The primary growth driver in the medical devices market is the aging of the global population. According to WHO, “global life expectancy at birth increased from 46.5 years in 1950 to approximately 73.0 years in 2019, despite the setback caused by the COVID-19 pandemic, it is projected to reach 77.0 years by the WHO’s 100th anniversary in 2048.”1 Medical Devices are primarily used by the over-65 age group, whose growth outpace the broader populations over the coming decades. However, as shown in the following illustration, there are also other factors that are influencing the future growth of this sector. Demand is also supported by the rise of overweight and obesity, as excess weight places greater pressure on the knee joints and increases the risk of damaged cartilage. Urbanization and rising per-capita GDP in emerging markets should also increase sales of more consumer-focused medical devices such as dental implants and corrective lenses.
