Healthcare Technology Featured Article

October 21, 2013

Consumer Medical Devices Market Set to Reach $10.6B by 2017

Some researchers will blame the “baby boomer” generation, while others will say it’s due to the increase in healthcare demands, but either way reports show a significant growth in the consumer medical device market place.

According to a report done by IMS Research, the marketplace will see an increase by as much as 4 percent, bringing the industry’s net worth to as high as $8.2 billion. IMS said a majority of the increases are due to higher prices and older generations.

“One important reason for the consistent rise in revenue over the years of consumer medical devices is that the number of those aged 65 and above worldwide will continue to grow over time, making up an increasingly larger percentage of the total population,” said IMS analysts. “As a result, health monitoring will increase in incidence and frequency.”

The report explained that the revenue expansion is not just a one year occurrence and will continue to increase 5 percent to as much as 9 percent annually over the next four years – again, increasing the markets net worth to as much as $10.6 billion by 2017.

In addition to the older patients in need of medical equipment, analysts blame both the increase in cardiovascular disease diagnoses and government initiatives that are in place for preventative care.

Take your smartphone for example. The device allows users to download medical applications that can be used to aid doctors in diagnosing patients without them having to come into the office, be used to monitor their own at home recovery, and even be used as an accessory to an already regulated medical device.

To help combat these applications, the U.S. Food and Administration announced just this week they would be stepping in to monitor these applications to make sure they do not harm a patient.

"Some mobile apps carry minimal risks to consumer or patients, but others can carry significant risks if they do not operate correctly. The FDA's tailored policy protects patients while encouraging innovation," said Dr. Jeffrey Shuren, director of the FDA's Center for Devices and Radiological Health, said in a statement.

Regardless, one thing is clear – the medical industry is a multi-billion dollar machine that shows no signs of slowing.

Edited by Alisen Downey
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