A medical device is an instrument, apparatus, implant, in vitro reagent, or related article that act by physical, mechanical, or thermal means and not by chemical action within the body to diagnose, prevent, or treat diseases or other conditions. Technologies which aid the medical devices to perform the diagnosis, monitor, and treatment of medical conditions are called medical device technologies. Technology plays an important role in each and every industry as well as in the personal aspects of lives. Advancements in medical device technology have allowed physicians to better diagnose and treat their patients, saving countless lives and continuous improvement in the quality of life.
The medical device technology includes: software solutions, imaging, biological derived devices, diagnostic equipment, aesthetic and respiratory, in vitro diagnostics (IVD), dental, electromechanical medical, and therapeutic radiation. Medical device technology is a broad field where innovation plays a crucial role, innovations in the technological front such as multi functionality medical devises, is one of the most important driving factor for the medical device technology market. Moreover, for patient safety and consistent and fast analysis many hospitals and clinics are adopting workflow automation processes. Thus, hospitals across the world are upgrading the information technology (IT) infrastructure which can be a potential driver for the medical device technology market. Increasing rare diseases act as untapped opportunity and growing awareness about health care is the other factor that fuels the growth of medical device technology market. However, pricing pressure and technical complexity with some medical devices restrict the global demand for the medical device technology. Regulatory structures for the approval of the medical devices also act as the restraining factor the medical technology device market.
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The global medical device technologies market can be segmented into the type of devices such as; electro-medical equipment which include pacemakers, patient-monitoring systems, magnetic resonance imaging (MRI) machines, ultrasonic scanning devices and diagnostic imaging equipment. Irradiation apparatus including X-ray devices, computed tomography devices, surgical and medical instruments consisting of anesthesia apparatus, optical diagnostic apparatus, blood transfusion devices, catheters and others. Dental equipment and supplies includes equipment and instruments used by dentists, dental hygienists and laboratories. Other widely used medical devices technologies include biomaterials, bio-implants, non-invasive monitoring, molecular diagnostics and tele-medicines. Genetic diagnostic products and home- and self-care products are also some of the products in great practice. The emerging trends in the medical device technology markets comprises of robotic products and systems, robotic prosthetics, wireless products, artificial organs and organ-assistive products such as tissue engineered product, neuro-sensory product, electro stimulation products, glucose monitoring products, and others.
Geographically, North America was observed to be the largest medical device technologies market due to extensive technological advancements and major market players located in this region. Investment in medical device technology research and development have surged in the recent past as well as collaborations have led to recent advances including neuro-stimulators, stent technologies, biomarkers, robotic assistance and implantable electronic devices. Europe is the second largest medical device technologies market due to increased geriatric population and government regulations assisting the market growth. Asia-Pacific is considered as an emerging market owing to the advancements in the technology and health care infrastructure. Japan, China and India are the fastest growing economy. Rising population, changing lifestyle and acceptance to newer technology are the factors which act as the market drivers in the region. South American countries such as Brazil and Mexico are the regions that have significant potential for growth due to developing medical infrastructure, and high disposable income.
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Various key players contributing to the global medical device technologies market comprises Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Biomerica, Inc., bioMerieux, Inc., Novartis Diagnostics, Johnson & Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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