The global medical device industry offers product line including implant, apparatus or any instruments that are used for the treatment, prevention or diagnosing the medical condition of the patient. The medical devices offer thermal, mechanical or physical means that helps in healthcare of the patients all over the world. Due to this, the industry is governed with strict rules and regulations of the government authorities.
Facts & Features
Since its inception, the growth of global medical device industry business is rapid all over the world. In US itself, the revenue from the sales of medical device is more than $98 million last year. Today, more and more companies are introducing new range of medical devices that needs to prescribed or used in daily life without any prescription. Due to these facts, the medical device industry market size will continue to grow at rapid rate even without medical device industry market segmentation
Major companies in this sector
Some top companies in this sector are Johnson & Johnson, Siemens AG, General Electrical Co., Medtronic Inc., Baxter International Inc., and Novartis. But, with continuous research and development in technology, these companies have to use different Brand Building & Positioning Tactics for facing tough competition in the market.
The major countries in medical industry business are USA, Canada, Europe, Australia, China and India.
One of the youngest industries in the world, medical device industry will be facing some major challenges in future market. The continuous changing market demographics, offer lot of potential for the sale of medical devices whereas, medical devices industry and changing global trends in constantly fluctuating economy and changing income may force the people to prune their purchase of non-essential medical devices.
Market size and share
As per medical device market share analysis, there is continuous demand in market due to ageing population all over the world to spur growth in market size and share of the industry.
Although, the contribution of medical device industry business is vital for global healthcare, but with continuous fluctuation in global economy, the companies in this sector looking at future forecasts regarding falling demands of non-vital medical devices. To counter this threat, the companies worldwide, have to review and improve their business models, industry policy and plans, cost structure and business strategies to capture new markets.