Did you know that the UK has the third largest medical device market in Europe, and overall sixth largest market in medical devices worldwide. The UK medical device market was valued to be over €17bn in 2020, coming third after Germany at €41bn and France at €31bn, and is expected to grow, with a projected revenue of US\$18.56 billion in 2024 and a compound annual growth rate of 6.67% from 2024 to 2029. By 2029, the market volume is expected to reach US\$25.63 billion.
Medical devices will become smarter, more AI (Artificial Intelligence)-driven, and more interconnected, enabling earlier diagnosis and enhancing communication between doctor and patient.
The top 5 Medical Device equipment for hospitals have seen the following products increase for demand.
Mechanical Ventilators.
Dialysis Equipment.
Feeding Tubes & Pumps.
Defibrillators.
Vital Signs Monitors.
It has also been seen that the future of the Medical Device industry is highly tied to the ability of companies to develop wearable devices with related technologies that deliver precise and personalised information using cloud-based data and analytics.