A medical device is a device meant to be utilized for medical purposes. They benefit the doctors by making their work a lot easier and providing the patients a lot more safety in different medical procedures, or new procedures altogether.
Facts about companies providing such devices:
Medical device companies are companies which specialize in the research and development of new medical devices, or upgradation of existing devices, in terms of their safety, or ease of use, or cost effectiveness; and then the subsequent mass production and circulation of these devices in the regions they serve.
The medical devices industry is an essential and fast progressing arm of the industry of life sciences. Such companies are behind the mass production of a wide variety of products like surgical instruments, cardiac devices, wheelchairs and diagnostics which are used a lot in hospitals and other healthcare facilities.
As the industry is getting more and more sophisticated, the medical device companies are making technological advancements, big and small, at a faster rate than ever, which is leading to these companies growing exponentially.
This industry is regulated heavily by all world bodies and most national bodies, thus facing a lot of financial pressure. But the demand of the industry is such that it keeps on growing, and that too, at a fast rate worldwide. From the valuation of the market being around 250 billion USD in 2013 to it being valued at 389 billion USD in 2018, it has grown a lot and according to Kalorama Information’s prediction, it will be valued at 483.8 billion USD in 2022.
Some major global medical device industries, in no particular order, are:
- Medtronic
- Johnson & Johnson
- Siemens Healthineers
- Philips Healthcare
- Baxter
- Becton, Dickinson (BD)
- GE Healthcare
- Fresenius Medical Care
