Medical devices form the backbone of the healthcare industry. They are constantly being used to diagnose, treat, and monitor patients. The medical device industry is a dynamic sector buzzing with new investment opportunities. We have highlighted some key medical device segments that are drawing serious attention from investors and entrepreneurs. This blog will shed light on upcoming opportunities in medical devices industry.
Why should you invest in the medical device industry?
With technological advancements and increase in demand, the medical device industry is rapidly evolving. With an aging global population and rising prevalence of chronic diseases, the medical device industry has tremendous potential for growth and innovation. Hence, the medical device industry is attracting investors. Entrepreneurs can keep tab of the upcoming opportunities in medical devices industry and invest in them.
The global medical device market is projected to reach approximately USD 800 billion by 2030. Furthermore, the Indian medical device market is expected to attain USD 50 billion by 2030, growing at a CAGR of 16.4%. Moreover, India is poised to become a global medical device manufacturing hub. It aims to reduce import dependency of the medical device sector by catering to its own domestic demand. Additionally, it aims to export medical devices after fulfilling its domestic demands. Furthermore, new medical device parks and R&D hubs are being set up to boost domestic medical device manufacturing. Moreover, the Indian government is providing incentives and is fostering a favourable medical device manufacturing environment. Additionally, it has streamlined the Indian medical device regulatory requirements for easy licensing and application.
7 key factors fuelling new opportunities in medical devices industry
- Aging population: With increase in life expectancy, prevalence of age-related conditions, such as cardiovascular disease, arthritis, and diabetes, is rising. This is driving demand for medical intervention and preventative care. This demand is fuelling the growth in diagnostic, implant, and home-based care device market.
- Increase in chronic and lifestyle-related diseases: Globally, diabetes, cancer, and respiratory disorders are becoming increasingly prevalent. This is driving the need for continuous monitoring, early diagnostics, and minimally invasive treatments, thereby fuelling the demand for medical devices.
- Demand for new technology: Demand for new technology in the medical device industry is increasing. Minimally invasive treatments are in high demand. Rapid adoption of digital health technologies in the medical device segment is fuelling the market for technologically advanced medical devices. Furthermore, improvement of implantable and wearable devices is driving their demand.
- Expansion of healthcare infrastructure: India is heavily investing in hospitals, diagnostic centres, telehealth platforms, and primary care centres. This infrastructural boom is creating a robust market for both basic and advanced medical devices.
- Growing health awareness: Increasing number of people are becoming aware of the importance of early detection and preventative care. Individuals are becoming proactive of their well-being, thereby the demand for preventive diagnostics and wellness devices is surging. The expenditure on healthcare and wellness has increased.
- Technological advancement in medical device sector: Robotics, 3D printing, and AI are transforming how medical devices are being designed, manufactured, and used. These innovations and advancements are enabling personalized medicine, remote monitoring, and real-time data analytics.
- Supportive government policies: The government has streamlined the Indian medical device regulations for the convenience of medical device entrepreneurs. Additionally, it has implemented supportive policies, such as 100% FDI allowance. Moreover, it is establishing medical device parks to attract more investors and manufacturers.
New investment opportunities in medical devices industry
We have highlighted some of the new investment opportunities in medical devices industry that entrepreneurs can focus on.
- Implantable devices: Aging population, chronic disease prevalence, and lifestyle-related conditions are driving demand for implantable medical devices. These devices are vital for their life saving potential. Cardiac pacemakers, neurostimulators, orthopaedic implants, dental implants, etc., have considerable impact on improving patient outcome and quality of life. Considerable innovations, such as biocompatible materials and 3D printing, in this sector are making implants safe and customizable. With high clinical impact and long product lifecycle, implantable devices are presenting as potential investment opportunities in medical devices industry.
- Minimally invasive surgical devices: Laparoscopic tools, robotic-assisted systems, and endoscopic instruments are reducing hospital stays and improving patient recovery times. Investors can venture into this segment due to the high demand for minimally invasive surgical devices.
- Smart drug delivery systems: Smart drug delivery systems are transforming chronic disease management and improving patient outcome. Using real-time feedback, insulin pumps, inhalers, and transdermal patches adjust their dosage, thereby delivering correct dosage per patient requirements. As personalized medicine and precision treatment are the need of the hour, investors can choose to venture into this segment. These smart drug delivery systems are in high demand in diabetes and oncology care sectors.
- Wearable health technology: Wearable health tech devices, such as ECG patches, glucose monitors, and smartwatches with health analytics, are in demand for home-based care. Some of these devices are also being integrated into the clinical settings. They are of vital importance because of their ability to continuously monitor real-time patient data. Regulatory pathways have been formulated to support wearable health tech devices and ensure they are safe, effective, and of high quality. Investors can venture into this rising wearable health tech devices segment of medical devices industry.
- AI-powered diagnostic imaging: AI is revolutionizing radiology and pathology. Devices that combine imaging hardware with machine learning algorithms are enabling fast and accurate diagnosis. These devices will be beneficial, especially in oncology, cardiology, and neurology departments. They will help with early detection and diagnosis, which is of critical importance in these departments. Early detection and diagnosis will lead to improved patient outcome. Regulatory bodies are becoming increasingly open to AI/ML-based medical devices. Hence, now is the right time to invest in AI-powered diagnostic imaging devices, which is one of the prominent investment opportunities in medical devices industry.
- Disposable medical devices: Disposable medical devices are always in very high demand in the healthcare settings. Disposable syringes, catheters, and surgical gloves are constantly required. Hence, new and seasoned investors can exploit the potential of disposable medical devices segment.
Challenges of investing in the medical device segment
The medical device industry has a promising future offering potential opportunities for investors and entrepreneurs. However, certain challenges are associated with this industry.
- The medical device industry is highly regulated. Regulatory compliance is a mandatory requirement for entering the medical device industry. Navigating the regulatory guidelines can be challenging.
- Healthcare policy dynamics can be difficult to understand.
- Intellectual property and patent protection are pivotal in the medical device industry. Medical device companies will have to avoid violation of intellectual property rights under all costs.
- Market adoption and user acceptance of the medical device are key factors that will determine the success of the business venture.
Future trends
- AI and machine learning-enabled medical devices: From early detection to predictive diagnostics, AI is transforming the medical device industry. AI and machine learning-enabled medical devices are the devices to keep a tab on for the future.
- Personalized medical devices: Wearables and remote monitoring tools are reshaping patient care and compliance tracking. Personalized medical devices offering personalised care and precise treatment will be the most in demand devices in the near future.
- Sustainability: Sustainability is a key focus of future medical device market trends. Eco-conscious design in disposables and sustainable packaging is gaining traction in the medical device industry. Hence, medical device entrepreneurs should prioritise sustainable alternatives to stay in trend.
Pharmadocx Consultants: Guiding you in your medical device journey
We will guide investors and entrepreneurs regarding the latest opportunities in medical devices industry. Our team will ensure you stay regulatory compliant throughout your medical device journey. Ready to invest in medical devices industry? We specialize in working with start-ups, manufacturers, importers, and investors in the medical device ecosystem. To start your medical device journey in a seamless manner, drop an email at [email protected] or call/Whatsapp on 9996859227.
