandemic. The pandemic has pushed many players as elective surgeries are put on hold, leading to a decrease in demand for the products. Though, the increasing disease burden across different modalities along with the surge in the elderly population is going to be key contributing factors in the rising demand for MedTech devices in the coming years.