What is a Medical Device?

A medical device is an instrument, apparatus, implant, machine, tool, in vitro reagent, or similar article that is to diagnose, prevent, mitigate, treat, or cure disease or other conditions, and, unlike a pharmaceutical or biologic, achieves its purpose by physical, structural, or mechanical action but not through chemical or metabolic action within or on the body. 

INDUSTRY

Medical technology innovators are committed to providing physicians and other health care providers with the best tools to diagnose and treat patients.Medical technology saves lives, improves patient outcomes and helps lower the overall cost of health care. It is also one of America’s strongest and fastest-growing manufacturing sectors, creating and producing medical innovations for use around the world—and providing good-paying jobs across the country. 

Development: Global Medical Device Manufacturing Outsourcing Market Expected to Surpass $104.3 Million, Rising at 10.3% CAGR from 2019 to 2026 

The global medical device manufacturing outsourcing market is estimated to witness noteworthy growth in the 2019—2026 timeframe. Growing need for advanced medical devices due to growing prevalence of chronic diseases across the world is driving the growth of the market. The IVD (in Vitro Diagnostic) devices sub-segment and development and manufacturing sub-segment are projected to lead the market.

Factors

The key factor boosting the growth of the global medical device manufacturing outsourcing market is the rising cases of chronic ailments such as CVDs (Cardiovascular Diseases), diabetes, cancer, and others worldwide. Moreover, the rising advancements and investments in the quality of healthcare in emerging countries is anticipated to open doors to profitable opportunities for the growth of the market throughout the forecast period. 

Challenges and opportunities in the medical devices industry in China after Covid-19

The pandemic has boosted the sales of medical devices related to Covid-19 prevention and management in China.

Product innovation has become the key to achieve long-term success for device companies after the Covid-19 pandemic. New medical technologies have continued to emerge. The development of digital healthcare has been accelerated in China during the pandemic. The application of new technologies, including artificial intelligence and ‘big data’, has shown signs of commercialisation. Point-of-care testing, precision medicine and wearable devices in the field of diagnosis and treatment have been used in clinical practice. These new technologies are important to the prevention, diagnosis, treatment and prognosis of diseases, and will profoundly affect the development direction of the medical device industry in China.