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U.S. Medical Devices Market Outlook 2008
Frost & Sullivan, Feb 2008, Pages: 231
This Frost & Sullivan research service titled U.S. Medical Devices Market Outlook provides an analysis of the market trends, dynamics, and revenues. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: cardiology, orthopedics, general surgery, endoscopy, neurology, urology, ophthalmology, cosmetic and aesthetics, hearing and audiology, wound care, respiratory and anesthesia, infusion systems, mobility aids, disinfection, and sterilization.
Market Overview
Patients’ Desire for Better Quality of Life Encourages Adoption of Novel Medical Devices
The medical devices market’s R&D efforts have to match the pace of innovations across all segments of treatment, as hospitals are looking to reduce surgery and recovery times and offer surgeons with better treatment options. Greater awareness of the availability of improved therapies is prompting patients to demand treatments that enable them to lead productive lives post surgery. Surgeons too are showing a willingness to adopt innovative technologies, provided medical device companies can convince them of the superior clinical outcomes of their products.
'The medical device industry has witnessed dramatic shifts from highly invasive surgical procedures to minimally invasive surgical techniques,' says the analyst of this research service. 'These methods offer patients reduced pain and discomfort, easing the burden on the healthcare setting.' This shift has also helped decrease the number of inpatient procedures and wait for surgeries wherever applicable. Even segments currently involving invasive approaches are likely to witness transition toward minimal invasiveness. Such trailblazing inventions in the medical device market have a huge influence on the entire healthcare industry, and hence the U.S. economy.
Device Manufacturers Need to Establish the Clinical Efficiency of Products to Avoid Product Recalls
Despite the sophistication of technology and the expertise that goes into product development, there have been extensive product recalls and reports of device-related deaths. These incidents have cost the market dear, since eroding customer confidence and disinterest in a therapy have impeded device penetration and market expansion. 'Using the most cost-efficient materials is a critical component in the design of medical devices in order to ensure affordable healthcare technology,' notes the analyst. 'Moreover, it would be impracticable to monitor a device performance for seven to eight years before product launch.' Therefore, manufacturers must rely on projections and assumptions, which may not provide an accurate analysis of product reliability.
The medical device market can regain customers by establishing the results of clinical trials. These trials will eliminate the apprehensions of late adopters. Positive clinical trial data will also greatly help increase the reimbursement coverage for devices and procedures. The market is also expected to gain a substantial boost through stronger sales and marketing efforts targeted at primary care providers or their referred specialists.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
-Cardiology
-Orthopedics
-General surgery
-Endoscopy
-Neurology
-Urology
-Ophthalmology
-Cosmetic and aesthetics
-Hearing and audiology
-Wound care
-Respiratory and anesthesia
-Infusion systems
-Mobility aids
-Disinfection
-Sterilization
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