Medical Devices: Technologies and Global Markets

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Apr 12, 2017, 17:40 ET
NEW YORK, April 12, 2017 /PRNewswire/ -- Use this report to:
- Understand key market dynamics and the factors impacting the global medical device technologies market, including segments and subsegments. 
- Assess market revenues of the global medical device technology industry by segment, region and products. 
- Identify market trends, issues and factors impacting medical device technologies. 
- Gain insight into major players and their corporate profile, analyzing their market shares, core competencies and strategies in the medical device technology market.

Highlights
- The global market for medical device technologies reached $458.3 billion in 2015. The market should reach $483.5 billion in 2016 and $634.5 billion by 2021, growing at a compound annual growth rate (CAGR) of 5.6% from 2016 to 2021. 
- The North America market for medical device technologies reached $168.1 billion in 2015. The market should reach $175.6 billion in 2016 and $216.1 billion by 2021, growing at a CAGR of 4.2% from 2016 to 2021. 
- The Asia-Pacific market for medical device technologies reached $101.3 billion in 2015. The market should reach $108.9 billion in 2016 and $156.6 billion by 2021, growing at a CAGR of 7.1% from 2016 to 2021. 

INTRODUCTION
This report discusses the medical device technology industry in terms of major players' market shares, market growth and size, and opportunities for different devices and regions. The report includes forecasts for market trends and revenue through 2021. Major players, innovative products and technologies, trends and market dynamics, competitive intelligence, and regional trends are well-researched and analyzed.

STUDY GOALS AND OBJECTIVES

The goals and objectives of the study include:
- Defining and discussing the global medical device technologies market. 
- Analyzing market structure, including segments and subsegments. 
- Estimating market revenues of the global medical device technology industry by segment, region and products. 
- Identifying market trends, issues and factors impacting medical device technologies. 
- Studying various submarkets with respect to growth drivers and inhibitors of the medical device technology market. 
- Explaining opportunities in the medical device technology market with respect to region and products. 
- Profiling major players and analyzing their market shares, core competencies and strategies in the medical device technology market. 
- Tracking alliances, joint ventures, mergers and acquisitions, new product developments, and research and development in the global medical device technology market.

MARKET DESCRIPTION
A medical device is an instrument, apparatus, implant, in vitro reagent or similar device used to diagnose, prevent or treat disease or other conditions. Several medical device technologies enhance the functions of medical devices, including highly sophisticated scanners and technologically complicated implantable products, such as artificial cochlear devices, as well as the most basic laboratory equipment.

According to estimates, there are more than 500,000 medical technologies currently available in roughly 20,000 generic groups. According to the World Health Organization (WHO), there are an estimated 1.5 million different medical devices, in more than 10,000 types of generic device groups available globally. The Global Medical Devices Nomenclature (GMDN) Agency has classified these into 16 product categories. The primary aim of any medical technology is to improve medical care, making it easier to improve the overall health of users or patients. With life spans increasing over the last few decades, the importance of better care and improved quality of life has become paramount.

SCOPE OF THE REPORT
This research report incorporates an in-depth analysis of the medical device technology market, including market estimations and trends through 2018. Major players, competitive intelligence, innovative technologies, market dynamics and regional opportunities are discussed in detail. The report also examines recent developments and product portfolios of the major players, along with their market shares. Patent analysis focuses on technological trends in recent years in regions such as the U.S., Europe and Japan. The report presents a market analysis and estimates the compound annual growth rate (CAGR) for medical device technologies.

The scope of the report extends to only those medical device technologies that generate the most global revenue. Dental device technologies and some imaging devices used in dentistry overlap with other devices already covered under the imaging device technologies segments, so they have been excluded.

INTENDED AUDIENCE

- Individuals and groups who would benefit from the content of this report include:
- Medical device manufacturers and new entrants.
- Equipment distributors, hospitals and other healthcare service providers.
- Various life sciences companies.
- Research institutes, associations and academicians.

RESEARCH METHODOLOGY
A top-down approach was taken to estimate the market size of medical device technologies. Revenues from the medical device technology market were determined through primary and secondary research, including a study of the annual reports of listed market players. Secondary research was carried out with a general search of keywords through paid sources such as Factiva and One Source, and other publicly available websites, including company websites. Estimation of micro-markets was done through primary and secondary sources, and then validated through primary sources. Forecasts were based on the analysis of market trends, market dynamics and strategies of key players. Regional estimates were determined by using secondary sources verified through primary sources.

ANALYST'S CREDENTIALS
Vijay Laxmi has more than 20 years of experience in the healthcare domain. In addition to business research and consulting, she has conducted corporate briefings for top players in a wide range of market segments. She has worked with major market research firms and handled projects for various consultancies. Her market research studies include reports on:
- Various medical device markets.
- High-growth and niche markets in healthcare and life sciences.
- Home healthcare market.
- Medical tourism.

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The system involves the permanent implant of a small nerve stimulating device in the upper gum on the side of the head normally affected by headache. The lead tip of the implant connects with the SPG bundle, and when a patient senses the onset of a headache, he or she places a handheld remote controller on the cheek nearest the implant. The resulting signals stimulate the SPG nerves and block the pain-causing neurotransmitters.

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Let’s not kid ourselves: Apple did not create the iPad for healthcare professionals. Might it still be of use to the healthcare industry? Almost everyone, including its competitors, agree that it will.“The iPad is a content consumption device that will enable doctors to review images, including zooming in on and annotating x-rays,” Mike Stinson, Motion Computing’s VP of Marketing told MobiHealthNews. “I don’t think the iPad is a real data acquisition device… So, the iPad will be in the mix and will become part of the workflow but it won’t replace slates like [Motion's C5] in the same way that [Motion's slates] haven’t replaced desktops.”What else is the iPad missing? In which other ways does it fall short for healthcare professionals? Here are a few common complaints or observations about the iPad’s hangups for HC workers:

1. The iPad has no camera, an important feature for any connected health tablet.
2. Despite the iPad’s rather impressive “up to” 10 hours of battery life, some have lamented Apple’s continued use of non-swappable batteries. Most tablets targeting the healthcare environment boast swappable batteries so clinicians can continue using them without waiting for a charge.
3. Industry onlookers have argued that the iPad’s 9.7 inch screen is not quite big enough for use with intensive medical applications.
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5. The iPad is not ruggedized and its screen will likely break if dropped. Many healthcare tablets claim to be drop resistant from about three feet.
6. The iPad’s inability to multi-task, meaning it can’t run more than one application at once is another big shortcoming that might hamper uptake for healthcare workers.
7. Most healthcare tablets have barcode scanners — the iPad does not.
8. Most healthcare tablets are easily disinfected, water-proof and dust resistant. The iPad does not appear to address any of those issues.
9. As another maker of healthcare tablets put it:
10. “First and foremost the iPad is a consumer device — that is the big thing,” Panasonic’s Senior Developer Greg Davidson told MobiHealthNews. “Doctors say it’s what they want, but when they go and talk to their IT departments and are told ‘it’s not running the right operating system;’ ‘it’s not easily sanitizable;’ ‘it doesn’t have the ports we need;’ or ‘it doesn’t run the particular apps we need.’”

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