Thank you for Subscribing to Life Science Review Weekly Brief
Fremont, CA: The medical device market is quickly becoming a global healthcare powerhouse. Over the last decade and a half, there has been a surge in demand for medical devices, particularly in the US. According to 2021 market research, the global value of this market could reach $657.98 billion by 2028 due to an increasing geriatric population and a trend toward therapeutic and rehabilitative treatments.
However, as promising as the runway appears to be, the medical device market will face challenges, particularly once the pandemic is over. Here are seven major challenges confronting medical device manufacturers today and how they may persist in the future as the market becomes more in-demand and competitive on all fronts.
Disrupted Supply Chains
The Covid-19 pandemic disrupted global supply chains, resulting in everything from delayed product deliveries to rising material prices. Nonetheless, demand for medical devices has not decreased. In fact, it increased in 2021.
As a result, there is a huge gap between what medical device manufacturers can produce. The market will remain depressed until global supply chains stabilize and device manufacturers receive the materials they require. Furthermore, until raw material prices return to pre-pandemic levels, the cost of producing many devices may become prohibitively expensive.
Increasing Healthcare Costs
Speaking of rising costs, the already-expensive cost of healthcare continues to rise. There is concern among those who require medical devices to treat or manage a chronic condition that these products will become unaffordable and out of reach. This is exacerbated by the fact that many medical devices are available outside of traditional insurance coverage. Patients are forced to fight for even partial coverage of new and innovative devices or to foot the bill themselves. Even some financial assistance from insurance is insufficient for many people to bridge the gap between cost and need.