How can cardiothoracic and vascular medical devices stay in the market?

Details

Serval ID
serval:BIB_5C6B73F0F29A
Type
Article: article from journal or magazin.
Publication sub-type
Review (review): journal as complete as possible of one specific subject, written based on exhaustive analyses from published work.
Collection
Publications
Institution
Title
How can cardiothoracic and vascular medical devices stay in the market?
Journal
Interactive cardiovascular and thoracic surgery
Author(s)
Wong K.A., Hodgson L., Garas G., Malietzis G., Markar S., Rao C., von Segesser L.K., Athanasiou T.
ISSN
1569-9285 (Electronic)
ISSN-L
1569-9285
Publication state
Published
Issued date
12/2016
Peer-reviewed
Oui
Volume
23
Number
6
Pages
940-948
Language
english
Notes
Publication types: Journal Article
Publication Status: ppublish
Abstract
Surgeons, as the consumers, must engage in commercial activity regarding medical devices since it directly has impacts on surgical practice and patient outcomes. Unique features defy traditional economic convention in this specific market partly because consumers do not usually pay directly. Greater involvement with commercial activity means better post-market surveillance of medical devices which leads to improved patient safety. The medical device industry has exhibited astonishing levels of growth and profitability reaching $398 billion on a global scale with new product development focusing on unmet clinical need. The industry has rapidly emerged within the context of an ageing population and a global surge in healthcare spending. But the market remains fragmented. The split of consumer, purchaser and payer leads to clinical need driving demand for new product development. This demand contributes to potentially large profit margins mainly contained by regulatory burden and liability issues. Demographic trends, prevalence of diseases and a huge capacity to absorb technology have sustained near unparalleled growth. To stay in the market, incremental development over the short term is essentially aided by responsiveness to demand. Disruptive product development is now more likely to come from multinational companies, in an increasingly expensive, regulated industry. Understanding healthcare organization can help explain the highly complex process of diffusion of innovations in healthcare that include medical devices. The time has come for surgeons to become actively involved with all aspects of the medical device life cycle including commercial activity and post-market surveillance. This is vital for improving patient care and ensuring patient safety.

Pubmed
Web of science
Open Access
Yes
Create date
15/09/2016 20:23
Last modification date
20/08/2019 14:14
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