Canon Data Products Group (Newtown, PA) and PharmaLive.com have released a new market-research report entitled “New Medical Device Review and Outlook.” The report provides professionals working in or servicing the medical device industry with details of recently approved medical devices, analysis of their expected market impact, and arising opportunities and challenges within this sector.
Impressive, revolutionary improvements in existing products and new technologies continue to be introduced to the marketplace. Trends and innovations include combination devices of drugs and biologics, nanotechnology, increased demand for less-invasive surgeries and devices, and IT/wireless technology for hospitals.
In the next few years, neurology, cardiovascular and orthopedics represent areas of opportunity for medical device companies due to an aging population. Partnerships are expected to emerge as the industry pursues innovation, convergence, and growth. Furthermore, U.S.-based companies will increasingly develop and implement strategies in markets outside the United States to capitalize on the $223 billion global medical device market.
Healthcare legislation is expected to have a negative impact on the industry during 2010. Main concerns are more stringent approval policies from FDA and the proposed innovation tax. However, legislation is not expected to keep the industry from generating solid revenue growth.
“The medical device industry is on the upswing despite continuing changes in the regulatory and legislative environment," according to Andrew Humphreys, editor in chief of Canon Data Products Group. "The rate of movement for innovation and development in the device arena has picked up steam as the convergence of technology and science provide new breakthroughs. Medical device companies remain attractive options to venture-capital firms seeking a faster return on investment without as much risk as other sectors."
This PharmaLive Special Report includes a recap and analysis of the promising and anticipated medical devices approved by the U.S. Food and Drug Administration via the Premarket Approval (PMA) process during 2009 and early 2010.
Also included is a complete listing of the medical devices cleared for marketing by FDA via the 510(k) Premarket Notification process in 2009, including product code, description, registration number, company, and decision date.
About Canon Data Products Group
Canon Data Products Group, a division of Canon Communications LLC, publishes PharmaLive and Appliance Special Reports, which provide financial, company, and product statistical data and qualitative analysis for the global pharmaceutical, biotechnology, medical device, and appliance industries; maintains eKnowledgeBase, a comprehensive market-intelligence tool serving the pharmaceutical, biotechnology, and medical device sectors; and manages company-wide Site Licenses for PharmaLive.com, Med Ad News, and R&D Directions.