About the Medical Device Industry
The global medical device industry is a dynamic industry experiencing significant growth. The industry value is expected to hit $275 billion by the end of 2015, up from $229 billion in 2010, making an annual growth of nearly 7%, according to a recent industry research report. Analysts forecast the Global Medical Device Manufacturing Services market to expand at an impressive range of between 9-10% over the period 2013-2018. Between 2007 and 2013 the market increased with an average annual growth of about 7.0%.
The United States, China, Korea, Japan, Germany and Italy, represent the largest medical device markets worldwide, with the US representing the largest share of the market by a wide margin. The strongest annual growth by percentage is forecast to occur in Greece (14.8%), Macedonia (12.4%), Sri Lanka (12.3%), Kazakhstan (11.7%), and Bolivia (11.1%) respectively. The highest growth, in terms of real dollars, is expected to stay within the traditional powerhouse countries previously mentioned.
The medical device industry covers a wide spectrum of products used in the treatment of patients, including cardiovascular devices, dental equipment, diagnostic devices, medical equipment and supplies, ophthalmic devices, orthopedic devices, respiratory devices and surgical equipment.
One of the key factors contributing to this market growth is the advancement in healthcare technologies. The Global Medical Device Manufacturing Services Outsourcing market has also been witnessing the outsourcing to emerging countries.
Biomedical device product manufacturing is a long process requiring strict adherence to SOPs and production guidelines. Every day when people put in their contact lenses, test their blood sugar levels, turn on their TVs, cook their meals, or punch a button on their cell phones, they are using products regulated by the Food and Drug Administration's Center for Devices and Radiological Health (CDRH). The CDRH protects Americans with safeguards that enable them to go about their daily lives knowing that these medical devices and radiological products are safe to use and that they work as intended. Industry professionals develop, design, and manufacture medical products that comply with complex and demanding regulations and market requirements.
Currently, electro-diagnostic devices account for 12.7 % of the global demand while the remaining market share is divided between orthopaedic and fracture devices (7.9%), X-ray devices (3.8%), therapeutic respiration devices (3.4%), syringes and needles (3.4%), pacemakers (2.7%), dental devices and instruments (2.4%), medical furniture (2.2%), mechano-therapy and psychological aptitude-test devices (2.2%), ophthalmic devices and instruments (2.2%), computed tomography devices (2.2%), hearing aids (1.8%), dental fittings (1.4%), parts and accessories for medical devices (4.4%), and other medical devices (47.3%). The medical device manufacturing industry is robust and its future outlook is looking exceptionally well. American Language Services® will continue to service this exceptional vibrant market and offer our unique language expertise.
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