Medical devices are objects intended for human use with a medical function. Medical devices' main intended functions are usually provided through physical means, such force, as opposed to medications, which have impacts on the immune system, metabolism, or pharmacology. Medical devices include, among other things, implants, supplies for injection, infusion, transfusion, and dialysis; human medical instruments; medical software; catheters; pacemakers; dental products; dressings; visual aids; X-ray equipment; condoms; medical instruments; and laboratory diagnostics.
Moreover, materials or preparations of materials that, when used independently, are considered pharmaceuticals or pharmaceutical ingredients (including plasma derivatives) and have the potential to impact human health in addition to the device's functions are included in the category of medical devices.
Italy Medical Devices Market Driving Factors and Challenges
Medical technology breakthroughs have brought about a significant shift in patient care, with a stronger focus now being on clinical results. For instance, medical technology that is non-invasive or minimally invasive speeds up healing while simultaneously lowering medical expenses. The fact that the markets for drug-eluting stents and telemedicine are expanding is another indication that modern medicine is increasingly turning to technology to enhance treatment results. The primary markets for medical devices, including those for self-diagnostic, orthopaedic, cardiovascular, surgical, therapeutic, mobility assistive, and neurostimulator products, are ones we monitor.
The demand for medical equipment is predicted to increase with the emergence of serious illnesses on their own, such as the current coronavirus epidemic. After COVID-19 emerged, the need for hospital supplies, in-vitro diagnostic tools, and respiratory care equipment increased dramatically in many nations. This necessity is anticipated to persist in order to contain the pandemic and reduce the possibility of comparable infections initiating and spreading. As such, the primary driver of medical equipment demand in Italy over the projected period will be the prevalence of such severe diseases.
On the other hand, it is anticipated that regulatory modifications will raise the price of creating new goods and providing patient services. These include adjustments to the equipment approval processes and adjustments to consumer data protection laws, including the European Union's General Data Protection Regulation (GDPR). Investments in new product development are under pressure due to the possibility of revenue loss from postponed product release and higher costs associated with strict regulatory processes, which in turn impacts the expansion of the medical device and equipment sector.
Impact of COVID-19 on Italy Medical Devices Market
Italy's medical device business was severely hit by the COVID-19 pandemic. The increase in healthcare needs put a pressure on available resources, hastening the adoption of cutting-edge medical technology. It became imperative to place more emphasis on ventilators, monitoring and diagnostic equipment, and other vital supplies. Manufacturers faced difficulties due to disruptions in the supply chain and increased regulatory scrutiny. Interest in telemedicine and technologies for remote patient monitoring surged. Though not without difficulties, the pandemic highlighted the need of robust and creative medical technologies, propelling continuous improvements in healthcare technology and encouraging cooperation among industry participants to improve readiness for upcoming health emergencies in the Italian region.
Italy Medical Devices Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are: Becton Dickinson & Company, Cardinal Health, Philips, Siemens Healthineers, Stryker and various others.
Italy Medical Devices Market Segmentation:
By Product Type: Based on the Product Type, Italy Medical Devices Market is segmented as; Cardiovascular Devices, Dental, Diabetes Care, Diagnostic Imaging, General Surgery, IVD, MIS, Nephrology, Ophthalmic, Orthopedic Devices, Wound Management, Others.
By End-User: Based on the Distribution Channel, Italy Medical Devices Market is segmented as; Clinics, Hospitals and ASCs, Others.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.