With growing technological innovation, medical & health market is undergoing a drastic change over the past decade. Changing lifestyle preferences, changing food habits, and urbanization are vital causes for the transition of the market to fiercely competitive state in the world. Despite having tedious approval process for new drugs and medicines, the pace of innovation has not been lowered down.
The field of telemedicine is growing to help healthcare industry to eliminate distance barriers and provide better services. In addition, it is possible to provide 24/7 access of medical records to their patients. Medical devices market research states that the growing demand for home-based medication and remote monitoring enforced manufacturers to focus on developing such devices. Market size and share of medical health industry would grow exponentially as these devices provide convenience and reduced healthcare costs along with self-monitoring. The reduced hospital stays along with customized treatments would help medical and health industry grow substantially.
Manufacturers are implementing strategies, such as new product launches, mergers & acquisitions, partnerships, agreements, and others to survive in this fiercely competitive market. In addition, technological developments have enabled leading manufacturers and new entrants to tap into different geographies and open up new opportunities for growth. Industry experts estimated that medical device market size by country would increase substantially over the next few decades.
Advancements made in medical technology in research and development activities of leading companies would help companies to reduce medical costs without compromising health benefits of their products. For instance, an emergence of biosimilars have presented new opportunities in the industry as they are replacing expensive pharmaceutical products with cheaper and safer identical products. Food regulating bodies, such as EMA and FDA have rapidly approving drugs which poses a serious threat to its reference drugs. Manufacturers are investing a huge amount of money and assets into production, approval, and distribution processes to optimize profits and serve consumers. The cheaper cost, supplemented by increasing investments by manufacturers would lead to more number of biosimilars in coming years.
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