U.S. IMPLANTABLE MEDICAL DEVICES MARKET ANALYSIS
Restraints & Challenges:
Limited Adoption in Small & Mid-sized Facilities Expected Due to High Device Costs
Over the past decade, medical devices have undergone substantial advancements through the integration of new technologies, design modifications, and updated features. However, the adoption of these devices may be hindered by the overall high costs, including acquisition and maintenance expenses. In addition to being capital-intensive, advanced healthcare devices often require periodic replacement of components, such as cameras, batteries, chips, sensors, and other accessories, further contributing to the expense.
The escalating utilization of medical devices comes with a financial burden for small and mid-sized healthcare facilities, including health clinics, Ambulatory Surgical Centers (ASCs), and imaging centers. The current costs associated with these devices pose a challenge for these facilities, particularly when compared to independent hospitals. As a result, the increasing expenses will impede the growth of the U.S. medical devices market in these sectors.
As per the American Hospital Association, there has been a notable increase in hospital supply expenses. By the end of 2021, hospital supplies costs had surged by 15.9% compared to 2019. Moreover, expenditures on ICUs and medical supplies witnessed a substantial rise of 31.5% in 2021 when compared to 2019.
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