The Medical Device domain is at the forefront of innovation, offering thrilling prospects and promising career trajectories.
According to the World Health Organization (WHO), a medical device is defined as a tool, instrument, or machinery designed to diagnose, prevent, or treat diseases and illnesses, or to measure, correct, restore, or modify body functions for health objectives.
Each country might categorise medical devices differently. For instance, in the European Union, the classifications are:
Class I Medical Devices:
These are perceived to be of minimal risk, resulting in minimal regulatory oversight. Examples of such products encompass items like dental floss, elastic wraps, and enema kits.
Class IIa / Class IIb Medical Devices:
This category, while being basic, is more intricate than Class I devices. They necessitate stricter regulatory checks to ascertain their efficiency and safety. Devices in this category often include pregnancy tests, condoms, and motorised wheelchairs.
Class III Medical Devices:
These represent the most intricate devices with the highest associated patient risk, thus demanding the most rigorous regulatory scrutiny. Class III devices range from pacemakers and breast augmentation products to implantable spinal aids.
The medical device realm stands as one of the most expansive and stringently regulated sectors within healthcare, with its evolution propelled by groundbreaking innovations.
“Recent years have witnessed unparalleled advancements in medical tech, ushering in a new era of sophisticated medical devices, sparking growth and modernisation in healthcare.”
Charlie Fairbank – Managing Director, Avery Fairbank
Presently, US-based entities command approximately 40% of the Global Market. The entire sector is valued at a staggering USD 425.5 billion, with projections indicating a surge to USD 612.7 billion by 2025. Giants in this sector encompass companies like Johnson & Johnson, Boston Scientific, Globus Medical, BrainLab, GE, Medtronic (MDT), BD, and Stryker.
Why Venture into the Medical Device Domain?
With modern medical breakthroughs, longevity is on the rise. Contemporary individuals anticipate leading fuller, healthier lives in their extended years. Consequently, the thirst for avant-garde healthcare solutions is skyrocketing.
The medical device sector beckons visionaries to ideate, formulate, and unveil technologies that not only enhance life quality but also save them. It’s a realm dedicated to elevating global health standards — a noble cause anyone would be proud to champion.
With a collective experience of over 50 years in the life sciences and technology sectors, we’re confident that our blend of expert personnel and cutting-edge data can bolster consistency, amplify progress, and fuel tangible growth. As you endeavour to introduce novel treatments, products, or technologies to a global audience, we’re here to propel your journey.
Discover how our team at Avery Fairbank can offer the strategic guidance essential for sustained growth and fortitude by browsing our services page. Or, feel free to contact us to chat about your specific needs.