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Medical devices market to record USD 177.95B growth from 2023-27

The global medical devices market size is estimated to grow by USD 177.95 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 5.87% during the forecast period.

Major challenges:

  • Declining reimbursement and cost containment measures
    • The US government and healthcare providers are trying to save money by controlling costs. They’re doing this by putting limits on how much they pay for certain medical treatments and procedures. They’re also making sure that the money they do spend is tied to good outcomes for patients.
    • New laws like the Open Payments Act require medical device makers to report how much money they give to doctors. If companies don’t follow these rules, they can get fined or hurt their reputation. Another law taxes medical devices, which makes it harder for small companies to make new products.
    • This tax also makes medical devices more expensive, which could mean fewer people can afford them. Other countries are also trying to control costs by setting prices and limiting access to new medical products. Companies now have to prove that their products are worth the money, or they won’t get paid.
    • This is especially tough for companies that make things like artificial hips and knees because their payments are going down. All these measures are making it harder for medical companies to make money and could slow down the growth of the medical device industry.

Market overview
As lifestyles shift and our population ages, there’s a rising concern about cancer cases and related deaths. This trend highlights a need for medical devices like fitness trackers, therapeutic tools, and surgical aids. With many people leading sedentary lives, these devices play a crucial role in promoting better health.

Ophthalmic and orthopedic procedures are also on the rise, indicating a demand for specialized devices. In hospitals, there’s a growing need for inpatient care, necessitating efficient and effective medical tools. Understanding these shifts is vital for the medical devices market to meet evolving healthcare needs. Technavio

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