The medical technology industry is an ever-growing one, constantly fuelled by increasing demand from the medical fraternity. Ground-breaking innovations such as drug eluting stents, cardiac rhythm management devices, joint replacements, intravascular ultrasound, endoscopes, minimally invasive surgical devices, surgical staplers, and lasers in medicine have increased longevity and life expectancy.
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These innovations have dramatically improved overall treatment options for doctors and other medical practitioners by reducing the associated efforts and delivery time.
"Devices such as hearing aids, dental products and ophthalmic goods, which affect patients' day-to-day lives have also witnessed significant changes in structure and design to aid patients to lead a more normal life," notes Frost & Sullivan (medicaldevices.frost.com) Healthcare Industry Manager Vaishnavi Ananthanarayanan. "Trends in the medical technology industry are predominantly based on the consolidation of technology to offer more options and versatility in a single equipment or system, and technology-driven user-friendly solutions backed by efficient service."
Apart from the United States being the largest market for medical technology, it is characterized by very high growth potential. It has been the cradle of innovation for many a revolutionary technology, with companies having spent an average of 11.4 percent of their sales on research and development in 2002.
In the past decade, home-based care has gained rapid importance in the United States. This segment, which holds high potential for growth and innovation, has been another strong focus area of the medical technology industry.
The diagnostics and reagents sector of the medical device industry has demonstrated extensive R&D, with a focus to customize solutions and provide more accurate diagnosis.
"FDA regulatory requirements and the cost of clinical trials and research have been amongst the top influencing factors for the development of new medical technology," states Vaishnavi. "Being the largest in terms of population, production of medical devices, and R&D, the overall medical technology industry in the United States is extremely dynamic and holds high potential for growth."
U.S. Healthcare Databook 2007 is part of the Medical Devices Growth Partnership Service, which also includes research on U.S. medical devices and the U.S. orthopedic market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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