On the horizon: Medical devices to watch

The medical device industry is now more researched and developed than ever before. The global medical device industry is forecast to expand and reach 6.2% p.a. in the coming years. Between the years of 2007 and 2013, the market increased with an average annual growth of 7.0%.

At present, electro diagnostic devices account for 12.7% of the global demand while the remaining market share is divided between other areas, including: orthopaedic and fracture devices accounting for 7.9%; X-ray devices accounting for 3.8%; and dental devices and instruments using 2.4% of the global demand. 

China, Germany, Italy, Japan, and the United States represent the largest medical device markets while the strongest annual growth is forecast to occur in: Greece (14.8%); Macedonia (12.4%); Sri Lanka (12.3%); Kazakhstan (11.7%); and Bolivia (11.1%).

The growth of medical devices can be due to the expected increase in the cardiovascular products, orthopaedics and devices that enable less invasive medical procedures. This is a motivation for the medical device industry to innovate in this area; patients’ having the ability to take care of their own health is now a paramount requirement. With a shortage of doctors and nurses in hospitals, this opens up a gap in the market for medical devices as patients will be able to take their health into their own hands.

The North America medical wearable devices market was worth more than $1 billion in revenue in 2012 and is expected to cross $3.6 billion in 2019, growing at a healthy CAGR of 26.19% from 2014 to 2019. The main contenders in the market are Fitbit, Inc., Philips Electronics, Polar Electro etc.

The growth of interest in wearable devices in North America is driven by many factors, the most important of which is technological innovations. Other factors promoting the growth in this area of the market includes the increasing incidences of chronic diseases and the ease of use and interpretation of medical devices. Factors constraining the growth include reimbursement issues and the high costs of the devices.

Hospitals around the world are starting to make use of iPads, for example some hospitals have installed kiosks where patients, visitors and medical staff can use the mounted tablet to look up information about the hospital. Massachusetts General Hospital in Boston has started using iPads to access up-to-date clinical information before and during consultations with patients.

Apple has launched many medical applications (apps) for doctors and patients to use from their Apple devices. Their latest being ResearchKit which has been set to revolutionise medical studies. Some hospitals have even begun developing their own apps to use. Ottawa Hospital in Ontario, Canada started research for developing apps back in 2008. They launched their iPad-based HER software in January 2011. To begin with it only allowed medical staff to view HER data; however they have since developed it to allow clinicians to order medication using the software.