Top 6 Growth Opportunities in Medical Devices, 2024

Top 6 Growth Opportunities in Medical Devices, 2024

Consumables and Services Markets to Drive Future Growth Potential

RELEASE DATE
25-Jan-2024
REGION
Global
Deliverable Type
Market Research
Research Code: K9E8-01-00-00-00
SKU: HC_2023_540
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Description

The medical devices industry is facing significant challenges in the form of pricing pressures and a slow growth environment in the traditional markets. Among the traditional markets, the consumables and services segment is gaining traction from activities tied to the installation of new capital equipment, the gradual replacement of capital equipment, and the refurbishing of capital equipment. In the Middle East, the rising number of hospitals is contributing to more capital equipment installations across the region. Medical devices vendors are focused on new business models to provide services such as multi-vendor services, online parts ordering, remote servicing, cybersecurity, and professional services (including consulting) to drive growth in a competitive environment.

Increasing healthcare costs and healthcare workforce burnout have led to the creation of innovative business models and disruptive technologies that will drive growth in the medical devices industry during the next year. Patients, payers, and health providers are significantly shifting care into out-of-hospital settings, such as ambulatory care centers and homes, to reduce healthcare costs and provide patient convenience. The development of medical devices such as remote and continuous monitoring devices, wearables, and connected solutions are enabling this transformation.

To reduce clinicians’ work-related pressures during the COVID-19 pandemic, healthcare providers implemented telemedicine, remote care, and virtual care solutions, a trend that is still driving demand for medical devices in these areas of care. Providers are also implementing process automation solutions, such as robots, to help reduce workload burden for the healthcare workforce.

Author: Vittal Bhaskar Rao

Table of Contents

Strategic Imperatives

Top 6 Growth Opportunities

Growth Opportunity 1: Connected/Home Care

Growth Opportunity 2: Managed Services

Growth Opportunity 3: Healthcare Infrastructure Projects in the Middle East

Growth Opportunity 4: Vital Signs Monitoring Devices

Growth Opportunity 5: Virtual Rehabilitation Solutions

Growth Opportunity 6: Healthcare Robots

Next Steps

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The medical devices industry is facing significant challenges in the form of pricing pressures and a slow growth environment in the traditional markets. Among the traditional markets, the consumables and services segment is gaining traction from activities tied to the installation of new capital equipment, the gradual replacement of capital equipment, and the refurbishing of capital equipment. In the Middle East, the rising number of hospitals is contributing to more capital equipment installations across the region. Medical devices vendors are focused on new business models to provide services such as multi-vendor services, online parts ordering, remote servicing, cybersecurity, and professional services (including consulting) to drive growth in a competitive environment. Increasing healthcare costs and healthcare workforce burnout have led to the creation of innovative business models and disruptive technologies that will drive growth in the medical devices industry during the next year. Patients, payers, and health providers are significantly shifting care into out-of-hospital settings, such as ambulatory care centers and homes, to reduce healthcare costs and provide patient convenience. The development of medical devices such as remote and continuous monitoring devices, wearables, and connected solutions are enabling this transformation. To reduce clinicians work-related pressures during the COVID-19 pandemic, healthcare providers implemented telemedicine, remote care, and virtual care solutions, a trend that is still driving demand for medical devices in these areas of care. Providers are also implementing process automation solutions, such as robots, to help reduce workload burden for the healthcare workforce. Author: Vittal Bhaskar Rao
More Information
Deliverable Type Market Research
Author Vittal Bhaskar Rao
Industries Healthcare
No Index No
Is Prebook No
Keyword 1 Medical Devices Analysis
Keyword 2 Medical Device Industry Trends
Keyword 3 Healthcare Equipment Trends
Podcast No
WIP Number K9E8-01-00-00-00