Medical Devices Industry

Medical Devices Industry

 

Medical devices are particularly devices used in hospitals and clinics or personal care. The devices include surgical appliances, monitoring devices, diagnostic devices, electro-medical devices and other equipments used in hospitals.  Market research report indicates that demand for medical equipments will grow rapidly with increase in number of diseases, and advanced technology, aging population, and increase in number of medical service providers worldwide. Market reports have found that United States is the major market for medical devices.

The major segments for medical devices industry include US, China, India, Indonesia, Italy and New Zealand.  Some major findings of research reports are that total market for medical devices and equipments grew by 2.22% in 2009 compared to 2008. Medical instruments, surgical appliances, and electro medical equipments are in high demand.

 The reports of medical devices determine that United States medical technology companies are world’s largest producers of medical instruments or equipments. Medical device industry is facing tough competition with increase in number of multinational companies. Overall economic development is an opportunity for growth of medical device industry. The demand for medical devices is increase in government expenditure on healthcare (hospitals, public health insurance, and clinics). The rates of medical devices as knives, scissors, curette, and forceps and so on are quite low due to availability of cheap labour.

The growing trends of medical devices sector are increased consumer expectations about healthcare, medical insurance, and so on. New clinical therapies are emerging with technical advancement. The focus of healthcare market in next decade will be on early diagnosis and prevention. One of the main trends in industry is paperless hospitals. Patient’s information can be easily accessed by doctors. Now-a-days hospitals are developing internal networks that store all information about patients. Vendors of medical devices are selling equipments along with data storage servers and interface software. Healthcare productivity is increasing with improvements in medical devices.

As per the market reports some common devices of medical industry are X-ray, ultrasound, CT, magnetic resonance imaging (MRI), nuclear/PET, Patient monitoring, life support, anesthesia equipment, Pacing systems, implantable cardiac defibrillators (ICDs), automatic external defibrillators (AEDs) Lab instrumentation, radiation equipment, and various hospital equipment.  Many hospitals are trying to improve their medical facilities by introducing advanced appliances in their services. Advanced equipments in hospitals and clinics are improving the medical services offered by such service providers.

One major trend found in the medical industry is that people prefer self treatment and diagnosis at home. Reports have forecasted that the demand for home healthcare equipment will grow by 7% annually for the next seven years from 2009. The growing population of China and India are the big markets for medical device manufacturers. Demand for healthcare services will increase with increase in aging population in country. 

 

Minal Dussal is the author of this article. She has been demonstrating her writing skills by writing the articles for market research reports from last two years. She has written various articles on Market Research

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