Growing Potential of Medical Device Technologies in Clinical Diagnostics and Therapeutics to achieve Sustainable Healthcare
Published On : Nov 27, 2018 | Category : Healthcare
The constant drive for medical device technologies has stemmed from the need for more effectiveness, sustainability, and the quality of care in the healthcare industries across the globe. In recent decades, the healthcare sector has witnessed the launch of a number of medical devices that promises to transform the areas of clinical diagnostics and therapeutics. To this end, an assortment of medical devices with increased efficacy and safety profiles have been devised by device manufacturers. The use of these medical device technologies continues to make considerable influence on the clinical procedural efficiency and prognosis of diseases, especially chronic and life-threatening ones. In addition, the use of various medical device technologies, notably in vitro diagnostic devices, has also helped in bringing down the rate of hospitalization and reducing the risk of mortality. These factors have been increasingly instrumental in the evolution of the medical device technologies market.
The rising demand for cutting-edge in vitro diagnostic devices has opened new frontiers in the medical device technologies market and the overall prospects are nothing short of vast. To put this in perspective, the global market is projected to reach a worth of US$563,886.5 million by the end of 2025, according to a report by Transparency Market Research.
Demand to gain Momentum from Rising Role of In Vitro Diagnostics in Overall Healthcare
Medical device technologies can be used in a wide range of applications areas. Crucial of them can be for in vitro diagnostics, diagnostic imaging, cardiology, ophthalmology, orthopedics, endoscopy, diabetes care, wound management, anesthesia and respiratory care, and dialysis devices. Apart from this, other key medical device technologies pertain to hospital supply, dental care, and drug delivery systems. Of the wide array of devices, the market is expected to receive a notably robust momentum from in vitro diagnostics, which are used to detect diseases and also to monitor the overall health of patients.
The demand for in vitro diagnostics is poised to greatly benefit from the rising demand for minimally-invasive medical devices. The rising incidence of infectious diseases, coupled with rising awareness about their morbidity, also bears well on the prospects of the medical device technologies market. Furthermore, the growing health burden of chronic diseases, especially in developing and developed countries, is bolstering the uptake of in vitro diagnostics. The growing number of devices that has been approved by various regulatory agencies, such as the U.S. FDA, has paved way for lucrative avenues for manufacturers in the global medical device technologies market.
Technology-driven Patient Care to support New Paradigms in Health Care
The healthcare industries are embracing the growing influence of technology-driven patient care. The progress in this direction rides on the back of growing automation and digitization characterizing the healthcare services delivery in various parts of the world. In the coming years, the growing adoption of automated medical and clinical processes by patients will lead to increased traction that medical device technologies will get in patient care. The advent of innovative medical devices in the past few years in developed markets has further raised the ante for incumbent players and companies mulling an entry. In recent years, companies, including those from other industries, have made a foray in the medical device technologies market.
On the regional front, North America and Europe have been at the forefront of the global medical device technologies market. The presence of several globally prominent manufacturers in these regions will underpin the attractiveness of these markets.