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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