Medical devices are considered to be the base and play an essential role in the healthcare role. Advancements in the field of medical tools, medical technology along with the integration of data analytics, and 3D printing in this industry are enhancing the role in sustaining quality facilities at hospitals, clinics, and homes. It is considered to be crucial for the services offered for the prevention, diagnosis, and treatment of diseases and illnesses. This industry is undergoing significant disruptions innovations by the advancements in medical devices.
Medical devices are the instruments that are used for diagnosis, prevention, or treatment of a disease, injury, or disability. It is one of the crucial elements without which the medical check-ups and treatments are impossible. It ensures improved access and quality healthcare services. This industry comprises of an enormous number of products ranging from surgical gloves to artificial joints to imaging equipment which plays a crucial role in the development of medical technologies.
Advancements in technology and its adoption are improving the complexity and accuracy of disease screening with the approval of smart devices applicable for remote monitoring of patients. Expert consultation with medical device manufacturers reveals that they are hesitant due to the perceived barriers to obtain ethical approval. Medical device manufacturers require thorough research and expert consultation with healthcare experts to understand their day-to-day requirements and come up with new devices for them to deliver quality healthcare services. This industry is undergoing significant advances in terms of minimally invasive surgery, orthopaedic surgeries, cardiology, neurology, oncology, and medical imaging.
This market is moderately fragmented and is in the growth phase is trying to gain a higher market share. The market vendors are focusing on launching a technologically advanced version of medical devices for healthcare professionals.
Various end-users of this market comprises of hospitality, surgical centres, clinics, and others. Hospitality and surgical centres are foreseen to dominate this market with the highest demand for this segment in 2018. The market analysis by an expert network firm shows that Medtronic is expected to be the largest medical device company by 2024, with sales of nearly USD39 Bn. Top 10 medical device areas listed by an industry expert include cardiology, orthopaedics, drug delivery, diagnostic imaging, dental, diabetic care, endoscopy, general & plastic surgery, cardiology, In-vitro diagnostics, and ophthalmic. In-vitro diagnostics is foreseen to continue as the number one area by 2024, with annual sales of USD7.6 Bn and a market of 13.4 % of the global medical device industry.
Medical devices serve as the primary inputs to the healthcare industry. The development of connected medical devices by the manufacturers is helping doctors to diagnose and treat their patients successfully. Patients with chronic diseases can benefit from remote monitoring with connected and wearable medical and fitness devices. Healthcare is costly, and the global healthcare spending are foreseen to reach a value of USD8.7 Trillion by 2020, which is lowering the healthcare cost for patients by minimizing unnecessary appointments, medicals tests, and hospital stays. Instead of spending more time manually entering the patient's data into a paper chart, the healthcare professionals can save time by automatically accessing the patient’s health information through these devices, and this can elevate the level of patient care.
