Approvals for new medical devices technologies are gathering pace, especially in developed markets. This factor is positively impact the overall performance of the global medical device technologies market as well. The United States’ Food and Drug Administration (FDA), for instance, has approved many new technologies for use in medical devices since 2013. Some examples of novel medical technologies include the electronic aspirin, which patients can for migraine relief. An optical instrument by the name of MelaFind also received the stamp of approval for cutting the cancerous cells that cause malignant melanoma. Another example is that of needle-free blood glucose level monitors, which also received an FDA nod. The market for medical device technologies has moved further ahead with the advent of other novel products such as health check-up robots.
With groundbreaking medical device technologies hitting the market, the conventional definition of what constitutes a medical device is undergoing a change. Implants, instruments, in vitro reagents, and diagnosis or treatment apparatus can all fall under the purview of the global medical device technologies market.
The report on the global medical device technologies market has been compiled to serve as an asset for companies wanting to make informed decisions for growth in this space. Prepared after extensive primary and secondary research, the report contains findings that are both reliable and verifiable. With the use of research techniques such as Porter’s five forces analysis and SWOT analysis, the important facets of each player and key segment are highlighted.
Technological innovation has been a fairly constant phenomenon in the healthcare sector, and more in the medical devices industry. Better technologies have resulted in patients being more comfortable while being administered medical care. Surgeries have become quicker and easier and their output has become more predictable. All of these positive changes can be ascribed to the breakneck speed at which companies are launching innovative products that take the abilities of medical devices a notch higher. From the patient’s standpoint, the greatest benefit of advancing medical device technologies, perhaps, is the reduced time taken for recovery and a dip in overall healthcare costs.
However, with the widespread use of medical devices – ranging from smart injection needles to sophisticated diagnostic machines – they have also faced increased scrutiny from regulators. This has somewhat held back the growth of the global medical devices technologies market. However, this drawback also has a brighter side: Only the safest and most reliable products reach the commercial market. The high degree of regulation imposed on the market has also made companies more competitive.
Leaders in the medical device technologies market are: Abbott Laboratories, Inc.; Biomerica, Inc.,; Becton, Dickinson and Company; Novartis Diagnostics; Qiagen N.V.,; Johnson & Johnson Diagnostics, Inc.; and Siemens AG.