A medical device is any device intended for medical purposes. Because using a device for medical purposes involves the potential for serious harm, a reasonable assurance check, that a medical device is safe and effective is necessary.
There has been significant growth in the Healthcare and medical device sectors, especially in India, in the last decade. The medical industry is very capital intensive, but it needs continuous training of healthcare system providers to adapt to emerging technologies. There is a big gap between the current demand and supply chain of medical devices in India, as India imports 70-80% of the medical devices demand.
Many medical device manufacturers, both Domestic and International, are now chasing this massive lack of penetration of medical devices in India as a significant growth opportunity. Medical devices are considered an essential component of Health Systems. The benefits they provide are crucial for preventing illnesses and diseases and diagnosing or treating them safely and effectively.
The Medical devices market is growing very fast as compared to other markets worldwide, following the technological trends in Healthcare to improve people’s health and welfare. There are currently more than 10,000 healthcare products and medical devices worldwide. The medical devices market in the Americas region is very important, as several countries have experienced rapid growth. Excluding some countries, all other countries import more than 80% of the medical demands for medical devices. However, patient safety and effective medical devices will be the first place for the countries.
High-quality, safe, and effective medical devices and clinical uses that are unsafe or restricted by regulatory procedures are in place to ensure public health benefits and the safety of patients, health professionals, and communities. Access to restricted equipment must be ensured. Medical devices differ both in their purpose and field of application. Examples range from simple, low-risk devices such as tongue medical thermometers, tongue depressors, toilet bowls, and disposable gloves to complex, high-risk implantable, life-sustaining devices. Examples of high-risk devices include pacemakers and other devices with embedded software that help perform medical tests, implants, and prosthetics. Medical device design is an essential subfield of biomedical engineering.
Main Key Players: The leading key players of the industry are the following- Philips, Fresenius Medical Care, Siemens Healthineers, Becton Dickinson & Company, Johnson & Johnson, and Other key players.
Our Life Science category segmentation encompasses:
Pharmaceuticals Read More ▾