1. Market Research
  2. > Healthcare Market Trends
  3. > Medical Device

Medical Device Industry Overview: Newest Market Reports & Studies

  • Currently 4/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
46 votes

Global Medical Device Market Research

As with most industries, the global medical device industry (a segment of the healthcare industry)  was not untouched by the economic crisis, though it has not deterred the industry’s overall growth. Smaller firms, unable to pick up the slack of product development costs previously covered by venture capital investors - now made more cautious by the economic slump - were obliged to curb their activity. Some other small firms, however, chose to merge with larger firms, thereby continuing technological advances without bearing the full burden of the cost. Domestic and international acquisitions and mergers allow a cross-border sharing of resources and knowledge, facilitating continued medical technology innovation despite the tough economic climate.

More evident challenges to the medical device sector include taxes on products in overseas markets as well as incongruous foreign regulatory controls and varying implementation of standards.

Medical Equipment Key Players & Regional Markets

The medical device industry covers a wide spectrum of products used in the treatment of patients, including cardiovascular devicesin-vitro diagnostic equipment, diagnostic devicesorthopedic devices, respiratory devicesdialysis devicesendoscopic devices, patient monitoring equipment, dental equipment,  ophthalmic device, and surgical equipment. In the US, medical devices are recognized as such in a book of public pharmacopeial standards, called the United States Pharmacopeia–National Formulary (USP– NF), and its supplements.

Top names in the industry include such medical technology leaders as Johnson & Johnson, Abbott Labs (ranked 69), Medtronic (ranked 158), Baxter (ranked 192), Boston Scientific, GE Healthcare Technologies, Becton Dickinson, St. Jude, Stryker Corporation and Beckman Coulter.

Regionally speaking, the US is the leading competitor, holding in excess of 40% of the world medical device market, reports Exvere private investment bank. The US is not only an important player in manufacturing and exporting medical device products but also creates about half of global market demand. It imports lower-technology medical device products, with a notable share coming from China, and tends to export higher-technology device products. While the US may see its stakes in the global market rise in the event of taxes being lowered, practices standardized and standards harmonized, it would also see more staunch foreign competition from countries that, even if they lag behind in innovation or expertise, could compete through the cheaper production of lower-technology medical devices.

Growing domestic production of lower-technology devices not just in China but also in India, Korea, Taiwan, and Brazil will help those nations become relative competitors to the US in the future; though the US is set to remain at the top of the higher-technology device market for some time.

While demand for medical devices in developed regions such as Japan, Canada, the EU and the US remains steady with annual growth rates of between 3% and 5%, developing regions are to prove lucrative for US exports, with demand in countries such as India and China showing more than twice the rate of developed countries. China’s sizeable population and healthy economic growth make it an increasingly promising target market. India equally shows potential as an export market for the US medical device sector due to its ever-more affluent population and strong accompanying private healthcare system.

At the moment Germany and the Netherlands are key competitors to the US for market share in higher-technology medical devices. However, some companies, such as Dutch firm Philips Electronics, are not completely independent players in so far as a good deal of their production is carried out in the US.

Medical Device Product Life Cycle

To enter the marketplace, medical devices must comply with pre-defined product life cycle parameters intended to maximize patient safety and ensure the highest quality standards. The product life cycle can be divided into three main phases. The first phase, or early product life cycle, consists of a product concept with its relevant market strategy and financing. The second phase, or the middle product life cycle, involves manufacturing and validation through clinical trials along with packaging and labeling. Lastly, the late product life-cycle phase consists of not only the market launch of the medical device but also market analysis that subsequently impacts on successive generations of the product.

Read more »

Share
24/7 Customer Support

Talk to Sam

+1 646 893 5945

57 Reports
Market Size, Demand, Company
270 Statistics
Market Size, Demand, Market
340 Reports
Demand, Market Size, Company Financials
820 Statistics
Market Size, Finance, Demand
53 Reports
Market Size, Trade, Forecast
190 Statistics
Market Size, Demand, Finance
62 Reports
Market Size, Demand, Company Financials
220 Statistics
Market Size, Finance, Company Financials
23 Reports
Supply, Company, Demographic
75 Statistics
Demographic, Market Size, Finance
28 Reports
Market Size, Trade, Forecast
100 Statistics
Market Size, Market, Demand
25 Reports
Demographic, Demand, Trade
64 Statistics
Demographic, Market Size, Environment
6 Reports
Demographic, Trade, Market Size
33 Statistics
Demographic, Market Size, Company
13 Reports
Company Financials, Market Size, Demand
190 Statistics
Market Size, Demand, Market
9 Reports
Market Size, Demand, Trade
47 Statistics
Market Size, Finance, Company Financials

About 20000 reports

Purchase Reports From Reputable Market Research Publishers
(From $ 75 - $ 52500)

Cancer Biomarkers Market by Type, Cancer Type, Profiling Technology, Application - Global Forecast to 2022

Cancer Biomarkers Market: Global Forecast until 2022

  • $ 7150
  • Industry report
  • October 2017
  • by MarketsandMarkets

“Global cancer biomarkers market projected to grow at CAGR of 12.2%”The global cancer biomarkers market is projected to reach USD 20.48 billion by 2022 from USD 11.53 billion in 2017, at a CAGR of ...

Ultrasound Market: Forecast until 2021 $ 7150 March 2017

Medical Electrodes Market: Global Forecast until 2022 $ 7000 September 2017

Cardiovascular Monitoring and Diagnostic Devices Indust ... $ 5795 August 2016

Peripheral Vascular Devices Market: Global Forecast unt ... $ 5650 January 2018

Clinical Laboratory Services Market: Global Forecasts u ... $ 5650 December 2017

Kidney/Renal Function Test Market: Global Forecast unti ... $ 5650 December 2017

Optometry/Eye Exam Equipment Market: Global Forecast un ... $ 5650 December 2017

EMS Products Market: Global Forecast until 2022 $ 5650 December 2017

Interventional Cardiology Devices Market: Global Foreca ... $ 5650 December 2017


ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.