Global Rise in Demand for Medical Devices: Ken Research

A medical device is an apparatus, instrument, in vitro reagent, implant or other similar and related article. It is used in the diagnosis of disease, mitigation and cure to affect any function of the body. Its range from simple, low-risk devices for instance tongues depressors, disposable gloves, medical thermometers, and bedpans to complex and high-risk devices that are implanted & sustain life. One suitable example of high-risk devices is those with embedded or fixed software such as pacemakers, which assist in the conduct of implants, medical testing, and prostheses. The design of medical devices comprises a major segment of the field of biomedical engineering.

Some of the leading players of medical devices market are Medtronic, Siemens Healthineers, Johnson and Johnson, Philips Health, GE Healthcare, Zimmer Biomet, Abbott, Boston Scientific, Stryker, 3M Health Care, Becton Dickinson, Novartis, Danaher, Smith and Nephew, Essilor, Varian Medical Systems, B. Braun, Terumo, Olympus, Getinge, Baxter, Edwards Lifesciences and Dentsply Sirona. These key companies need to ensure that they have right competencies to keep up with rising competition & regulations, and assess their impact.

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Medical devices market growth analysis is studied based on device type, function type, manufacture method, application type, revenue model and end-use type. Based on device type, market is segregated as implanted, stationary, portable-handheld, wearable, peripherals and others. Based on function type, market is segregated as critical care equipment (life support), dental equipment & supplies, diagnostic equipment (in-vitro), irradiation apparatuses, medical monitoring equipment, medical laboratory equipment, organ transplants, treatment & therapy equipment, surgical instruments and appliances, and others. Based on manufacture method, market is segregated as field based method and online method. Based on application, market is segregated as general medical devices, orthopedic devices, surgical & infection control devices, home healthcare devices, cardiovascular devices and other devices. Based on revenue model, market is segregated as revenue sharing, pay-per-procedure, rental, sales, support and others. In addition, based on end-use, market is segregated as hospital & ambulatory care medical devices and homecare medical device. The growth of this market is primarily supported by balanced economic growth, growth in geriatric populace, hospital enlargement & up-gradation, rise in prevalence of the lifestyle & chronic diseases and enlargement of healthcare facilities. Therefore, the medical devices market revenue to grow substantially over the forecast period.

Nowadays, union of medical devices with information technology is transforming the landscape of patient care. Integration of these devices with mobile applications for monitoring & diagnosis of disease conditions can reduce cost of diagnosis. Patients can self-monitor their health at their expediency using portable medical devices. Moreover, in-vitro medical devices have transformed diagnostics industry by reducing time and cost required for tests.

Based on regional analysis, North-American region will remain the leading region owing to large target patient pool as well as high adoption rates for advanced treatments over the forecast period. Furthermore, the Asia-Pacific region is estimated to witness the highest growth due to increase in per capita income, growth in health awareness, and improvement in healthcare infrastructure during the forecast period.

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