Measurement Solutions for the Medical Device Industry: Overview
Revolution in the medical device industry has fully-fledged along with the demand for premium healthcare. The medical device sector covers broad range of applications with a wide variety of advanced products including dental equipment, diagnostic devices, cardiovascular devices, surgical equipment, medical equipment, ophthalmic devices, orthopedic and respiratory devices. Measurement solutions includes sensor applications & solutions, testing equipment and services, software testing solutions, instruments, equipment automation solutions etc. for the medical device industry. Predominantly prominent technological advancement in recent years includes new developments in neurology, cardiology and Health IT (e.g. Information sharing, wireless devices, systems for monitoring the cardiac activity etc.) E.g. Experts have also recycled the nanosensors technology for the rapid detection of cancers. Partnerships and acquisitions have led to new technology in biomarkers, robotic assistance, implantable electronic devices, liquid bandages/wound dressings and ingestible diagnostic devices. Measurement solutions also continues to benefit from a new procedures of nanotechnology and micro-electro-mechanical systems (MEMS).
Drivers and Restraints
Global demand for overall measurement solutions for medical devices is mainly driven by rise in healthcare expenditures and greater attention to health care by emerging markets, rise in development of hospitals and specialty clinics, and establishment of public health insurance. In addition, overall demand is growing worldwide due to aging population in major markets and increasing global income levels in developing countries. The USFDA is functioning towards increasing the number of electronic applications for approval and has published suggested rules that would require electronic reporting of post-market medical device adverse events. In recent years medical device industry is driven by innovation and the ongoing expedition for better ways of diagnosing medical hitches, future growth scenarios for this sector remain positive. Further, global management of standards and regulatory requirements may help simplify overall market growth. Measurement solutions for the medical devices are now creating an intensive market to keep patients healthier and minimize costs by neglecting unnecessary hospitalizations. This adoption is really a value based shift payment for medical device providers.
Global Ventilators Market: Segmentation
The Global Ventilators Market market can be segmented as follows:
Global ventilator accessories market by Device Type
- Drug Delivery Devices
- Surgical Tools
- Robotic Surgery
- Therapeutic Devices
- Others (Sensors, Digital Software etc.)
Global Ventilators Market, by End User
- Ambulatory Surgery Centres
- Emergency Medical Services
- Long term care centres
- Home Care Settings
Geographically, the measurement solutions for the medical device industry is segmented into five regions, namely North America, Latin America, Europe, Asia Pacific & Middle East and Africa. North America medical device sector is expected to persist highly competitive globally. Measurement solutions for the medical device industry is an accepted, necessary component of the U.S. healthcare system. Rise in number of multinational medical device manufacturing firms are looking for regulatory approval for their products in more countries worldwide. Medical device solution providers are now more focused in expanding the product portfolio in other developing regions to drive future growth. For e.g., more demand for medical devices in Asia pacific is increasing at a higher rate compared to developed countries. In Asia pacific regions electronics and medical device industries are starting to make acquisitions, now improving the efficiency of the healthcare delivery system as well as workforce in other sectors too.
Measurement solutions for the medical devices needs a complete understanding of equipment operation, device automation, application and testing. Manufacturers are launching innovative products such as sensors, testing equipment, scanners, measurement systems or any other measurement solutions with a high degree of expertise. Measurement solution for medical devices demands more safety and quality measurement protocols. Medical device development faces specific challenges that also affect most companies these days mainly due to increased competition in sales and service in the international market, also facing issues in the durability and development of advanced automated solutions.
Measurement Solutions for the Medical Device Industry: Key Players
The key players in the global Ebola Treatment market are
- Medtronic, Inc.
- Johnson & Johnson.
- General Electric Co.
- Siemens AG.
- Baxter International Inc.
- Fresenius Medical Care AG & Co. KGAA.
- Koninklijke Philips Electronics NV.
- Covidien plc.
- Toshiba Corp.
- Hospira Inc.
- CareFusion Corp.
- Bayer AG
- DENTSPLY International Inc.
- Hoya Corp.
- Paul Hartmann AG
- 34 Hitachi Medical Corp.
Globally, the manufacturers of medical devises have implemented the strategies such as merger and acquisition, and technology advancements such as use of latest technology by using sensors and mobile applications (apps). The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, and applications.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.