The medical devices bargains numerous benefits to the patients by supporting the health care providers cure and diagnose patients and supporting patients in developing their quality of life. The effective growth in the population, the increasing prevalence of the chronic situations, along with the growth in surgical process, and complex surgeries are predicted to boom the worldwide medical devices market throughout the review duration.
However, the Brazil medical equipment industry is exceedingly fragmented there are more than 100 enterprises which are functioning in this industry catering to the requirements of the market via distributors who import their products and sell them in the market as well as producers who produce the devices and components locally. Dependent on the medical devices market research report, the players in the market participate on the basis of price, quality, technology, branding and marketing, broadening in the product portfolio, preventive preservation and service, customer retention and relationship, accreditations and volume. Some of the captain players in the industry embrace J&J Medical, Medtronic, Baxter International, Becton and Dickinson, Boston Scientific and B Braun.
Players in imaging sector compete principally for price as capital equipment is a costlier business activity for hospitals. As decision making procedure is gradually weighing more on hospital administration, players in the industry have to contend for fetching contracts for functional lease and pay per usage scheme. Also, the refurbished market also controls the greater posting due to greater operating expenses of hospitals. Corporates in the IVD segment contend for engagement of instruments and supply of reagent at inexpensive price while in the medical consumables industry the most momentous competing ground is a capacity of the device sold as the price is moderately cheaper than other categories of devices. Other players in the industry involve Stryker, Zimmer Biomet, Adavium, Geratherm, Roche, Siemens, Philips, and numerous other players.
Furthermore, the medical device market growth is observed in the region is probable to be propelled by the well-developed healthcare infrastructure and speedy implementation of the fresh medical technologies. The Asia-Pacific, on the other hand, is an emerging market, exhibiting the great growth potential owing the growing per capita income, growing aging populace, augmenting disease awareness and developing the health infrastructure.
Whereas, the medical device market of India will enlarge at the double-digit growth rate in the reviewed period FY’2019-FY’2023. In vitro device market is projected to register the highest revenue share in the industry followed by a patient aid device market. Import of IVD devices will completely drive the IVD market while the deal of IVD devices will principally be made via distributors in the subcontinent. POCT and Immunochemistry will gather principal share in the revenue pie of IVD device market. The diagnostic imaging market is projected to witness foremost revenue of the market being arrested by MRI and CT device. The medical device market is projected to observe innovation and improvement of cost effective technologies due to increasing investments and will also observe growth in domestic manufacturing of several types of devices due to government’s efforts to decrease the import bill. In patient aid industry, orthopedic device will lead the market with greatest revenue market share followed by hospital furniture industry while hearing aid market is predicted to realize greater revenue owing to technological modernizations in the market.
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Ankur Gupta, Head Marketing & Communications