Research Review Scope
The medical device industry has grown despite the challenging economic conditions in recent years. The industry draws much attention and scrutiny from the public and government and is currently undergoing many changes due to increased focus on regulations. These changes can be seen across many countries. The U.S., the largest medical device market, is leading the trend with changes intended to make healthcare more affordable. Opportunities for the medical device industry are manifold with the appearance of new markets located mainly in emerging economies with varying needs.

Increasing healthcare expenditures and the growth of emerging economies have increased the demand for technologically superior medical devices. Additionally, the introduction of more stringent regulations, specifically in the developed markets of the U.S. and Europe, has forced medical device manufacturers to launch advanced devices that include new materials, a focus on in-depth indications, and the ability to produce additional new data.
Furthermore, technically sophisticated medical devices are needed for clinical research, as the market is highly competitive, and companies must continuously reinvent their product portfolios to enter new markets and place themselves as significant players in the healthcare system. There is a shift toward a value-based healthcare market where price and purchase decisions are based on outcomes. This has further resulted in increased scrutiny of the technology of devices, and consequently, the degree of competition has risen. Some of the major players in the medical devices market include Medtronic, Abbott, Johnson & Johnson Services Inc., Siemens Healthineers AG, GE Healthcare, Boston Scientific Corp., BD, Stryker, Cardinal Health, Koninklijke Philips N.V., Danaher Corp., Baxter, B. Braun SE, Alcon Vision LLC., Terumo Corp., Zimmer Biomet, and others.
The medical device industry is a multi-billion-dollar industry whose outlook is supposed to rise in the coming years. These devices treat and diagnose many patient conditions and work much better than drugs. Hospital care is growing, and the medical device industry is being looked at to provide low-cost technology for home healthcare. Now, the industry seeks healthcare medical devices that individuals with unskilled healthcare experience can use. The need for modern technology, equipment, and devices can be leveraged through medical device equipment as manufacturers seek to create better-quality healthcare solutions.

Today’s market is worthy of close investigation as it deals with the fallout from COVID-19 and how the global medical devices market is after the post-COVID-19 pandemic. The global pandemic has impacted the medical device industry both positively and negatively.