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Advances
in plastics and polymers, surface modification, gels and membranes, metals,
ceramics, biologicals, and biomaterials are having a great impact on the
medical devices market. New materials for implants, adhesives, imaging
agents, and drug delivery systems are moving rapidly out of the laboratory
and into the hospital and clinic. According to a Business Communications
Co., Inc., publication, Medical Materials Industry Review,
the market for select medical materials and devices amounted to about
$26 billion in 1998. By 2000, BCC analysts predict a $30.5 billion
industry.
Drug-delivery systems represent the largest
market for medical materials; this sector is expected to hit $14.5 billion
in 2003, thanks to an annual average growth rate (AAGR) of 8%. Transplant
components represent both the smallest market—$180 million in
1998—and the fastest-growing, with an AAGR of 11.1% from 1998 to
2000. The market for medical packaging materials was worth $3.8 billion
in 1998, and should top $4.1 billion in 2000, spurred by a 4.7% AAGR.
Catheters represent another lucrative market, growing from $2.3 billion
in 1998 to $2.8 billion in 2000—an AAGR of 8.4%. Angioplasty
products represented a market of 1.3 billion in 1998, and this sector
is expected to top $1.4 billion in 2000. Incontinence products, kits,
and trays created a market for materials worth $1.2 billion in 1998.
The market for heart valves, worth $300 million in 98, such reach
$330 million in 2000.
While some observers may consider these growth
rates somewhat high, the researchers note that figures are in current
dollars. Moreover, derived regulatory effects will help force prices up,
as costs of compliance will increase.
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Overall,
the US ultrasound market experienced minimal growth in 1994 and 1995,
hovering around $710 million. Then, in 1996, the growth rate rose to 5.6%
and the market value topped $755 million. Innovations in 1997 pushed the
market value above $820 million, fueling a vigorous annual growth rate
of 8%. Though 1998 experienced slower growth than 1997, the market still
grew strongly, at a rate of 7.5%, to $881 million.
Today, the diagnostic imaging market is a
dynamic field. Imaging modalities are virtually competing with each other
to provide the highest quality, greatest flexibility, lowest price, and
greatest innovation. According to a new report from Datamonitor, Trends
& Dynamics In US Ultrasound 1999, several developments promise
to keep the imaging sector moving forward. The advent of PACS (picture
archiving communications systems) is gradually reshaping radiology, allowing
hospitals to conform to a more efficient and cost-effective design. Teleradiology,
which lets physicians view scans and patient files from remote locations,
promises to change the structure of the hospital system and influence
the way healthcare is delivered worldwide. The introduction and almost
immediate embrace of digital x-ray and computed radiography is a prime
example of how quickly new imaging technologies can secure the attention
and trust of end users.
In fact, the radiology ultrasound market is
expected to continue the growth it experienced over the past two years.
Although growth will decelerate, it should remain quite strong, leveling
out at 6.9% by 2003. The compound annual growth rate should hit 7.2% between
1999 and 2003, while the market value should reach $381 million in 1999
and $504 million by 2003. Strong growth will be driven by the increased
capabilities in radiology imaging such as contrast harmonic imaging and
3-D imaging. Though these developments affect primarily the premium and
high-end market segments, the mid- and low-end segments should also benefit.
The premium and high-end segments, however, are both aimed at the same
target audience; this competition is expected to find the premium segment
initially outpacing the high-end systems in value and volume growth, as
hospitals, anticipating further developments in ultrasound and contrast,
seek the highest quality tools for imaging.
The computed tomography market has similarly
reinvented itself, as technology progressed from rotational scanning to
spiral scanning and then to multidetector-array scanning. Each innovation
has cut down on procedure time and cost while improving imaging quality.
New developments in the magnetic resonance market include the increasing
flexibility and capabilities of open MRI systems, innovations in contrast
imaging, and explorations into handheld devices and functional and cardiac
MRI. Nonetheless, nuclear medicine has managed to retain its status as
the gold standard in cardiac imaging.
The ultrasound equipment market is closely
related to the contrast media market, and the introduction of new media
should have a dramatic effect—particularly un the high-end cardiology
and radiology segments. To a certain extent, increased investment in ultrasound
hardware is necessary to make the best use of ultrasound contrast media,
because expensive high-end units display the contrast-enhancement effect
more clearly. For demanding applications like myocardial perfusion imaging,
high-quality machines are required to provide consistent diagnostically
conclusive results. These machines will use a variety of technological
options, such as Power Doppler and Harmonic Imaging.
The global ultrasound contrast media market
is still in early stages of development—testing, developing and commercializing
new products. Existing agents are of reasonably good quality, but the
market for them has not taken off. Industry commentators believe that
these agents are not worth a large investment at this time because it
appears that they will be superseded by the next generation of agents
shortly. Moreover, physicians are also relatively reluctant to use the
products because of the high price tag. The new generation of ultrasound
contrast agents are also likely to be expensive, but their improved functionality
and clinical usefulness could outweigh cost concerns.
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