Medical devices are designed with the purpose of investigation, diagnosis, prevention or treatment of disease or any kind of disability. Based on their applications, medical devices market is categorized into cardiovascular, orthopaedic, diagnostic imaging, minimal invasive, diabetes monitoring, anaesthesia & respiratory care, ophthalmology, dialysis, patient monitoring and point-of-care diagnostic devices. Out of these, orthopaedic and surgical devices hold major market share in terms of revenue generated. In orthopaedic, spinal devices is the fastest growing segment; however, smart implants, tissue engineering and customized implants are expected to define industry’s future in the segment. In case of surgical instruments, sutures and staples contribute the most to the segment followed by electrosurgical & handheld surgical devices. Another segment, cardiovascular devices, is portraying strong market potential with cardiac rhythm management devices holding the biggest chunk of the segment. Top 12 companies control about half of the medical devices industry with few leading manufacturers being Stryker, DePuy, Zimmer Inc., Smith & Nephew, Medtronic, Synthes and Biomet.
With aging global population, demand for personalised therapy is set to grow, especially in matured economies, where the market already has a wide variety of medical devices available. Technological innovations in diagnostics along with incorporation of biomarkers is expected to drive the future of the industry, helping faster patient diagnosis and monitoring.
High competition in mature economies is expected to push manufacturers to adopt cost efficient models with decreasing margins. Manufacturing giants are therefore focussing on outsourcing resources to emerging economies enabling them to implement cost-effective models and improving regulatory compliance. India and China are expected to witness the maximum focus primarily driven by the presence of large untapped market with lower competition and improving affordability among middle-class population.
ASDReport.com provides an extensive collection of reports on digital and automated medical devices. The reports cover various types of medical devices catering different requirements like, in- vitro diagnostics, multi functionality medical devices, therapeutic radiation, and much more.