Top 6 Growth Opportunities in Medical Devices, 2024

Consumables and Services Markets to Drive Future Growth Potential

The medical devices industry is facing significant challenges in the form of pricing pressures and a slow growth environment in the traditional markets. Among the traditional markets, the consumables and services segment is gaining traction from activities tied to the installation of new capital equipment, the gradual replacement of capital equipment, and the refurbishing of capital equipment. In the Middle East, the rising number of hospitals is contributing to more capital equipment installations across the region. Medical devices vendors are focused on new business models to provide services such as multi-vendor services, online parts ordering, remote servicing, cybersecurity, and professional services (including consulting) to drive growth in a competitive environment.

Increasing healthcare costs and healthcare workforce burnout have led to the creation of innovative business models and disruptive technologies that will drive growth in the medical devices industry during the next year. Patients, payers, and health providers are significantly shifting care into out-of-hospital settings, such as ambulatory care centers and homes, to reduce healthcare costs and provide patient convenience. The development of medical devices such as remote and continuous monitoring devices, wearables, and connected solutions are enabling this transformation.

To reduce clinicians' work-related pressures during the COVID-19 pandemic, healthcare providers implemented telemedicine, remote care, and virtual care solutions, a trend that is still driving demand for medical devices in these areas of care. Providers are also implementing process automation solutions, such as robots, to help reduce workload burden for the healthcare workforce.