Technological Advancements and Rising Chronic Incidences Propel the Medical Devices Market

Top emerging medical devices that revolutionize the healthcare industry Medical devices play a crucial role in the modern healthcare industry, providing a wide range of features which include diagnosis, treatment, and management of various medical conditions with high accuracy and efficiency. The types of medical devices include wearables, medical robots, telemedicine, immersive technologies, 3D printing, smart bandages, artificial intelligence, cybersecurity and minimally invasive devices. These types of devices help doctors and healthcare facilities monitor and manage the health conditions of the patients through recommendations and procedures needed to be followed by the patient or the doctor on the patient. ECG/EKG Machines Electrocardiogram (ECG/EKG) machines are devices that record the electrical activity of the heart and are displayed on a monitor. This type of machine helps in the diagnosis of heart conditions, which include abnormal heart rhythms and coronary heart diseases. The ECG machine functions by placing electrodes on the chest of the patient to record the heart’s electrical signals. These signals are displayed as waves on a computer monitor or printer, which measures, interprets and prints out the heart’s electrical activity. An electrocardiogram machine is commonly used in healthcare providers' offices, clinics, or hospital rooms. This type of equipment is standard equipment used in operating rooms and ambulances, useful for monitoring the condition of critical-case conditions and emergency treatments. ECG monitoring is also known to be included in personal devices, which include smartwatches. One of the major growth drivers for the increase in demand for ECG machines is the increasing prevalence of cardiovascular diseases worldwide. As per the British Heart Foundation, global heart and circulatory diseases account for 620 million people as of 2021. The diseases include coronary heart disease, stroke, COPD, lung cancer, and lower respiratory infections. The use of ECG machines helps in the monitoring and analysis of the heart and body condition of the patient, which helps doctors create solutions that will help in the improvement of the condition of the patient’s heart and body.  Due to the high prevalence of heart diseases in the Asia Pacific region, the growth of the ECG market in the region is expected to witness significant growth. Figure 1: Prevalence of Heart & Circulatory Diseases Worldwide, In Millions, 2021 Source: British Heart Foundation Key Development September 2023:  iRhythm announced the launch of their next-generation Zio monitor and enhanced Zio (LTCM) service., which are long-term ambulatory cardiac monitoring devices. Zio monitor builds on the high performance of the Zio XT, which combined with the enhanced Zio long-term continuous cardiac monitoring services provides an elevated end-to-to experience.  This product's physical characteristics are deemed the smallest, thinnest and lightest cardiac monitor, which provides an enhanced cardiac monitoring experience for patients and healthcare providers together with new service enhancements. CT Scanner The Computerized Tomography (CT) scanner is a device that combines a series of X-ray images taken from different angles around the patient’s body to create cross-sectional images of the bones, blood vessels and soft tissues inside the body, The scans acquired from the machines helps in the creation of solutions that will help improve the condition of the musculoskeletal structure of the body.  The CT scan has a variety of functions, which include the examination of people with internal injuries from car accidents and other types of traumas, people with musculoskeletal conditions, and many others. It is known to visualize nearly all parts of the body and is used for diagnosing diseases or injuries as well as to plan medical, surgical and radiation treatment. The various applications of CT scans include diagnosis of muscle and bone disorders such as tumours and fractures, pinpointing the location of the tumour, infection or blood clots, guiding in procedures such as surgery, biopsy, and radiation therapy, monitoring of diseases and conditions such as cancer, heart disease, lung masses, and lung nodules, monitoring the effectiveness of treatment procedure, which include cancer treatment, and to detect the internal injuries and internal bleeding in the body. One of the major factors that led to the growth of the CT Scanner market is the increase in musculoskeletal conditions worldwide. As per the World Health Organization, an estimated 1.71 billion people worldwide have musculoskeletal conditions, among which low back pain is the leading cause of disability in 160 countries. Musculoskeletal conditions are known to reduce the mobility and dexterity of a person, leading to early retirement from work due to low levels of well-being and reduced ability to participate in society. Another factor that leads to the increase in musculoskeletal conditions worldwide is the increase in the ageing population worldwide.  As per the Population Reference Bureau, China, India and the United States account for the highest number of older adults, accounting for 166.37, 84.9, and 52.76 million people respectively. The increasing prevalence of musculoskeletal conditions, commonly arising due to old age, will propel the growth of the CT scanner market. Figure 2: Aged Population In China, India, The United States, Japan, Russian Federation, Millions,2019 Source: Population Reference Bureau Key Developments November 2023: Siemens Healthineers announced the launch of their new Dual Source CT Scanner, which expanded the clinical reach of their signature Dual Source technology. The technology is accessible for small and rural facilities as well as outpatient diagnostic centres. This technology offers lower costs when compared to other Dual Source systems, due to the improved cooling system and efficient power consumption. It also consists of myExam Companion and 3D camera simplifying scanner operations while personalizing scanning for each patient. The myExam companion combines data such as gender, height, and age and collects information that is relevant to CT scans such as heart rate or breath-hold capabilities. April 2022: Wipro GE Healthcare, a global leader in medical technology and digital solution innovations, announced the launch of their next-generation Revolution Aspire CT scanner. The Revolution Aspire offers advanced imaging that is designed and manufactured end-to-end in India at the Wipro GE Medical Devices Manufacturing plant, also in line with the ‘Atmanirbhar Bharat’ initiative. The CT scanner offers higher imaging intelligence that improves clinical confidence during the diagnosis of diseases and anomalies. It also provides increased operational efficiency with an increase of 50% throughput. It also has an increased rotation time of 20% enabling clinicians to improve and increase diagnostics efficiency.