The medical device industry is booming, with an emphasis on growth in-home medical markets. Home medical devices are often more convenient and cost-effective for patients suffering from chronic diseases. With advancements in technology, many medical devices are becoming smaller and more portable, which is making them easier to access.
What Is Influencing This Growth?
With an aging population, there is a gradual increase in developing chronic health conditions. Because new devices have become more portable and easily accessible, it causes the growing population to adapt to such devices. For example, needle-free methods for diabetic care, medicine administration devices, lift chairs, and other medical beds, are all responsible for growing the demand for in-home medical devices.
North America Is Expected to Have The Largest Market
Due to a rise in chronic illnesses such as high blood pressure, diabetes, and asthma, North America is expected to have one of the largest market shares for at-home medical devices.
In 2019 the global market value for home-medical devices was estimated to be $30,545 million. By 2027, this value is expected to rise to upwards of $56,457.
With trends pointing in the boom of the medical device industry, it’s imperative manufacturers understand the importance of medical device compliance. While it may be a lucrative sector to get into, medical device regulation is still a considerably lengthy process, which could benefit from the help of a medical device consulting firm.