Human-Powered Medical Equipment Market Trends

Growth Drivers

• Rising Aging Population – Senior medical supplies and equipment that make daily living easier can significantly improve freedom and peace of mind in general, there is a desire for gadgets that enable seniors to live more freely at home can help patients monitor and enhance their fitness, which can be helpful in avoiding chronic illnesses such as diabetes and cardiovascular disease, especially in industrialized countries where the population is getting older. According to the World Health Organization (WHO), the number of individuals 60 years of age and over will reach to 2.1 billion worldwide by 2050.
• Growing Adoption of Remote Patient Monitoring Devices-These devices enables clinicians to monitor, record, and analyze their patients and allow the healthcare provider to make proactive clinical decisions by providing a real-time understanding of the patient's disease state from outside the hospital or clinic setting by collecting patient data through an external or implantable device.

Challenges

• High Initial Cost of the Equipment - Medical equipment that is operated by humans typically has a high initial cost as it requires precise engineering which leads to higher production costs. Moreover, costs are increased by adhering to stringent regulatory standards which are different for different regions. The initial cost is influenced by investments in research and development as engineers work to produce devices that are effective, and user-friendly, and adding cutting-edge materials and technologies also raises the overall cost of human-powered medical devices.
• Lack of Public Awareness Owing to the Presence of Inadequate Healthcare Infrastructure-
• Stringent Regulatory Requirements associated With Product Approval.