Medical Device & Accessories: Accelerating The Medical Care
Published On: February 2018
Medical Device & Accessories Overview
A medical device is an apparatus, appliance, software, material, or other product, which is used in the diagnosis, monitoring, and treatment of different diseases. A number of different medical devices are used in the diagnosis, monitoring, and treatment of diseases like diabetes, cardiovascular diseases, cancer, GI diseases and others. The medical device & accessories market is expected to have a healthy growth during the forecast period.
Increasing prevalence of chronic and acute disorders, huge geriatric population, increased investment in the medical device research and development, acceptance of new medical technologies by the patients, and favorable reimbursement policies are adding fuel for the development of medical device market. Additionally, increasing healthcare expenditure and support from the government of various countries across the globe are leading their way to the market development.
Apart from the above mentioned factors, there is one striking development which has significantly changed the scenario in the medical device industry. It is the use of non-invasive devices. The development of non-invasive devices and its use among the population has increased a lot in last decade. Non-invasive procedures and devices have perfectly catered to the patient population who were having the fear of blood, fear of surgical methods. Non-invasive devices also helped in reducing the post procedure hospital stay which allowed the treatment cost to cut down to a great extent. Considering all these benefits, non-invasive devices easily caught attention and got widely accepted. Acceptance of non-invasive medical devices has helped in the evolution of medical device & accessories market.
As per the report published by MRFR, the global medical device & accessories market is likely to grow moderately and is expected to reach approximately USD 133,835.9 million by 2023 from USD 79,879.0 million in 2016. However, the report by MRFR is focused on few specific type of medical devices which includes cardiovascular devices, dental implants, cochlear implants, catheters, therapeutic medical guidewire, suture needle, diabetes monitors, and nerve stimulators. The market for all these medical devices together accounts for about 21.7% of the total medical device market. Medical devices are currently the major component of the healthcare system, and continuous development and innovation in technologies have been patronized by a number of big and small medical device manufacturing companies all across the world.
Current Market Scenario
Currently, the global medical device & accessories market is witnessing a moderate growth. The demand for the advanced medical devices has increased from the last decade. In the last few years, the medical device and accessories market has seen a positive growth since various manufacturers have focused on the development of advanced medical devices. Moreover, increasing approvals for the devices and product accessories have positively impacted the growth of the company revenues.
Increasing automation and digitalization has revolutionized the treatment procedures. Robot-assisted procedures, coronary bioresorbable vascular scaffolds (BVSs), and peripheral drug-coated balloons have acquired a huge demand in the market. Coronary BVSs have been a notable technology for several years in Europe. For instance, Abbott Laboratories is hoping that its Absorb BVS may become more of a workhorse technology at this point. Current robotic surgical systems market is close to USD 1 billion, which is expected to increase in the coming future.
Future of medical device Industry
The medical devices market is expecting a huge opportunity in the coming future due to rapidly increasing demand for the different medical devices. The government has started supporting the manufactures for the development of advanced devices. From the last few years, medical tourism has increased, which has also created great opportunities for the growth of the market in Asian countries. International organizations are beginning to recognize the potential value of the diagnostics market in developing countries. The developing countries have a level of technological sophistication & infrastructure and less cost of the treatment. Revolution in diabetes care, penetration of 3D printing, innovation in surgical robots, engineered blood vessels, a decade of artificial intelligence, connected cars, and trucks with health sensors are likely to create a tremendous opportunity for the growth of the market.
Thus, the market presents tremendous opportunities to the manufacturers to provide high-quality medical devices at an affordable price to the regular patient population. Therefore, offering the products at a lower price may help the makers to penetrate effectively into the market including the developing nations and low-income economies.
Factors limiting market growth
On one side, there are consecutive product launches by the medical device companies, incessant development in the medical device sector, there also are certain pitfalls for the companies as well as patients and payers.
Various governments and regulatory authorities have imposed stringent regulatory norms in the manufacturing of the medical devices to maintain the quality standards of the medical devices such as endoscopic devices, catheterization devices, cardiovascular devices, implant systems. Strict regulatory rules have been implemented and notified to the manufacturers in order to prevent infections associated with the medical devices and ensure the safety of patients.
The high cost of the devices is one of the major concern for the patients and payers. Complexity in manufacturing the medical devices and research & development costs affect the final pricing of the devices. Moreover, incorporation of these devices with other advanced technologies and cross-platform operation is bulging the costs of the system. Even though companies are trying their best to cut down the costs and make the devices affordable to patients, currently high costs are the factor limiting the growth of the medical device market.
