This trend, coupled with surgeons’ willingness to adopt innovative technologies, provided they offer superior clinical outcomes, has considerably benefited the U.S. medical devices market.
New analysis from Frost & Sullivan (medicaldevices.frost.com), U.S. Medical Devices Market Outlook, finds that the market earned revenues of $75.57 billion in 2006 and estimates this to reach $138.99 billion in 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the U.S. medical devices market, then send an email to Melina Trevino, Corporate Communications, at mtrevino_pr[.]frost.com, your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
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. The spate of inventions has had a huge impact on the entire healthcare industry, making the medial device segment one of the leaders in the U.S. economy.
"The medical device industry has witnessed dramatic shifts from highly invasive surgical procedures to minimally invasive surgical techniques," says Frost & Sullivan Research Analyst Archana Swathy. "These methods offer patients reduced pain and discomfort, easing the burden on the healthcare setting."
Furthermore, 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 towards minimal invasiveness.
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, 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 Swathy. "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.
Manufacturers' product launches largely hinge on clinical evidence about the long- and short-term efficacy of the product involved. 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 will gain a substantial boost through stronger sales and marketing efforts targeted at primary care providers or their referred specialists.
U.S. Medical Devices Market Outlook is part of the Medical Devices Growth Partnership Service program, which also includes research in the following markets: orthopedic braces and supports, bone growth and spinal fusion stimulators, spinal surgery, and joint replacement. All research services 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.
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
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