Use of medical devices for home based diagnosis and treatment of medical conditions is increasing. Technological developments in devices such as glucose monitors, insulin delivery devices, nebulizers and oxygen concentrators have enabled diagnosis and monitoring of many diseases at home. Remote control technology is also allowing healthcare professionals to support home based treatments which is leading to preference for home and self-care treatment.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL MEDICAL EQUIPMENT MARKET SIZE TO GROW TO $448 BILLION BY 2021
Asia Pacific was the largest region in the medical equipment market in 2017, accounting for nearly one-third of the market share.
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According to The Business Research Company’s Consultant, Oliver Guirdham, device performance and patient data is available to healthcare service providers helping them to improve patient monitoring and overall care quality. Some companies are integrating medical device data with EMR (Electronic Medical Records) to improve transparency and collaboration. As consumer wearables are becoming more common, patient data volumes are increasing and companies are investing in deploying data management, warehousing and security technologies. For example, Medtronic launched a tool to augment their cardiac devices to securely transfer device data to doctors and allow them to monitor the critical health indicators of their patients.
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The top five medical equipment manufacturers covered are Medtronic plc, Johnson & Johnson Inc., Philips Healthcare, GE Healthcare and Siemens Healthcare. Medtronic plc was the largest player in the medical equipment industry in 2017, with revenues of $30 billion in 2017. The growth strategy of Medtronic involves building synergies and cutting down costs. For Example, by merging with Covidien, Medtronic is targeting earnings of $350 million in 2016 and $850 million by end of 2018.
Medical equipment devices are designed to aid diagnosis, monitoring or treatment of medical conditions. The medical equipment market is segmented into In-Vitro Diagnostics, Cardiovascular Devices, Diagnostic Equipment, Orthopedic Devices, Hospital Supplies, Ophthalmic Devices, Nephrology And Urology Devices, Patient Monitoring Devices, Dental Equipment And Supplies, Wound Care Devices, Diabetes Care Devices, Surgical Equipment, ENT Devices, Anesthesia And Respiratory Devices and Neurology Devices.
Medical Equipment Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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