Global market volume of medical devices to hit USD 799.67B

According to a market analysis report published by Fortune Business Insights, the global market volume of medical devices and consumables is expected to grow at a CAGR of 5.9% from $536.12 billion in 2023 to $799.67 billion by 2030.

The US is the world’s leading manufacturing country of medical devices and the world’s largest market of medical devices and consumables. In the rankings of the “World’s top 10 pharmaceutical companies” and “World’s top 10 medical device companies”, the US accounts for the largest share with four and seven companies respectively.

China follows in the second place. China’s market of medical devices and consumables is facing both challenges and opportunities with the continuous promotion of centralised VBP (volume-based procurement) and DRG (diagnosis related groups) medical insurance reform. As a result, there is high potential to grow in innovative medical devices and high-value consumables.

Continuous breakthrough in material science and processing technology is crucial to the development of medical device, equipment, consumables and pharmaceutical packaging. Polymers are biocompatible, durable, easy to process and stable in quality, contributing to the user-friendly design and safety of medical products.

Interventional cardiology: PLCL and UHMWPE materials shine
Interventional cardiology device is the largest sector of high-value medical consumable, accounting for more than 30% of the market. Mid- to high-end products are mainly manufactured by foreign manufacturers, such as Medtronic, Johnson & Johnson, and Boston Scientific.

The sector mainly includes stents, pacemakers and valves. The main materials of these consumables are nickel-titanium alloy, cobalt-chromium alloy, medical-grade high molecular weight poly(L-lactide-co-caprolactone) (PLCL), and ultra-high molecular weight polyethylene (UHMWPE).

Beijing Advanced Medical Technologies cooperates with Department of Material Science of Fudan University to develop PLCL 95/5 polymer. The Chinese company also teams up with Beijing Anzhen Hospital and Beijing Jishuitan Hospital to conduct research on the new generation of absorbable PLCL coronary stents.

The high-end UHMWPE fibre product market is dominated by companies including DSM, Honeywell, and Toyobo. For example, Honeywell’s Spectra MG medical grade fibres are made of UHMWPE fibre with a patented gel spinning production process.

UHMWPE manufactured by Chinese companies are mainly mid- to low-end products.

Orthopaedics: PEEK, PU, and PMMA are the material of choice
In addition to interventional cardiology device, orthopaedic device has also become a fast-growing segment of medical device applications in recent years. The high age-related incidence of orthopaedic diseases is the major contributor, resulting in the increased demand for orthopaedic device in elderly population.

As one of the largest segments in the medical device industry, the orthopaedic device segment consists of two parts: orthopaedic implantable devices and specialised surgical instruments, with the former account for 90%. Orthopaedic implantable devices mainly include craniofacial and maxillofacial implants, spinal fusion interbody cages, joint implants, fixation plates, and screws. Apart from titanium alloy and stainless steel, commonly used materials are Polyether ether ketone (PEEK), polyurethane (PU) and polymethyl methacrylate (PMMA), etc.

Complying with the clinical standards, these implantable materials cannot be rejected by the human body and do not produce harmful matters. Meanwhile, these materials must be able to produce optimal structures at an affordable price.

The stiffness of PEEK closely matches with human bone and the polymer has the properties of radiolucency and reduced stress shielding. As such, PEEK has high market potential in medical applications and is mainly used in the manufacture of spinal and joint implants. Medical Plastics News