Read our updated report here: 2021 Medical Device Trends
The 2020 medical device industry trends reflect the relentless pace of transformation, change, and growth impacting nearly every aspect of the industry. Whether it’s the growing focus on sustainability, the continued growth in combination products, the rise of ingestible devices, or regulatory changes at home and abroad, medical device makers must be prepared to navigate a dizzying array of both opportunities and challenges facing the industry.
Ingestible Medical Devices
With a rise in the number of chronic diseases, an aging global population, gastrointestinal disorders, colon cancer diagnoses globally, and the shift toward preventative strategies in healthcare to tackle disease progression, ingestible medical devices will continue its growth trajectory over the next 5 years.
Ingestible medical devices are equipped with circuits and sensors that have shown to be a clinically relevant technology platform with biomedical applications such as drug delivery and optical imaging for disease diagnosis. New developments in sensor and ultrasound models provide the ability to image a disease or infection at the cellular and molecular level which leads to early diagnoses and treatments of diseases.
There are many benefits for the use of this burgeoning platform, specifically real-time patient monitoring of a drug’s therapeutic effect on the patient; adherence to medication regiment; correlating patient outcomes with prescribed treatment; minimal invasiveness of the treatment; and enhanced drug bioavailability. The global ingestible medical device market can be classified into drug delivery, disease diagnostics, and optical imaging in terms of application. The technology can be either absorbable or non-absorbable.
The technology’s impact on diagnosing and treating gastrointestinal issues and types of cancer (e.g. colon cancer, esophagus cancer) cannot be understated. In 2015, WHO stated that the number of new cancer cases are expected to rise by 70% over the next two decades. They predict that 30%-50% of cancer patients can be prevented from acquiring different cancers by avoiding risk factors and early detection and management. The technology is expected to be widely adopted in the endoscopy screening market.
To continue reading the 2020 Medical Device Industry Trends report, download below.
Read last year’s Medical Device Industry Trends Report here.