Approvals for new medical devices technologies are gathering pace, especially in developed markets. This factor is positively impact the overall performance of the global medical device technologies market as well. The United States’ Food and Drug Administration (FDA), for instance, has approved many new technologies for use in medical devices since 2013. Some examples of novel medical technologies include the electronic aspirin, which patients can for migraine relief. An optical instrument by the name of MelaFind also received the stamp of approval for cutting the cancerous cells that cause malignant melanoma. Another example is that of needle-free blood glucose level monitors, which also received an FDA nod. The market for medical device technologies has moved further ahead with the advent of other novel products such as health check-up robots.
With groundbreaking medical device technologies hitting the market, the conventional definition of what constitutes a medical device is undergoing a change. Implants, instruments, in vitro reagents, and diagnosis or treatment apparatus can all fall under the purview of the global medical device technologies market.
The report on the global medical device technologies market has been compiled to serve as an asset for companies wanting to make informed decisions for growth in this space. Prepared after extensive primary and secondary research, the report contains findings that are both reliable and verifiable. With the use of research techniques such as Porter’s five forces analysis and SWOT analysis, the important facets of each player and key segment are highlighted.
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Global Medical Device Technologies Market: Trends
Technological innovation has been a fairly constant phenomenon in the healthcare sector, and more in the medical devices industry. Better technologies have resulted in patients being more comfortable while being administered medical care. Surgeries have become quicker and easier and their output has become more predictable. All of these positive changes can be ascribed to the breakneck speed at which companies are launching innovative products that take the abilities of medical devices a notch higher. From the patient’s standpoint, the greatest benefit of advancing medical device technologies, perhaps, is the reduced time taken for recovery and a dip in overall healthcare costs.
However, with the widespread use of medical devices – ranging from smart injection needles to sophisticated diagnostic machines – they have also faced increased scrutiny from regulators. This has somewhat held back the growth of the global medical devices technologies market. However, this drawback also has a brighter side: Only the safest and most reliable products reach the commercial market. The high degree of regulation imposed on the market has also made companies more competitive.
Global Medical Device Technologies Market: Key Segments
The report on the global medical device technologies market uses the following criteria for segmentation: by end user, by type, and by geography. By end user, the market has been segmented into clinics and hospitals, med device industries, and research and pharmaceutical entities.
Likewise, basis type of medical device, the global medical device technologies market has been divided into: mobility aid technologies, drug delivery, diagnostic imaging, molecular diagnostics, minimally invasive/non-invasive surgery, biomaterials, telemedicine, bio implants, and micro-fluids and MEMS.
The segment of diagnostic devices is expected to perform remarkably well over the forecast period of the report. TMR analysts expect that the breakthroughs reported by companies in this space will fan growth. Among the most promising sub-segments in the diagnostic devices technologies market are: Mammography instruments, MRI systems, x-ray systems, and ultrasound systems. Positive developments are also being observed in drug delivery technologies, which will help the medical device technologies market to a great extent.
Geographically, the market has been segmented into North America, Asia Pacific, Europe, and Rest of the World. North America and Europe, in that order, are the top markets for medical device technologies.
Leaders in the medical device technologies market are: Abbott Laboratories, Inc.; Biomerica, Inc.,; Becton, Dickinson and Company; Novartis Diagnostics; Qiagen N.V.,; Johnson & Johnson Diagnostics, Inc.; and Siemens AG.