Medical devices market is the fastest increasing market worldwide due to its extensive use in hospitals, research and development centers, educational institutes and clinical laboratories. Medical devices market is majorly classified into seven categories including diagnostic imaging devices, drug delivery devices, molecular diagnostic, surgical devices, monitoring devices, bioimplants and neurostimulation, and others.
Following are the highlights of the various segments of the medical devices market:
Diagnostic imaging devices are the devices used for diagnosing disease condition. Diagnostic devices market is further differentiated into:
· Magnetic resonance imaging (MRI)
· Computed Tomography (CT) scan
· X-ray systems
· Ultrasound imaging systems
· Nuclear Imaging Systems (Positron Emisson Tomography (PET), SPECT (Single photon emission computed tomography))
· Electrocardiography (ECG)
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Drug delivery devices are the devices and accessories which are helpful in performing drug administration. This market consists of:
· Inhaler devices (dry powder inhalers and metered dose inhalers)
· Nebulizers
· Microneedles
· Pre-filled syringes (PFS) (glass PFS and plastic PFS)
· Pen injectors
· Auto injectors
· Needle free injectors
Molecular diagnostic devices are specialized to test nucleic acid or proteins. This category of medical devices includes:
· Polymerase chain reaction (PCRs)
· Microarrays
Surgical devices are devices majorly used during both invasive and non-invasive surgery including:
· Handheld instruments (forceps, spatula, dialator)
· Guiding devices (guiding catheters and guidewires)
· Auxiliary devices (cannula, staplers, clamp, closure)
· Balloon inflation systems
· Mechanical cutters (trocar, rasp, scissors)
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Monitoring Devices are the devices which are used for keeping the record of patient after the treatment. This category of devices consists of:
· Heart rate monitors (Holter monitors, Event monitors, Implantable loop monitors)
· Blood pressure monitoring system
· Blood Glucose monitors
· Thermometers
· Body mass index analyzers
Bioimplants and neurostimulation market include the devices which are implanted inside the body for treatment of the disease condition. This segment of market is differentiated into:
· Cardiovascular Implants (pacing devices, stents, structural cardiac implants)
· Spinal implants (thoracolumbar Implants, Intervertebral Spacers, Machined Allograft Spacers, Cervical Implants)
· Orthopedics and Trauma (reconstructive joint replacements, orthobiologics, trauma implants)
· Dental implants (plate form and root form dental implants)
· Opthalmic implants (intraocular lens, glaucoma and other lenses)
· Neurostimulator implants (cortical stimulators, deep brain stimulators, sacral nerve stimulators, spinal stimulators)
· Hearing aids
· Cosmetic implants
Others: This category of medical devices include all the accessories and material which are helpful in performing medical procedures such as
· Syringes
· Gloves
· Medical and surgical sterilizers
· Needles
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The medical devices market is showing continuous growth driven by various factors such as rise in aging population, innovations in medical devices, changing lifestyles and increasing awareness about the medical conditions and available treatments. Diagnostic imaging devices segment is the major revenue generating market for medical devices market due to extensive research and development. Other major revenue segment for medical devices market is bioimplants and neurostimulation specifically in markets of North America and Europe due to increasing demand for cosmetic implants and economic stability in these regions.
North America leads in the medical devices market followed by the Europe majorly because of aging population. According to the data of Centers for Disease Control and Prevention (CDS), in 2010 40 million people aged 65 and above in United States accounting for 13% of the total population and CDC projected that around 20% of the population in the country would be under this category by 2030. Market of Asia-Pacific is also growing at faster pace for medical devices majorly driven by the growing economies of Japan, China and India. The key players in the market include Stryker Corporation, Johnson & Johnson, Philips Healthcare, Siemens Healthcare, GE Healthcare, Toshiba Medical Systems, Boston Scientific Corporation, St. Jude Medical, Inc., Biomet, Inc. and Smith and Nephew. Among all of the above Stryker Corporation and Johnson & Johnson are currently dominating medical devices markets.
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