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In 2017, Boston Scientific Corporation developed Watchman left atrial appendage closure device, which has the potential of reducing the risk of stroke in non-valvular atrial fibrillation (NVAF) patients. In 2018, the Food and Drug Administration approved an estimated 106 new electromedical devices as compared to 99 in 2017. These approvals include class I, class II and class III electromedical devices. The considerable hike in FDA approvals is due to extensive research and development being conducted by market players as well as research organizations. The gradual shift of market players to offer highly customer-centric products is playing a vital role in elevated production of electromedical devices in the current market scenario.
Huge growth in investments in research and innovation of advanced electromedical devices in order to offer improved patient care and convenience is projected to boost the growth of the global electromedical devices market during the forecast period. In 2016, Vivify Health, Inc., one of the leading players in remote patient monitoring systems market, raised financial assistance of US$ 17 Mn from UPMC for developing advanced patient monitoring systems and consolidating its place in electromedical devices market.
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Higher maintenance, as well as acquisition cost of electromedical devices, especially for devices with higher technical configurations, are expected to hamper the growth of the global electromedical devices market during the forecast period. For instance, the cost of highly configured MRI systems such as GE 1.5T Optima 450W, Philips 3T Ingenia, and others costs more than US$ 400,000 for installation.
Some of the major companies that are present in the global electromedical device market are Medtronic, GENERAL ELECTRIC COMPANY, Siemens AG, Koninklijke Philips N.V., Johnson & Johnson Services, Inc., Baxter, BD, Cardinal Health, 3M Smith & Nephew, Boston Scientific Corporation, B. Braun Melsungen AG, Zimmer Biomet, Abbott, Stryker and others.
By Device Type
· Diagnostic Imaging Devices
· Patient Assistive Devices
· Surgical Devices
By End User
· Home Care Settings
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
At present, among all end-user segments hospitals are holding the major share of the global electromedical devices market due to higher utilization of advanced products as well as increasing adoption of surgical devices in surgeries.
The global electromedical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global electromedical devices market during the forecast period. Developed healthcare infrastructure as well as higher per capita healthcare expenditure followed by higher accessibility for electromedical devices is projected to register higher CAGR in the global electromedical devices market. Europe is expected to witness higher adoption of electromedical devices owing to the rising emphasis on early detection of diseases. Moreover, rapidly developing home healthcare infrastructure, especially in European nations is projected to offer comparatively higher growth for the global electromedical devices market. Though, adoption of electromedical devices in Asia Pacific nations is slow, increasing awareness about electromedical devices due its benefits followed by the increasing purchasing power of patients in emerging nations is anticipated to register higher CAGR for growth of the global electromedical devices market by 2026
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