Abstract

IDENTIFYING MEDICAL DEVICE MARKET DRIVERS FOR EMERGING MARKETS-A STUDY IN CONTEXT TO INDIAN MARKET

P. Durga Sindhuja*, M. V. Nagabhushanam, G. Ramakrishna, P. Sai Sireesha, R. Yoshitha Priyanka, Y. Ratna Sindhu and Brahmaiah Bonthagarala

.

Abstract

As mentioned in the section above, with the convergence of breakthroughs in science and technology, the pace of medical invention is accelerating, inspiring better clinical outcomes with less invasive procedures and shorter recovery times. All of this helps lower cost and thereby create tremendous value. These changes drive demand for new lower cost diagnosis, monitoring and treatment procedures. The disease patterns, modern technology and other drivers push the medical device industry and finding radical solutions for the abysmally low hospital beds to population ratio, shortage of doctors and nurses. Globally, nations are struggling to meet healthcare costs. This is a challenge that we need to meet without compromising on the sustenance of the business. The medical technology industry has been thriving on innovations. While the focus has been on better outcome and quality of life, it is time that the focus also includes affordability. The emergence of BRICS (Brazil, Russia, India, China, and South Africa) nations have resulted in plethora of opportunities for the MDMs (Medical Device Manufacturers). It is important for the MDMs to understand the emerging market dynamics to excel there and hence there is a need for this study. There is a growing interest to understand the pain areas and needs of the emerging medical device markets. As the competition gets tougher, there is pressure on organizations to be a differentiator and excel. Emerging markets are providing enormous business opportunities for market expansion and consolidation. There is tremendous competition in developed nations and it is important for organizations to find avenues for revenue.

Keywords: MDMs (Medical Device Manufacturers), BRICS (Brazil, Russia, India, China, and South Africa), Emerging Market, Medical Devices.