New Pipeline Medical Devices Announced in Q2 2022: Exclusive Analysis
The number of new medical devices in development or in the preclinical stage in the second quarter of 2022 saw a 3% increase worldwide compared to the first quarter of 2022, according to GlobalData’s pipeline database.
Compared to Q2 2021, the number of new medical devices under development in Q2 2022 was down 2% globally.
The global medical device market was worth $516.62 billion in 2022 and is expected to reach $523.13 billion by 2023, according to analysis by GlobalData.
Medical Device Pipeline Products by Market: In Vitro Diagnostics has the most devices
In terms of newly announced pipeline products by market types, in vitro diagnostics accounted for the largest proportion (26%) in Q2 2022, followed by health IT (19%) and cardiovascular devices (17 %).
As for the global market value of medical devices, the in vitro diagnostics market held a share of 10%, worth $53 billion in 2022 and is expected to reach $42.93 billion by 2023.
North America Leads New Product Pipeline Activity
Comparing new medical device pipeline activity across different regions around the world, North America ranked first (44%) in Q2 2022, followed by Asia-Pacific (36%) and Europe (18%).
At the country level, the United States had the highest number of medical device pipeline products announced during the quarter, accounting for the largest share (47%) of the global market. In second place, China (28%), followed by South Korea (4%).
New medical devices under development: approval expected by 2025
According to GlobalData, in the second quarter of 2022, approximately 42% of newly announced medical devices are expected to receive regulatory approval by the end of 2025. The main category of devices that are expected to receive regulatory approval by the end of 2025 are oncology (in vitro diagnostics), at 6.7% of devices.
In terms of business share among new pipeline products, developers, pipeline products developed by private and public companies accounted for 83% of the global medical device market, while pipeline products developed by institutes held the remaining share.
The quarterly average for Q2 2022 saw company-developed new pipeline products accounting for 83% of new pipeline products and institute-developed pipeline products accounting for 17%.
The medical device pipeline data used in this article was extracted from GlobalData’s Medical Intelligence Center Medical Pipeline Product Database. The Pipeline Products database covers all medical devices that are in the development stage and intended for the diagnosis, treatment and management of diseases/conditions/symptoms directly or indirectly. Pipeline products are covered from various authenticated sources such as company websites, SEC filings, conference presentations, analyst presentations, press releases, grants, etc. The information is collected by following systematic research techniques and proprietary methodology.