Medical Device Technologies Market : Key Growth Factors and Industry Analysis 2015-2025
The improvement in technology has distorted the ways in which medical instruments are utilizedto treat patients. The new technologies have reduced the recovery time and cost of instrument for the patient. Medical devices range from a small injection needle to large diagnostic machines. Advancement in information technology has led to the manufacturing of many new devices with technologies, thereby increasing the level of sophistication and superiority of the industry as a whole. Today the industry is highly regulated worldwide thatensures appropriate technologies reach the customers after conducting proper clinical trials. Strict regulations have improved the competitiveness of the companies with respect to cost and quality.
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The U.S. Food and Drug Administration (FDA) approved five recent (2013) innovative technologies for medical devices. These technologies include MelaFind opticalinstrument for cutting the cancer cell of melanoma skin cancer, electronic aspirin utilized to relief from migraines, needle free diabetes care instrument to detect the glucose level,robotic health check up instrument and Sapientranscatheter aortic valveinstrument utilized in open heart surgery.
The global market for medical device technologies can be segmented in following categories:
Mobility aid technologies
Minimal/non m invasive surgery
Micro-fluids and MEMS
By end user
Medical device industries
Hospitals and clinics
Pharmaceutical and research organizations
Various diagnostic tests for the detection of disease and disorder are in demand globally. In addition, technological advancement and enhancement also change the scenario of diagnostic test for the detection of disease and disorder. MRI systems, ultrasound systems, x-ray systems and mammography instrumentsare on demand globally for the detection of disease and disorder. Thus, with increasing demand of the above mentioned instruments the global market for medical device technologies market will also increase. Moreover, increasing demand of technologically advanced drug delivery devices (inhalers, nebulizers) also accentuates the global market for medical device technologies.
The medical device technologies market promises a double digit growth rate in near future due to untapped market potential. At present, many hospitals and clinics are adopting workflow automation processes for patient safety. Workflow automation provides fast and consistent data analysis. The increased need for workflow automation process and better communication facilities are the major factors driving the growth of this market. With growingoccurrence of technology piracy, it is hard to avert the misuse of non-licensed technology over biomedical device integration. This is a major restraint for the growth of medical device technologies market. However, technical complexity and high cost associated with few of the medical technologies might restrict the global market demand of medical device technologies. In addition, regulatory compliance for the approval of medical device technologies is a crucial factor that might hinder the global market for medical device technologies.
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North America was observed to be the largest medical device technologies market due to extensive technological advancements and major market players are domiciled in this region. Europe is the second largest medical device technologies market followed by Asia-Pacific and Rest of the World (RoW). Asia-Pacific is considered as an emerging market owing to strong economic growth forecasted (healthcare infrastructure, healthcare facility and product expansion) in some Asian countries such as India, China, Japan and Malaysia.
Various key players contributing to the global medical device technologies market comprises Abbott Laboratories, Inc., Becton, Dickinson and Company, Biomerica, Inc.,bioMerieux, Inc., Novartis Diagnostics, Johnson & Johnson Diagnostics, Inc.,Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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