The global medical devices market has been reporting consistent growth over the recent past owing to a number of factors, including innovation in medical devices, the rise in aging population, growing awareness about various medical conditions, changing lifestyles, and increasing disposable income and healthcare expenditure. There is a wide range of medical devices available in the market today. Based on type, these include diagnostic imaging devices, molecular diagnostic devices, monitoring devices, drug delivery devices, surgical devices, bioimplants and neurostimulation devices, and others such as gloves, syringes, needles, and medical and surgical sterilizers.
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The report on the global medical devices market explores in detail the overall industry, right from the consumers to the suppliers. The various factors that drive its growth and those that inhibit its expansion have also been covered in depth, highlighting the macro and micro trends that also govern the market’s trajectory. The attractiveness of the market, the opportunities that lie ahead, the key collaborations and alliances undertaken in recent years, and the overall turnover of the medical devices market are some of the prominent talking points featured in the research study.
Global Medical Devices Market: Key Trends and Opportunities
The global healthcare industry has been undergoing a tremendous change and the medical device market is at the center of this revolution. Trends such as decentralized healthcare, DIY (do-it-yourself) healthcare, and mobile healthcare have taken the medical devices market by storm and present before the vendors, a host of lucrative options as well as several challenges.
The adoption of health and fitness-related smartphone apps has surged over the past couple of years, affirming the fact that the healthcare industry is going mobile. The demand for user-friendly and DIY medical devices has increased with the rising consumer awareness. When it comes to the medical device sector, there is a growing emphasis on remote wireless connection rather than face-to-face connections and even doctors are more comfortable with remote healthcare services. Take-home medical devices have been witnessing a surge in demand owing to this trend.
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Another trend that does not cease to have an astounding impact on patients and consumers across the globe is that of wearable medical devices. Companies both large and small have been rolling out innovative, more compact, and advanced wearable devices and at an increasingly affordable price. The advent of 3D printing and nanotechnology has had an unprecedented impact on the global medical devices market thanks to rapid technological developments in the fields and continuous funding by private and government companies.
On the other hand, growing advancements in medical devices also bring with them the very real threat of cyber-attacks. Today, almost every medical device is connected to the internet, be it infusion pumps, glucose monitors, or pacemakers, and with greater connectivity comes the much larger risk of cyber-attacks. Recent cyber breaches have adversely impacted the performance of several major companies and manufacturers are becoming increasingly proactive in this regard.
Global Medical Devices Market: Vendor Assessment
Some of the prominent players competing in the global medical devices industry are Johnson & Johnson, Siemens Healthcare, Toshiba Medical Systems, St. Jude Medical, Inc., Smith and Nephew, Stryker Corporation, Philips Healthcare, GE Healthcare, Boston Scientific Corporation, and Biomet, Inc.
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Research reveals that medical device companies need to evaluate their conventional approaches toward the industry and revamp them with a focus on innovation and design newer strategies that can help them adapt to a rapidly globalized and evolving industry. Players within this marketplace need to pursue greater integration with healthcare providers, development partners, and suppliers and collaborate on a more frequent basis with a wider range of research institutes. Even though most studies show that an increasing number of companies within the medical devices market have been moving in this direction so as not to miss out on the remarkable opportunities that lie ahead, there are still a large group of vendors that still need to recognize the potential this market holds in the years to come.
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