News By Tag
News By Location
A review of the global personal medical device industry
Total Medic Patch is a company conceived and founded by professionals working in the healthcare industry. We have experienced firsthand the benefits to patients and physicians of personal medical device care.
Total Medic Patch uses state of the art technology in its monitor system through non-invasive and intelligent technology to monitor vital signs of patients. Total medic allows patients to carry out their daily life activities through unobtrusive technology. Patients can be monitored in real-time from anywhere around the world.
This article provides an insight into the global medical device industry and the demand-led growth areas that are changing the market. We have a particular focus on the demand created by emerging economies and some of the lifestyle illnesses which are driving the industry in developed economies. We take a close look at the industry Japan as they are one of the global market leaders in innovative medical devices.
The Global Personal Medical Device Industry
Device innovations, demographics, and hospital austerity is driving the global medical device market. The industry is expected to be worth $228 billion by 2015 according to healthcare market researchers. Demand for healthcare in emerging nations, namely China and India as the world’s two most populous countries is fueling growth in the sector tremendously. In addition, the need to reduce hospital stay and hospital waiting times is another major catalyst. Added to this is the fact that populations in developed nations are living longer and new technological advancements need to be created to meet growing demand.
Patient monitoring is a particular area which can expect accelerated growth rates as the spotlight is placed on helping reduce hospital stay and keeping patients at home with their families. We are dealing with a climate where we have an expanding patient base which now prefers self-diagnosis and treatment at home. We are also finding that lifestyle diseases such as obesity, diabetes, cardiovascular diseases and hypertension are playing a key role in the growth of the personal medical device industry. These diseases are expected to increase the profitability and cost performance of most manufactured medical devices as the technology evolves. Remote communication technology also enables healthcare professionals to support home based patients. A number of treatments which were traditionally undertaken in the hospital can now be administered in the home environment thanks to self-care medical devices. To combat improper usage manufacturers understand the importance of continuing post sale support to educate and raise awareness amongst patients.
Year on year growth is estimated to be around 4-6% for the next few years and the growth rate will rise rapidly as world economies recover from the global recession. Government support is being demonstrated in the form of spending. Government spending fueled double digit growth in the Indian healthcare market during 2010 – 2011. As economies recover, emerging middle classes in emerging markets will continue to demand better healthcare services. Global personal medical devices is a technology driven market, new, efficient, innovative and cost effective products and services will always be in demand. All these factors combined suggest the healthcare sector in general and the medical equipment industry in particular is well on its way to witnessing strong growth.
Expanded Networks & Cost Savings
The personal medical device industry is changing as technology advances and interest increases. Countries such as Japan are already using the technology to monitor patients and even predict certain health outcomes. The personal medical devices used rely heavily on networks for data transmission. In the US these networks are receiving a boost of $7.2 billion in federal funding, dedicated to expanding network services nationwide. Part of the plan is also to create incentives for the adoption of e-care technologies. Cost savings associated with the expansion of remote patient monitoring are significant and according to one estimate is set to stand a $197 billion over the next 25 years.
Japan offers a look to the future
Japan has an aging population with one of the oldest population’s in the world. The cost of take care of people who live longer and longer is ever increasing. In Japan they are currently using medical devices to closely monitor conditions that increase patient risk for diseases such as heart disease, strokes, diabetes, obesity and high blood pressure. The data captured on these devices are allowing medical professionals to predict the effect of adverse events that threaten quality of life. It also enables professionals to monitor patients for illnesses and disease which are expensive to treat.
In the future we predict that Government’s worldwide will use personal medical devices health and well-being programs as well as ‘personal medical strategies. The personal medical device industry is an exciting fast growing sector that is set to revolutionise the already very lucrative healthcare industry. For more information on Total Medic Patch products and services please visit http://www.totalmedicpatch.com .