Medical devices refer to instruments or machines for prevention, diagnosis & treatment, monitoring, or alleviation of the disease. These devices offer various advantages to patients by helping medical service providers in diagnosis & treatment of patients and assisting patients to improve their quality of life. With technological advancements, the role of these devices is expanding for improving quality of care across each stage of the healthcare continuum.
On the basis to type of devices, market is segregated as ophthalmic devices, surgical equipment, dental equipment & supplies, In-vitro diagnostics, nephrology & urology devices, cardiovascular devices, hospital supplies, diagnostic imaging equipment, anesthesia & respiratory devices, patient monitoring devices, orthopedic devices, diabetes care devices, neurology devices, ENT devices and wound care devices. Ophthalmic devices segment include cataract surgery devices & equipment, refractive surgery devices & equipment, vision care devices & equipment and diagnostic or monitoring ophthalmic devices & equipment. Dental equipment & supplies segment include dental diagnostic imaging devices & equipment, general dental devices & equipment and dental surgical devices and equipment. In-vitro diagnostics segment includes immune chemistry diagnostic devices & equipment, microbiology diagnostic devices & equipment, hemostasis diagnostic devices & equipment, point-of-care diagnostics devices & equipment, hematology diagnostic devices & equipment, clinical chemistry diagnostics devices & equipment, immunohematology diagnostic devices & equipment and molecular diagnostics devices & equipment. Additionally, diagnostic imaging equipment segment includes Computed Tomography (CT) scanners devices & equipment, x-ray systems devices & equipment, ultrasound systems devices & equipment, nuclear imaging devices & equipment, magnetic resonance imaging systems devices & equipment and cardiovascular monitoring or diagnostic devices & equipment. Based on type of expenditure, market is segregated as public expenditure and private expenditure. In addition, based on end-user, market is segregated as hospitals & clinics, homecare and diagnostic centers.
The Medical Devices Industry Research Report covers the analysis of leading stakeholders of the market. Key players profiled in the report include Abbott Laboratories, Siemens Healthineers AG, Medtronic Plc., Johnson & Johnson, Baxter International Inc., Covidien Healthcare India Private Limited, 3M Company, Metran Co., Ltd., Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Accord Medical Products Private Limited, Agappe Diagnostics Ltd and Shinva Medical Instrument Company Limited.
Consumer awareness is major factor to drive global medical device market. Increasing market competitiveness & scope of strengthening the infrastructure facilities is expected to raise investment in the medical industry. The popularity of wearable medical devices as well as portable devices to detect diabetes at early stage among clients has augmented the demand of medical technology sector. However, lack of awareness, lack of proper diagnostics, appropriate resource availability, and poor quality of health services has affected the foremost part of the African region. Moreover, integrating with IoMT (Internet of Medical Things) to become a healthcare partner, heightened threat of cyber security and data as another source of revenue are key trends for market.
Medical Devices Market Future Outlook: - In healthcare industry, the implementation of big data is acquiring entire global medical device market and anticipating promising opportunities in near future. The continuing digital transformation of the market has modernized the services & emphasizes the qualitative care. This data-driven medical service has considerably increased the investment in Research & Development (R&D) sector. The collaboration of key verticals such as pharmaceuticals, data analytics and services has huge scope in development of healthcare industry eventually will increase the growth of medical device market.
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Ankur Gupta, Head Marketing & Communications