Few industries will be challenged in the coming years like the medical device industry. Many observers project that the overall medical device market may suffer from reduced profits, less venture capital spending, and R&D due to the double-effects of a new excise tax in the United States and reimbursement cuts in world markets. But, this doesn’t mean the whole industry will suffer. Without market research, one might be tempted to generalize the industry, resulting in missed opportunities. Market research reports can help market-watchers find these right opportunities.
While many parts of the Affordable Care Act have been delayed in implementation – there’s been no delay on the medical device tax of 2.3% on sales for FDA-approved Class I-III medical devices, which took effect in 2013 and has been in place since. This tax is intended by lawmakers to help improve the deficit impact of healthcare reform and finance insurance for new patients who will, through hospital and doctor visits, boost device usage. But, those gains are in the future, while the tax is being paid now, and market observers will want to keep current with their medical device research to look for recent market results to track impacts from the new policies.
Here are some of the areas of medical devices that experts say may grow despite the challenges:
1. Patient Monitoring Systems
Everyone is talking about the idea of getting the patient back into his or her home and out of the costly hospital. But, to do that, monitoring is needed. Patient monitoring is a device area that continues to have growth potential due to the demand for better patient care and cost relief. In the United States, patient monitering system sales should nearly double by 2017, according to Kalorama Information’s report Advanced Remote Patient Monitoring, and it will do so via a combination of sales to hospitals and sales to users at home or in a nursing home.
2. Wound Care
If a product can help a patient get out of the hospital faster, it can often see better-than-average growth and strong reimbursement outcomes. But, market research can be critical in understanding the areas of wound care to invest or pursue product development. Biological dressings applied to wounds to speed up healing time are one of the areas slated for fast growth, as noted in Kalorama’s Advanced Wound Care Markets report and Global Data’s report, North America Wound Care Management Market Outlook to 2018 - Advanced Wound Management, Wound Closure Devices, Pressure Relief Devices, Ostomy Drainage Bags and Other. Or, consider the wound care market from a global perspective, with a report that focuses on which segments are growing fastests international markets.
3. Electrical And Magnetic Stimulation
These implantable devices deliver electrical stimulation to the brain and nervous system for the treatment of neurological disorders such as pain, epilepsy, Parkinson's disease, depression, obsessive-compulsive disorder, dystonia, and tremors. These devices target the cells and organs of the brain or spinal cord, rather than systemically applied throughout the body like pharmaceutical treatments. Other devices stimulate the heart, such as those covered in this GBI report on Cardiac Rhythm Management devices. But, they can have many alternative uses throughout the global landscape, as detailed in an Infiniti Research report on the global coverage of these devices.
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