Revolution in the medical device industry has fully-fledged along with the demand for premium healthcare. The medical device sector covers broad range of applications with a wide variety of advanced products including dental equipment, diagnostic devices, cardiovascular devices, surgical equipment, medical equipment, ophthalmic devices, orthopedic and respiratory devices. Measurement solutions includes sensor applications & solutions, testing equipment and services, software testing solutions, instruments, equipment automation solutions etc. for the medical device industry.
Predominantly prominent technological advancement in recent years includes new developments in neurology, cardiology and Health IT (e.g. Information sharing, wireless devices, systems for monitoring the cardiac activity etc.) E.g. Experts have also recycled the nanosensors technology for the rapid detection of cancers. Partnerships and acquisitions have led to new technology in biomarkers, robotic assistance, implantable electronic devices, liquid bandages/wound dressings and ingestible diagnostic devices. Measurement solutions also continues to benefit from a new procedures of nanotechnology and micro-electro-mechanical systems (MEMS).
Global demand for overall measurement solutions for medical devices is mainly driven by rise in healthcare expenditures and greater attention to health care by emerging markets, rise in development of hospitals and specialty clinics, and establishment of public health insurance. In addition, overall demand is growing worldwide due to aging population in major markets and increasing global income levels in developing countries. The USFDA is functioning towards increasing the number of electronic applications for approval and has published suggested rules that would require electronic reporting of post-market medical device adverse events.
In recent years medical device industry is driven by innovation and the ongoing expedition for better ways of diagnosing medical hitches, future growth scenarios for this sector remain positive. Further, global management of standards and regulatory requirements may help simplify overall market growth. Measurement solutions for the medical devices are now creating an intensive market to keep patients healthier and minimize costs by neglecting unnecessary hospitalizations. This adoption is really a value based shift payment for medical device providers.
Geographically, the measurement solutions for the medical device industry is segmented into five regions, namely North America, Latin America, Europe, Asia Pacific & Middle East and Africa. North America medical device sector is expected to persist highly competitive globally. Measurement solutions for the medical device industry is an accepted, necessary component of the U.S. healthcare system. Rise in number of multinational medical device manufacturing firms are looking for regulatory approval for their products in more countries worldwide.
Medical device solution providers are now more focused in expanding the product portfolio in other developing regions to drive future growth. For e.g., more demand for medical devices in Asia pacific is increasing at a higher rate compared to developed countries. In Asia pacific regions electronics and medical device industries are starting to make acquisitions, now improving the efficiency of the healthcare delivery system as well as workforce in other sectors too.
Measurement solutions for the medical devices needs a complete understanding of equipment operation, device automation, application and testing. Manufacturers are launching innovative products such as sensors, testing equipment, scanners, measurement systems or any other measurement solutions with a high degree of expertise. Measurement solution for medical devices demands more safety and quality measurement protocols.
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Medical device development faces specific challenges that also affect most companies these days mainly due to increased competition in sales and service in the international market, also facing issues in the durability and development of advanced automated solutions.