The US Medical Device Market stood at $170 Bn in 2021 owing to an upsurge in chronic lifestyle diseases & rising demand for cosmetic procedure. Will the growth sustain? Ken Research
With total number of MedTech companies crossing the 6500 marks in 2021, the US Medical device market is currently witnessing a robust growth rate with a positive future forecast as well, says a report by Ken research
1.“Need rather than want:” An upsurge of lifestyle diseases & government intervention is propelling growth of the US medical device market.
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Growing prevalence & increasing cost of burden of lifestyle diseases have led growing emphasis of healthcare agencies, government & healthcare providers on the timely & routine treatment of patients. Thus, through awareness programs & events, several regional & national healthcare agencies have actively promoted the diagnosis & treatment of these widely prevalent diseases. This factor increases the awareness of geriatric population towards products & services for diagnosing & treatment, which is presenting a large patient pool undergoing treatment. Further, high treatment costs are driving the demand for these devices in hospitals, clinics & other healthcare settings. Additionally, to cater to the growing demand for advanced devices, market players are now investing in R&D in order to introduce advance healthcare devices with innovative capabilities such as artificial intelligence, 3D imaging, wearable heart rate trackers & others. According to sources, the total number of MedTech companies in USA crossed 6500 marks as of 2021. Furthermore, the US government is also keen on developing the medical device infrastructure provided that the total spending on devices market was over 5% of the overall health budget ($200 Bn) in 2019. All in all, rising approval of medical devices & an increased presence across the globe have further propelled market growth.
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US Medical Device Market Growth Drivers
2.“When fashion met medical requirements:” Rising demand for cosmetic procedures in the US is currently boosting the market growth of US Medical Device market.
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According to the ASPS annual plastic surgery statistics report, there were more than 18 million surgical and minimally-invasive cosmetic procedures performed in the United States in 2018, a number that has risen steadily over the past five years. Cosmetic surgical procedure includes different type of surgeries like breast augmentation, rhinoplasty (Nose reshaping), liposuction, facelift, eyelid surgery (blepharoplasty). Along with that there are some gender specific cosmetic surgeries, in female genital cosmetic surgery includes numerous procedures, including hymenoplasty, labia majora augmentation, vaginoplasty, labiaplasty and G-spot amplification and in male breast reduction (gynecomastia surgery). These factors which mainly comes under fashion trends, are propelling a robust growth of US Medical device market.
Key Target Audience:
- Hospital
- ASC
- Clinics
- Government Agencies
- Distributors
Time Period Captured in the Report:
- Historical Period:2017- 2022
- Base Year: 2022
- Forecast Period: 2022-2027
For more information on the research reports, refer to below link:
US Medical Devices Market Outlook to 2027
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