MEDICAL DEVICES: A NEW ERA IN PHARMA 

 INTRODUCTION

According the FDA, the medical devices can be defined as an instrument, apparatus, machine, contrivance, implant, in vitro reagent, or other similar or related article, including a component part or accessory which is intended for use in the diagnosis of disease or other conditions, or in the cure, mitigation, treatment, or prevention of disease in man or other animals or intended to affect the structure or any function of the body of man or other animals.

The WHO states without medical devices, common medical procedures – from bandaging a sprained ankle, to diagnosing HIV/AIDS, implanting an artificial hip or any surgical intervention – would not be possible. Medical devices are used in many diverse settings, for example, by laypersons at home, by paramedical staff and clinicians in remote clinics, by opticians and dentists and by health-care professionals in advanced medical facilities, for prevention and screening and in palliative care. Such health technologies are used to diagnose illness, to monitor treatments, to assist disabled people and to intervene and treat illnesses, both acute and chronic.

Today, there are an estimated 2 million different kinds of medical devices on the world market, categorized into more than 7000 generic devices groups.A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material or other similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.

CURRENT MARKET SCENARIO 

The market for medical devices was valued at USD 525.12 billion in 2021; over the projected period, it is anticipated to grow at a CAGR of about 5.3%, reaching USD 734.39 billion in 2027.

Technological developments in medical technology, an ongoing rise in the elderly population, and the increased prevalence of chronic conditions all contribute to increases in disability-adjusted life years. 

The majority of pharmaceutical and biotech companies are concentrating their research and development teams on finding new molecules or leads to cure the COVID- 19. Due to the COVID-19 , there was a global shortage of essential medical equipment. As a result, many nations have implemented firm measures to address the shortages by importing machinery such as domestic medical device production.

KEY PLAYERS

The medical device market is competitive and fragmented, with several major players. Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthineers (Siemens AG), Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare all have a significant market share. Many of these companies are pursuing a variety of strategies in order to maintain their market share.

Some of the top medical devices companies playing role in 2020 -

  • Abbott laboratories
  • Johnson and Johnson
  • Medtronic
  • GE healthcare 
  • Philips
  • Stryker corp

Medical device companies mainly focus on reinventing, repositioning and reconfiguration. They decide the combination of products, intelligence and services which helps them to stand out from others in their customer's mind. Regional business in medical devices is mainly based on these 3 things. The main goal is to stay ahead in 2030. The major companies focus on relationships with their customers based on trust. They are not just providing services to the customer but also advising them about their individual care journey. 


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