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U.S. Remains Largest Medical Device Market Estimated at Over $150 Billion
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, May 6, 2019 /PRNewswire/ -- Medical device and technology development is an area where the U.S. companies are at the forefront. According to a SelectUSA.gov publication, the United States remains the largest medical device market in the world, with a market size of around $156 billion, and it represented about 40 percent of the global medical device market in 2017. U.S. exports of medical devices in key product categories identified by the Department of Commerce (DOC) exceeded $41 billion in that year. The medical technology industry (commonly referred to as medical devices) consists of articles, instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health purpose. Typically, the purpose of a medical device is not achieved by pharmacological, immunological, or metabolic means. According to the report one of the components fueling the growth includes Electro-medical equipment which includes a variety of powered devices, such as pacemakers, patient-monitoring systems, MRI machines, diagnostic imaging equipment (including informatics equipment) and ultrasonic scanning devices. Recently an online journal focusing on the medical device industry seemed to echo this optimistic view of the industry publishing an article titled: "Moody's: Outlook strong for medical devices in 2019". The article said: "The medical device industry should see a stand-out year in 2019, according to a Moody's report on the industry, Medtech Dive reports." Active healthcare stocks in news today include: BioSig Technologies, Inc. (NASDAQ: BSGM), Medtronic plc (NYSE: MDT), Abbott Laboratories (NYSE: ABT), Johnson & Johnson (NYSE: JNJ), General Electric Company (NYSE: GE).
The global medical device industry has demonstrated strong and sustainable growth in the recent past. Biotech companies are banking on an aging population, increasing incidence of chronic and lifestyle diseases, increasing adoption of innovative technology, many in this sector believe the industry appears to be in the robust growth. Going by a recent KPMG analysis, the medical device industry's global annual sales is forecast to rise more than 5% a year to reach nearly $800 billion by 2030.
BioSig Technologies, Inc. (NASDAQ: BSGM) BREAKING NEWS - BioSig Technologies, a medical device company developing a proprietary biomedical signal processing platform designed to address an unmet technology need for the electrophysiology (EP) marketplace, today announced that the Company conducted patient cases using the PURE EP(tm) System at Indiana University School of Medicine. The cases were conducted under the leadership of Prof. John M. Miller, M.D. and Dr. Mithilesh K. Das, MBBS.
"We found that the clarity of the signals made a great difference in the confidence with which we could continue applying ablation energy to an abnormal pathway that was in the region of the normal conduction system; BioSig technology allowed us to see a clear signal from the normal conduction pathway during ablation that was obscured by noise on our standard recordings. It was a jaw-dropper!" commented Prof. M. Miller, M.D.
A recognized expert in catheter and intraoperative mapping and ablation of ventricular tachyarrhythmias, Dr. Miller initially received his training in cardiovascular and cardiac electrophysiology under the tutelage of Dr. Mark Josephson at the Hospital of the University of Pennsylvania. He joined the Indiana University School of Medicine as a full professor of medicine to lead its clinical cardiac electrophysiology group in 1998. Since then, he has continued to be an active clinician, educator, author and clinical investigator. Prof. Miller has authored more than 200 scientific publications and has served on many national committees. He oversees a nationally regarded, rigorous fellowship training program in cardiac electrophysiology at the IU School of Medicine.
The PURE EP(tm) System was used during procedures on patients with atypical flutter, atrioventricular nodal reentry tachycardia (AVNRT), atrial fibrillation, SVT, PVC and a rare case of dual septal pathway.
"We are honored to be able to work with Dr. Miller and Indiana University as one of the first centers of excellence to conduct patient cases with our PURE EP(tm) System. We have tremendous respect for Dr. Miller and his team at IU School of Medicine for their collective achievements in clinical electrophysiology and look forward to building upon their findings during this pivotal phase," commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies. Read this and more news for BSGM at: https://www.financialnewsmedia.com/news-bsgm
In other healthcare industry news of note:
Medtronic plc (NYSE: MDT) last week announced that the company has received U.S. Food and Drug Administration (FDA) approval for the CareLink SmartSync(TM) Device Manager. With the introduction of SmartSync, physicians will now be able to use an Apple® iPad® to program and manage data from Medtronic`s BlueSync-enabled implanted cardiac devices.
SmartSync is a next-generation programmer and pacing system analyzer that follows the popular CareLink(TM) 2090 programmer. It features a simplified user interface, enhanced security and Bluetooth® capabilities to communicate with compatible cardiac devices. As a wireless system that weighs just over two pounds, SmartSync is easily portable allowing physicians more freedom to engage with patients as they program and manage cardiac devices and device data. SmartSync includes the CareLink SmartSync mobile application, patient connector (telemetry head) and base station (pacing system analyzer).
Johnson & Johnson (NYSE: JNJ) late in April announced that its Board of Directors has declared a 5.6% increase in the quarterly dividend rate, from $0.90 per share to $0.95 per share. The increase was announced this morning at the Annual Meeting of Shareholders in New Brunswick, N.J.
"In recognition of our 2018 results, strong financial position and confidence in the future of Johnson & Johnson, the Board has voted to increase the quarterly dividend for the 57th consecutive year," said Alex Gorsky, Chairman and Chief Executive Officer of the company.
At the new rate, the indicated dividend on an annual basis is $3.80 per share compared to the previous rate of $3.60 per share. The next quarterly dividend is payable on June 11, 2019 to shareholders of record as of the close of business on May 28, 2019. The ex-dividend date is May 24, 2019.
Abbott Laboratories (NYSE:ABT) announced today that m-PIMA™ HIV-1/2 VL, the world's first point-of-care viral load diagnostic test, has received the World Health Organization's Prequalification approval (WHO PQ). The test received CE Mark in December 2018.
"m-PIMA HIV-1/2 VL is the only truly portable molecular point-of-care test designed specifically for use in resource-limited settings such as in sub-Saharan Africa," said Damian Halloran, vice president, Infectious Disease – Emerging Markets, Rapid Diagnostics, Abbott. "With WHO PQ, global funders and ministries of health can now confidently expand access to viral load testing, reaching more people who need the test, with the most compact and efficient point-of-care HIV diagnostic platform available anywhere in the world today."
General Electric Company (NYSE: GE) subsidiary GE Healthcare, recently announced Edison will integrate with ACR AI-LAB. The Edison platform helps accelerate the development and adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care. Edison serves as a "digital thread" for GE Healthcare's existing AI partnerships and products, and by integrating with ACR AI-LAB, it will extend these services and allow ACR members and other radiology professionals to more easily develop and seamlessly deploy their algorithms across hospitals and research centers nationally.
"ACR has been collaborating with industry, government and others throughout healthcare to promote a thriving AI ecosystem targeted towards patient and clinician needs," said ACR DSI Chief Science Officer Keith Dreyer, DO, PhD, FACR. "Standards, clinical pathways, education and tools are all part of harnessing the potential of AI, and ACR AI-LAB is an important step in that journey. ACR welcomes GE Healthcare's announcement to integrate with ACR AI-LAB, furthering our mutual goals of improved patient outcomes."
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