Medical Equipment and Diagnostic Equipment Market Trends

Growth Drivers

• Adoption of telemedicine and digital health platforms: Connected medical devices are gaining momentum, thereby influencing the adoption of telemedicine and digital health platforms. The adoption of these platforms increases the demand for advanced medical devices that support remote monitoring and consultation. As a result, this trend has made telemedicine and digital health platforms an important part of modern healthcare. For example, in March 2022, GE Healthcare launched a digital platform called "Edison," which integrates data from various patient monitoring devices in near real-time, allowing clinicians to make faster and more informed decisions, signifying a significant step towards widespread adoption of connected healthcare systems.
• 3D printing of medical devices: Improved 3D printing technology enables the manufacturer to customize medical devices for specific patients. The adoption of this technology is rising as it is prominently applied to manufacturing custom prosthetics, implants, and surgical tools. For example, Zimmer Biomet launched a series of 3D-printed orthopedic implants in April 2024, showing the further expansion of the medical device industry because of personalized healthcare solutions.
• Growing emphasis on point-of-care diagnostics: Decentralization of healthcare and related point-of-care testing are some other major growth drivers in the market. These diagnostic tools enable faster results and have become widely preferred in the management of chronic diseases. In April 2024, Abbott received U.S. Food and Drug Administration (FDA) approval for its Esprit below-the-knee (BTK) system, a groundbreaking solution for individuals with peripheral artery disease. The system is engineered to maintain artery openness while delivering a drug that promotes vessel healing before eventually dissolving entirely. Such advancements are likely to drive the market expansion during the forecast period.

Challenges

• Complexity of regulatory approaches across regions: The medical equipment and diagnostic industry faces a major challenge in the discrepancies within different regulatory approaches that each region adopts. While some countries are working to harmonize the mechanism of regulation, several others maintain strict and complex processes for approval, which delays the launching of products. These delays reduce the rate at which life-saving medical devices are adopted worldwide, helping patients who need these innovations. Eventually, this means that manufacturers have to go through complicated compliance protocols, which usually include a bunch of documentation, clinical trials, and various approvals.
• Shortage of skilled healthcare professionals: The medical equipment and diagnostic industry has an acute shortage of skilled healthcare personnel, particularly in training on advanced devices and diagnostic tools relevant for operating them. As this technology advances, sophisticated training is needed almost constantly, and only a few health systems have sufficient staff to meet these standards. This, therefore, presents a gap that constrains the implementation of highly advanced technologies such as AI diagnostics and robotic surgery, which further limits market growth.