Which therapeutic applications are seeing the most growth in medical devices

Introduction

There are therapeutic applications are experiencing significant growth in the medical devices market:

Cardiovascular Devices

Cardiovascular devices are consistently mentioned as a top growth area. This is driven by:

High prevalence of cardiovascular diseases, accounting for 37% of deaths in North America

Increasing demand for advanced cardiac care devices

Innovations in implantable cardioverter defibrillators (ICDs) with wireless monitoring capabilities

Neurovascular and Neurological Devices

Neurology is expected to be the fastest-growing device specialty

Increasing adoption of neurostimulators for various neurological conditions

Orthopedic Devices

While growth may be slower compared to other segments, orthopedics remains a key area in the top device sectors by sales.

Diabetes Care Devices

Diabetes care is consistently mentioned among the top growing sectors, likely due to the increasing prevalence of diabetes globally.

Digital Therapeutics

The U.S. digital therapeutics market is projected to grow at a CAGR of 29.8% from 2020 to 2025

These software-based medical devices are used to virtually treat, manage, and prevent various diseases and disorders

Wearable and Biometric Devices

The worldwide market for wearable technology is projected to reach $161 billion by 2033, with a CAGR of 6%

Applications include health monitoring, fitness tracking, and remote patient monitoring

In-Vitro Diagnostics (IVD)

IVD is expected to remain the top segment in 2024, driven by the increasing demand for diagnostics and testing.

Conclusion

These therapeutic applications are seeing significant growth due to factors such as technological advancements, increasing prevalence of chronic diseases, and the shift towards personalized and remote healthcare solutions.