Medical devices are witnessing continuous innovations owing to the increasing emphasis to deliver patient safety through excellent quality and eco- friendly products. Medical devices are the instruments or appliances used on the human body for diagnosis & prevention of disease. The general public and health organisations utilise these as per the standard set of rules and regulations. Healthcare sector is one of the leading innovation industries in contrast with other industries as it ranges from simple bedpans to complex pacemakers with micro-chip technology and laser surgical devices. Additionally, lab equipment, test kits and so on products are witnessed tremendous developments regarding technologies integration and medical connectivity. The design and development of technology play a crucial role in its rapid rise in the field, and these are mechanical rather than chemical.
Medtronic PLC Company is known as the world largest medical device company and is working on chronic diseases equipment to reshape the way to manage. Today, healthcare diagnostics uses tablets, smartphones for interface and smartwatches are likely to replace this equipment in the next few years. For future aspects, medical device companies require 3 key attributes: value, agility and capability. To help patients in managing their health, healthcare organisations are integrating advanced devices and below are few medical devices with its present and future possibilities concerning technologies and growth.
Types of Medical Devices
|DEVICE NAME||PRESENT POSSIBILITY||FUTURE POSSIBILITY|
|Powered Algesimeter||Plant-based cosmetics||The new E-skin heal and recycle itself and 3D print on the skin.|
|Denture||Branching technique||Atlas Denture comfort makes people feel their teeth.|
|First Aid Devices||Easy to use with packaging specific injuries||A watch that transforms our health – hope, abnormal or severe|
Besides cost and pricing pressure, digital transformation is the significant trend which will turn to commercialise in the coming years and manufacturers are likely to concentrate on future because of the rising need of medical devices for chronic diseases treatments. As per the Envision Inteligence analysis, medical devices market device is expected to reach nearly $500.36 Billion by 2024 with U.S, Germany, Japan, Canada, Australia, Mexico, Saudi Arabia
The top medical device companies in 2018 are listed below with its revenue.
|Name of the company||Revenue(Billion)|
|Johnson & Johnson||$26.6|
|Philips Health Care||$20.7|
|GE Health Care||$19.1|
Medical devices companies in 2017 witnessed positive growth prospects due to the below reasons:
The top medical device companies in 2017 are mentioned along with its innovative devices.
|Medical device companies||devices in 2017|
|Abbott||Heart failure monitoring system|
|Boston Scientific||Spyglass examination of bile ducts|
|BrainScope||Head injury device- BrainScope One|
|Integra LifeSciences||Dermal regeneration matrix|
|Johnson & Johnson||Attune Knee System|
The remarkable growth of medical device is observed in India at a CAGR of 17% over the last five years and expected for the tremendous mark in both increases of consumers and device companies. The increase of the ageing population, conscious toward health in this fast nature lifestyle are some factors will drive the medical device companies in the forecast period. India ranks in place of 20 across the worldwide medical device market by top companies that drive the market growth. The medical device companies in India are Johnson& Johnson, Electric Co, Becton Dickinson India, OPTO CIRCUITS.
Top medical device companies the UK
|Accrington Surgical||Orthopedic, cardiovascular & generic pedic|
|Advanced Medical Solutions||Wound care|
|Bespak||Drug delivery system|
|Brandon Medical||Control panels & Emergency power systems|
|Diomed Lasers||Surgical Lasers|
|Electro Medical Equipment||Diagnostic & Respiratory products|
Top medical device companies to work for future development on various aspects like
- Big Data and machine learning – reshape the health care in all available stages by biomarkers to physically or emotionally affected people.
- Robotic and AI in Medical Devices in which robotics for chronic diseases, surgeries and repairs in internal stomach wounds, AI is used to manage the vast amount of patient’s data in health services.
- Additionally, cybersecurity of medical devices, considered as one of the future for healthcare which easing pressures on public health budgets and insufficient resources.
- Internet of medical devices offers various benefits like monitoring from a remote distance to live time data which help to supply material.
- Big Tech companies are concerned in medical technology like Apple, Alphabet, Amazon, Facebook and Microsoft all these are next to innovations to mobile devices as a platform for diagnosis for diabetes, cardiac diseases also connecting a group of patients with researchers for clinical purpose and creating new channels.
- APPLE has a collaboration with Stanford Medicine which will launch the Heart study App could be Apple’s first app. Johnson & Johnson has entered a collaboration with Bird rock Bio, Focused on developing treatments like obesity, diabetes, non- alcoholic Steatohepatitis (NASH) and also collaborated with Amorsa Therapeutics to develop a new treatment for depression. Medical device companies will drive the future of innovation and increase the speed of the market through collaborations.