Study Finds Technology, Aging Population Drive Growth in Medical Device Market

Medical devices and diagnostics sector forms a major part of the healthcare industry. Advanced technology, novel materials, new concerns, and adequate funding have transformed the healthcare scenario across the globe, inspiring new standards in pre- and post-operative therapeutics.

Growth of the medical devices and diagnostics market will be sustained by improving economic conditions, up gradation of existing systems, health care reforms, rising income and increasing affordability of medical products, according to a new report from Global Industry Analysts Inc. of San Jose, CA.

Medical device manufacturers are continually engaged in product development, research and improvement efforts, and new products and line extensions of existing products to distinguish their products from that of competitors and staying in business. These innovations provide the manufacturers an edge over their competitors and enables them the advantage of first-mover in the market, the report states.

Consequently, the rise in these innovations is making the earlier technologies fast obsolete and significantly shortening the product lifecycle of medical devices. On par with the trend, minimally invasive medical products are developed that are steadily gaining grounds. These include endo-therapy devices such as videoscopes for abdomen and chest, drug-eluding stents, and HF surgery system designed for transurethrol resection, according to the report, titled “Medical Devices And Diagnostics: A Global Outlook.” 

The global orthopedic device market is witnessing healthy growth driven by development of products and technologies as well as increase in demand for these products. The majority of the orthopedic devices that are manufactured are for the knees, followed by spine, and devices for the foot, elbow, hip and shoulder.

Two leading markets for orthopedic devices are the U.S. and Western Europe. Asia is emerging as a fast-growing market for these products. Introduction of smaller and lighter and easily portable devices are the noteworthy developments in the global infusion pumps market.

Limited space near a hospital bed, and particularly in acute care areas where infusion pumps are installed with other medical equipment and other infusion pumps drive these innovations.

A rapidly developing mobile healthcare sector is also a driving force behind development of smaller devices, as infusion pumps have to be necessarily lightweight, easy to handle and portable.

The development, testing, manufacture and marketing of the medical products are subject to extensive regulation and review by numerous governmental authorities both in the U.S. and overseas. In addition, the medical device industry is subject to a myriad of complex laws governing Medicaid and Medicare reimbursements.