Push to Use Devices Instead of Drugs Boosts Market: Kalorama Report
ROCKVILLE, Md., Nov. 2, 2017 /PRNewswire/ -- A general push in healthcare to use devices instead of drugs to treat the cause of symptoms is boosting the medical device market, according to a new report. This trend, as well as the aging population, innovative technologies and sales to new markets brought medical device sales to $386 billion in 2016 and the market will reach $484 billion by 2022 at average growth of 3.8%. Kalorama expects growth in the medical device market to continue at this pace between 2017 and 2022. Kalorama Information's report, The Global Market for Medical Devices, 8th Edition, has more information about this and other trends.
"Symptomatic treatment is fine for the short term but providers and patients are looking for permanent solution and eliminate side effects often associated with prolonged drug use," said Bruce Carlson, Publisher of Kalorama Information. "Pain and reducing opioid abuse is an obvious area, but not the only one where we see drug replacement as a goal."
The coming years will test the strategies of device companies to innovate and develop emerging markets as some of the traditional sources of revenues will be challenged. Reimbursement reduction schemes in the U.S. and Europe will disrupt even the most innovative of device companies who are able to develop products that can command higher prices. The growing attention to real-world evidence to improve outcomes, reduce risk and lower overall cost will be an increasingly important strategy to remaining competitive in the device market.
The report cites some examples of device alternatives to medications:
- Sacral nerve stimulation for overactive bladder.
- Gastric Balloon and banding for weight loss.
- Ocular stents in glaucoma.
- Vagus nerve stimulation for seizure disorders.
Kalorama notes that the medical device market, in terms of revenues, is not even half as large as the global pharmaceutical market, though it sees many more transactions. This is due to pricing, as in volume terms there are more units sold in the device market. However, growth prospects in medical devices in the aggregate are more promising than in the current pharmaceutical industry, challenged by patent expirations and regulatory activity. Although the largest component of the market is in the United States, the majority of sales are non-US, and considerable future growth is occurring in other markets.
This is just one of many trends to know about medical devices. Kalorama Information's annual survey of the global medical device market is now completed and available at: https://www.kaloramainformation.com/Global-Medical-Devices-11198459/
It is also part of the companies Knowledge Center product, which features information on healthcare markets.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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Press Contact:
Bruce Carlson
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SOURCE Kalorama Information
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