The Medical Device Market and Ethical Issues of Implants

Abstract

In recent years, the demand for medical devices has grown faster than expected. The world medical device market totaled $209 billion in 2006 and was projected to grow with an average annual rate of 6–9 % through 2010 and beyond. The medical device industry is highly dynamic, where dramatic innovations and developments are taking place every day. Driven by both the increasing demand in overseas markets and companies’ ambition to pursue profits globally, the globalization of the medical device industry has intensified. Accordingly, the need to understand the global market has grown. Medical device manufacturers face mounting pressure at all stages to reduce costs and increase margins, while still delivering product advancements, superior quality, and excellent customer service. As companies modernize their business practices, they are driven by the need to remain competitive and retain critical survival capabilities, such as agility and flexibility in a fast-changing marketplace. The opportunities are tremendous for players in the contract manufacturing market. The primary drivers for medical device outsourcing include not only the growth pattern of the overall medical device market, but also the extent to which device manufacturers choose to outsource their manufacturing and assembly operations. The present frugal economic conditions have additionally reinforced the need to upgrade medical device manufacturing in a cost-effective, yet competitive way.