The medical devices effectively suggest numerous benefits to the patients by helping the healthcare providers treat and diagnose the patients and banking up the patients in advancing their quality of life. However, smartphones play a momentous role in the healthcare industry. The effective growth in implementation of smartphones globally, growing demand for the wireless & smartphone-compatible medical devices, growing awareness and aim on the health & fitness, and growing requirement for home healthcare are factors anticipated to influence the market growth.
Although, as deaths owing to drug overdose have been growing, a number of regions are announcing strict laws with esteem to the drug consumption; this has provided a push to the market of drug abuse testing devices. To begin with, the traditional samples such as urine and oral fluid were optimized the maximum, however, with duration there has been an alteration towards more appropriate samples such as hair and fingerprint devices which practice sweat as its sample to perceive the drugs that an individual has expended. As more workplaces and schools are announcing random drug testing practices, the requirement for drug abuse testing devices has been repetitively increasing.
Medical devices market growth analysis states that mergers and acquisitions would help great companies to enlarge into fresh market sectors and industry would observe further consolidation during future. Along with this, the increasing awareness amongst the consumers and initiatives taken by the governments of several regions to curb drug consumption is anticipated to underwrite to further growth in the industry.
The growth of medical equipment industry was maintained by an augment in public healthcare disbursement, growth in healthcare infrastructure across the country and an increase in the ageing populace. The market was witnessed to be in the growth stage and will endure to remain so in the forthcoming years. The requirement for low-cost devices and inexpensive cost per test along with a modification in decision making authority from doctors to hospital supervision has suggestively exaggerated the growth in the market and has transformed the obtaining landscape in the industry.
The medical device market of India will enlarge at the double-digit growth rate in the reviewed duration FY’2019-FY’2023. In vitro device market is projected to account the major revenue share in the industry followed by a patient assistance device market. The import of IVD devices wills completely propels the IVD market while the sale of IVD devices will principally be made via distributors in the subcontinent. POCT and Immuno chemistry will collect highest share in the revenue pie of the IVD device market. The diagnostic imaging market is projected to observe major revenue of the market being arrested by MRI and CT device. The medical device market is projected to observe innovation and improvement of cost effective technologies due to increasing investments and will also observe growth in domestic producing of several forms of devices due to government’s efforts to decrease import bill. In patient aid industry, the orthopedic device will lead the market with maximum revenue market share followed by hospital furniture industry while hearing aid market is projected to realize greater revenue due to technological modernizations in the market. Therefore, in the near years, it is anticipated that the market of medical devices will increase around the globe more effectively over the forthcoming years.
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Medical Devices Market Competition
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