GLOBAL MEDICAL DEVICES MARKET
The demand for medical devices, including capital equipment and consumables, is rising in both developed and developing nations due to the increased prevalence of inpatient admissions and the rising number of surgical and diagnostic procedures.
The demand for medical equipment is anticipated to increase due to the introduction of serious illnesses on their own, such the ongoing coronavirus epidemic. Costs associated with the creation of new products and the provision of patient services are projected to rise because of regulatory changes.
GLOBAL MEDICAL DEVICES MARKET DEVELOPMENTS AND INNOVATIONS
Due to the existence of several market participants on a global and regional level, the global market for medical devices is extremely fragmented. Among these businesses, Medtronic has the biggest market share thanks to its wide range of products and well-known reputation on the international stage.
In addition, the majority of industry companies heavily invest in research and development (R&D) to create new items and improve the current product line.
These market giants also put a lot of effort into growing their global distributor networks, which enables businesses to diversify their product offerings. These adjustments are to consumer data protection, such as the General Data Protection Regulation (GDPR) of the European Union, and adjustments to the processes for equipment approval.
RECENT LAUNCH IN GLOBAL MEDICAL DEVICES MARKET
A novel wearable device that enables remote patient monitoring was made commercially available by Golden, Colorado-based BioIntelliSense Inc. Using the medical-grade BioButton Rechargeable device, more than 20 biometrics and vital signs can be continuously monitored remotely.
The charge on it lasts for up to 30 days. The product’s objective is to better track leading health indicators and enable early disease and sickness detection.
Sony, a manufacturer of electronic products, is entering the mobile health technology sector with a business-to-business wearables solution. In order to give payers, health systems, and app developers a ready-made platform to create remote health monitoring and mobile health applications, the business established a platform called mSafety that combines a connected wearable device, a wristwatch, with a cloud-based backend solution.
TridAnt, a revolutionary coating technology for medical devices introduced by UK-based BioInteractions, represents a paradigm leap in infection control and defence against a wide spectrum of pathogens.
The latest healthcare product from LG Electronics, which is placing bets on the digital healthcare market, is a home device for pain management dubbed MediPain.
The device, created to stop the brain from transmitting pain signals, has been approved as a medical device by South Korea’s Ministry of Food and Drug Safety, according to LG Electronics. Following the device’s debut in South Korea, the business will look to get permission in other nations.
The historical period saw a rise in the market for medical devices because of an increase in healthcare facilities, a quick increase in the older population, economic expansion in emerging markets, rapid technological advancements, and rising healthcare costs.
Inadequate healthcare awareness and low healthcare reimbursements constrained the industry. Future trends include an increase in the incidence of chronic illnesses and the unexpected appearance of serious infections. Future obstacles to market expansion include difficulties brought on by regulatory changes.
Panasonic is a leading mobiliser of the equipment in the market. The latest integration has been the Grid-EYE Sensor provides the Digital signal (I2C) for thermal presence, direction, and temperature readings.
A built-in lens has a 60-degree viewing angle, is small, and light using the MEMS thermopile technology and an SMD construction. Human detection, people counting, thermal mapping, digital signage, security, lighting control, kiosk/ATM, medical imaging, automatic doors, robotics, and many other uses are all possible with the Grid-EYE Sensor.
GE is part of the component manufacture trending companies in the current industry. Utilizing the same standardised monitor for all intra-hospital transfer requirements is made possible by the CARESCAPETM ONE monitor.
It is a FlexAcuity solution piece of equipment that uses micro-module technology for total data continuity and flexibility across various care settings. Micro-modules that are plug-and-play and miniature make adding parameters simple. GE Healthcare’s world-class algorithms offer specificity, accuracy, and precision.
- DePuy Synthes
- Medtronics Plc
- Fesenius Medical Care
- GE Healthcare
- Philips Healthcare
- Ethicon LLC
- Siemens Healthineers
- Cardinal Health
- Baxter International Inc.
- Johnson & Johnson
- Abbott Laboratories
- Abiomed Inc.
- Accuray Inc.
- Boston Scientific Corp.