Medical devices play a crucial role in various aspects of healthcare, including:
1. Remote Health Monitoring: They enable individuals to analyze their health in the comfort of their own homes, providing valuable data for monitoring their well-being.
2. Disease Diagnosis: Medical devices aid in the diagnosis of diseases by conducting investigations, interpreting results, and providing valuable insights to healthcare professionals.
3. Patient Care: They are instrumental in delivering patient care in different healthcare settings, such as operation theaters, intensive care units, and regular wards, ensuring personalized and effective treatment.
4. Post-Discharge Care: Medical devices also contribute to delivering personalized patient care even after individuals are discharged from the hospital, promoting ongoing monitoring and support.
Affordable medical devices play a significant role in ensuring that these benefits are accessible to individuals and communities at reasonable costs, regardless of their location, be it urban or rural areas. Currently, the majority of medical technology development and sales are concentrated in high-income countries. Only a small percentage (13%) of manufacturers are located in low and middle-income countries. However, according to a World Health Organization (WHO) report on medical devices in LMICs, 9 out of the top 10 medical device companies express their intent to expand their activities in emerging markets, highlighting the potential for growth.
The global medical devices market is projected to experience substantial growth, with estimates suggesting it will expand from $495.46 billion in 2022 to $718.92 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period of 2022-2029.
Similarly, in India, the medical devices market is expected to reach INR 4,358.64 billion by FY 2027, with a projected CAGR of ~41.93% during the FY 2023 – FY 2027 period. This growth can be attributed to the increasing prevalence of chronic diseases and the rising focus on early diagnosis and treatment, resulting in a higher number of patients undergoing diagnostic and surgical procedures, both in developed and emerging countries.
Patents / Publications:
- Nirmal Kumar, Aniket Anand Kulkarni, Deepika Dixit, Yasuyuki Matsuura, Prashant JHA, Harpal Singh, Hitender Gautam, “DEVICE TO PREVENT CATHETER ASSOCIATED URINARY TRACT INFECTION”, 20220118131, Publication Date -April 21, 2022
- Nirmal Kumar, Aniket Anand Kulkarni, Deepika Dixit, Yasuyuki Matsuura, Prashant Jha, Ashish Bichpuriya, “SYSTEMS, METHODS AND COMPUTER PROGRAM PRODUCT FOR MONITORING VASCULAR PERFUSION IN REPLANTED TISSUE FLAPS”, 20220031237, Publication Date- February 3, 2022
- Asish MOHANDAS, Karthik P.B., Prashant JHA, Sushma SAGAR, “MULTISIDE TILT DEVICE”, 20220023124, Publication Date -January 27, 2022
