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Overview of Medical Device Regulations

Admin
Pharma Industry
20 May 2024

In diagnosis, treatment and monitoring of patients within the healthcare sector health equipment has a crucial role to play. These tools, ranging from simple thermometers to sophisticated imaging equipment that is needed across the entire medical landscape, are essential for healthcare professionals. In this blog, we're going to look at the world of medical device companies, their definition, global market size, current and future trends, the Indian scenario, and the top medical device companies in 2024.

Definition:

A wide range of tools, apparatus and equipment used in health care facilities are covered by medical instruments. They're used for a variety of purposes, such as diagnosis, treatment, monitoring and disease prevention. Examples include surgical tools, diagnostics imaging machines, patients' monitors and implanted devices.

Market Size and Trends

Over the years, the global market for medical devices has grown considerably. Some key points are given in this article.

Market Size:

The global market for medical devices was valued at around USD 518.46 billion in 2023 and is expected to reach approximately USD 886.80 billion by 2032, a compound annual growth rate of 6.3 % over the forecast period. (Courtesy: Fortune Business Insights)
The market size of medical device manufacturers in the United States was $243.4 billion in 2023 and is expected to grow at a compound annual growth rate of 5.8% between 2024 and 2030. (Courtesy: Grand View Research)

Future Trends (2024 and beyond):

Digital Therapeutics: Software-based medical devices (digital therapeutics) are gaining prominence. In this way, these AI driven tools allow doctors to virtually treat, manage and prevent a variety of illnesses, improve patient care and make it easier for them to work.
Biometric Devices and Wearable Technology: Wearable health devices, such as fitness trackers and smartwatches, are becoming more sophisticated. They're enabling continuous monitoring and personalized health information.
Weight Loss Drugs: The development of weight loss drugs and treatments is expected to have an impact on the medical device market.
European Union Challenges: Enterprises operating in the EU face market challenges linked to regulation and compliance.
Speed to Market: Speeding up the development and regulatory approval of products is essential in order to remain competitive.
Inclusivity and Access: Efforts are being made to ensure that all categories of the population have access to medical devices facilities.
Sustainability and ESG: Increasing attention to the sustainability of the environment and corporate societal responsibility.
Generative AI in Manufacturing and Distribution: AI driven solutions to optimize production and distribution processes.

Indian Scenario

India's medical device industry is booming and expanding quickly:

Market Growth: (Courtesy: www.niir.org)

India's medical device sector is expected to grow to 50 billion US dollars by 2025, thanks to factors such as higher healthcare spending and favorable government policy.
In order to demonstrate the confidence of international investors in India's market, this Automatic Method enables 100% FDI within both brownfield projects and greenfield projects.

Top 10 Medical Devices Companies in India (Projected for 2024):

While there are several notable medical instruments company, here are some that stand out: (Courtesy: The healthcare technology report)

GE Healthcare: GE Healthcare is a global leader in medical technology, specializing in the development of digital solutions such as ultrasound equipment and patient monitoring.
Insulet: Insulet is committed to making life easier for people with diabetes by offering innovative insulin delivery solutions.
Aspen: A leader in orthotics, serving trauma centers in the United States, Aspen contributes significantly to the medical bracing industry.
Other companies (Courtesy: www.inventiva.co.in)

LegWorks, ComeBack Mobility, Proov, Senzo, Polycarbin, ABLE Human Motion, and Garwood Medical Devices are also making waves in the Indian market.

Conclusion

Essentially, new technologies, rules and a focus on improving the patient's condition keep changing the med device industry. Whether it's digital treatments, gadgets you can wear, or eco-friendly practices, these things decide how healthcare will be in the future, all around the world.

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