Medical devices benefit patients greatly by assisting health care providers to diagnose and cure patients

 

A medical device is any technological device designed to be utilized for the care of health conditions. It can vary from medicine, surgical, devices used to protect the patient from infections to non-surgical devices used to enhance the patient's lifestyle. Medical devices help patients by enabling health care professionals to detect and cure diseases and helping them overcome illness or injury, thereby enhancing their quality of life. Medical devices benefit patients greatly by assisting health care providers to diagnose and cure patients and also helping ill patients overcoming disease or illness, enhancing their quality of life drastically. Blood pressure monitors, cardiac monitors, insulin pumps, and electrocardiograms.

The expansion of the healthcare industry around the globe is a prime factor driving the market growth of the medical device. Increasing healthcare spending coupled with technological advancement is another major factor propelling the market growth of the medical device. According to the World Health Organization, global spending was US$ 7.8 trillion in 2017 or about 10% of GDP and $1,080 per capita – up from US$ 7.6 trillion in 2016.

The growing geriatric population is increasing the prevalence of geriatric population is driving the market growth of the medical device. Rapid growth in the surgical procedure and complex surgeries is further projected to foster the market growth of the medical device. Moreover, the growing focus of manufacturers on research and development activities for developing an advanced medical device is further projected to foster market growth.

North America is expected to gain significant growth over the forecast period and this is attributed to the strong presence medical device industry in the region. According to the International Trade Administration, the United States remains the largest medical device market in the world: $156 billion (40 percent of the global medical device market in 2017). By 2023, it is expected to grow to $208 billion. U.S. exports of medical devices in key product categories identified by the Department of Commerce exceeded $43 billion in 2018.

Key Developments:

1. In January 2019, Omron Healthcare announced the launch of First Wearable Blood Pressure Monitor, Previews Breakthrough Monitor with EKG, and New Digital Health Services

2. In February 2019, The Integrated Health Model Initiative (IHMI), an effort funded by the American Medical Association (AMA), has launched a new data management model that will be able to produce an uninterrupted stream of data from remote blood pressure monitoring devices.

3. In October 2020, Abbott announced the launch of its new implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices for abnormal heart rhythms and heart failure.