Medical device industry plays an indispensable role in revolutionizing the healthcare outlook. Medical device manufacturers are committed to providing life-changing tools that allow people live longer, healthier, and more productive lives.

Apart from triggering the demand for advanced Internet of Things (IoT) and artificial intelligence (AI) or machine learning (ML)-based devices, the COVID-19 pandemic accelerated the penetration of early detection systems, which were previously backburnered, to ensure that personal medical care essentials are not stripped away. The post pandemic era exponentially increased investments to innovate and implement modern technologies such as AI and ML, augmented & virtual reality, robotics, data management methodologies, and the IoT. The ongoing research to come up with innovative medical devices for the treatment and diagnosis, combined with a rise in patients’ life expectancy and aging population worldwide, is providing impetus for the expansion of the medical device industry.
Minimally invasive and non-invasive surgical devices are considered among the most significant developments in the healthcare sector. The market for various minimally invasive and non-invasive devices is set to evolve due to the rising demand for painless treatment. Various companies, especially new entrants from developing countries, are coming up with cutting-edge technologies such as drug-eluting stents and capsule endoscopy. The market for mobility aid technologies is set to flourish significantly with the increased life expectancy and surging geriatric population across the world.

The medical devices industry players globally invest a higher percentage of their yearly revenues in R&D for the continuous innovation and improvement of existing technologies, which highlights the competitive nature of the industry compared to players operating in industries such as telecommunications, automotive, and defense.