Medical Equipment Industry | Trends To Look For In 2021

The year 2020 was one of the most demanding years in recent memory, for the medical industry. And notably, the demand was not only for healthcare facilities or treatments but also for medical devices.

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To put it into perspective, the miniature pulse oximeters became a staple medical device in every household. Likewise, there are hundreds of other trends to be seen in the medical equipment industry. Notably, experts predict that by 2024, the industry would see a growth of about $87.65 bn with an annual CAGR of approximately 4%. Well, this is impressive! In this article, we have laid down some of the key trends that industry insiders and manufacturers should keep an eye on. 

Robotics And Machinery
Technological advancements in the medical industry through the past decade have introduced the world to robotics in surgical procedures. Non-invasive or minimally invasive technologies have not only reduced the recovery time for the patients but also improved the success rate of the treatment procedures. For example, radiology, gamma knives, and Lasik surgeries are pretty commonly available these days. Generally speaking, metals with high melting points are used in the construction of these robotic devices. The reason - most of these devices use high-intensity heating for the treatment procedures. The market size for robotic devices is expected to grow by $24 bn by 2025. 

IoT of Medical Devices
The pandemic has not only increased the demand for healthcare facilities but also the convenience of availability. Don't know what it means? Well, to put it simply, people are reluctant to visit hospitals for treatments, apart from for severe cases. To make the availability of healthcare services to the general public, there are several digital transformations underway. People can consult doctors from their mobile devices, undergo diagnosis, and even order medicines online. The market size for IoT of medical devices is expected to reach $285.5 bn by 2029.

Use of Artificial Intelligence
Artificial intelligence and machine learning are the key drivers of digital transformation in the medical industry. From diagnosis to creating custom treatments for ailments, the technology has proven its efficiency in the field of medicine. Moreover, the FDA has approved the use of AI and ML in the field of medical equipment. Though, it has also set up some guidelines for technology integration into the mainstream treatments. The market size for Artificial Intelligence in the Medical Equipment Industry is set to surpass $21 bn by 2026.  In light of the recent shifts within the medical industry, and also as an after-effect of the pandemic, the market is ever more promising. Whether you're planning to set up a manufacturing business, or a regulatory compliance laboratory, the prospects can never be any brighter. Entering into this evolving business trade can not only promise good ROI but also sustainable growth. But, make sure that you familiarize yourself with the trade norms and regulations before entering the trade. On this note, we hope that the information provided in this article has helped you. Or at least, has given you a kickstart for setting up your medical equipment company.

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