Mayank Lakhani, Managing Director, La Med Healthcare, shares an insight about what all the year will have
What can be more valuable for a nation than a healthy and thriving population? These days, however, we cannot take our good genes or effective metabolism for granted. While people today are taking their well-being into their own hands and becoming more conscientious about their fitness and food, companies in the healthcare sector, particularly manufacturers and distributors of medical devices, are also stepping up what they offer in terms of the innovation, quality and affordability of their products.
According to a recent KPMG report on the global medical devices industry, the $483 billion global annual sales of medical devices in 2020 is expected to grow by over five per cent annually to reach around $800 billion in 2030. India and China, as emerging markets for this industry, both have a huge growth potential. Here are some top trends in the medical devices industry that we feel will shine through in 2020:
- Innovative technology will be driving force: People will spend less time in the hospital by monitoring their own health with the help of wearable integrated smart devices and other smart online data services. Because technology will help in the prevention of major, unexpected illness and diseases, people will spend less on expensive treatments and hospital visits. A range of innovative, non-intrusive, wireless portable monitoring medical devices will be big this year, such as watches, skin patches, etc.
- Daily use equipment: Increasing prevalence of lifestyle diseases coupled with the chronic ailments of a growing ageing population and the rise of non-communicable diseases (NCDs) have resulted in a huge demand for daily-use medical equipment like blood pressure monitors, nebulisers, digital thermometers and glucometers that help patients monitor their vital stats every day.
- New bacteria detection methods: This year, a lot of emphasis will be given on finding new ways and means for the rapid detection and identification of microorganisms or bacteria. When patients increasingly start depending on antibiotics, they become resistant to it, making it more difficult for them to be treated for any or all ailments. As more innovative devices come into the market that detect specific bacteria in a short span of time, only specific antibiotics targeted at a particular part of the body can be prescribed bringing down resistance to antibiotics considerably. It will go a long way in ensuring patient safety leaving no room for error, especially when it comes to saving lives.
- Affordability of devices: With a larger chunk of the Indian population belonging to the lower and middle classes, accessibility to affordable healthcare and medical devices is paramount. This would not, however, mean a compromise in the quality of products available to the masses. The challenge for our peers is to make affordable standard medical devices available to everyone buying them from across India, irrespective of their economic status. More people will come forward for treatment when they know they can afford it and will be taken care of well.
- Innovation and R&D: This is the big buzzword for 2020. Innovation and digitisation- most medical devices manufacturers will marry these two to come up with fresh and exciting medical products driven by a demanding consumer and an expanding market. All the big commercial players will invest heavily in partnering with academic research institutes or setting up their own research and development (R&D) functions so that they are at the cutting edge of innovation and technology.
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