The
landscape of the medical device industry has been shifted completely. The days
of simply manufacturing the medical devices and selling it to hospital and
clinics via a distributor or directly are over. New Value addition has been
added to this industry which has completely changed the market dynamics. Many organizations
and institutions that are operating in this segment have completely reinvented
themselves. Companies are changing their internal modelling and coming up with
new method of internal management that would work parallel to the new market
conditions.
Many
companies are investing in new age technologies that shall enable the entire
organization to run multiple business lines simultaneously. This would also
allow the company to serve different verticals such as customers, patients as
well as prospective customers. The traditional value chain in this industry has
been completely changed and the companies will take on different and wide
roles. The growth rate for the market is expected to be steady for the coming
few years while the sales are expected to grow at a much higher rate. This has
been due to the increasing demand of new technology devices, due to the
increasing diseases in developing and underdeveloped nations and finally due to
the emergence of the new markets such as India and China. According to the
study, ‘Medical
Equipment Quarterly Deals Analysis M&A and Investment Trends - Q1 2018’,
some of the devices that are going to witness a complete change in the medical
device industry include Wound Care, Hospital Supplies, Hospital Supplies, ENT Devices,
Dental Devices, Diabetes Care Devices, Endoscopy Devices, Patient Monitoring,
Nephrology and Urology Device, Drug Delivery Devices
The
traditional system in the medical devices industry that added value to the
system was just simple manufacturing and selling. Due the recent developments,
the entire value chain is set for a complete overhaul. Services involving data
intelligence shall have to be integrated with the devices in order to offer
more holistic solutions. Companies shall require stronger working mechanism for
the B2B type of business and shall need to revamp the entire B2C process in
order to accommodate the growing and changing demands.
The
industry which is driven by the never ending need to supply medical devices at
lower cost shall witness the increasing number of participants from different
business domains in the medical devices industry. Ecommerce giant, Alibaba has
already entered this market taking advantage of its large customer base as
well. These big companies that entering this market are investing in newer
technologies which would finally lead to the current value chain being rendered
completely redundant.
The
competition landscape is diverse with many companies that operate in this
segment. Major market dominance is from companies that originate from USA and
Europe because of the advantage of first mover. The competition is set to
become more dynamic and intense due to integration of various new industries
along with the medical device industry. The growth has picked up in the recent
year which is expected to be carried to the coming years. Many new companies
shall be entering this market in order to make most out of this growing trend.
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