Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 35 , 10 November 2023
Open
Access | Article
Analysis of the Medical Device Industry in German & US: Evidence from Medtronic and Siemens
* Author to whom correspondence should be addressed.
Abstract
With the increasing demand for medical care, the development and impact of the medical instrument industry receive widespread attention. This article analyzes the market, policies, and other relevant information of the medical instrument industry in the United States and Germany. In the 21st century, the United States has the world's largest medical device market and the most advanced medical device technology, and has a strict and efficient examination and approval agency led by the FDA. It is the country with the most development prospects and potential, and has given birth to several highly competitive and innovative medical device enterprises. Germany has a century-long history of producing high-quality medical devices, and is the third largest medical device market in the world, second only to the United States and Japan. Siemens is one of the few large medical device manufacturers in Germany, which plays an important role in promoting the development of medical device industry in Germany. Taking Medtronic and Siemens as examples, the development of medical instruments is of great significance for the development and stability of a country.
Keywords
medical instrument, medtronic, siemens, case study
References
1. Du, Y.: Development status and Market size analysis of the global medical device industry in 2022 - The United States maintains the leading position in the world, https://www.qianzhan.com/analyst/detail/220/220913-ca754231.html, last accessed 2023/4/13.
2. Innomd Homepage, To understand the structure and characteristics of the American medical device industry, https://www.innomd.org/article/630dca060efda1591e194729, last accessed 2023/4/14.
3. Fang, H.: Overview of medical device market in major countries and regions: Opportunities and challenges. Chinese medical device information, 15(10), 17-43 (2009).
4. Chang, Q., Liu, H.: Scientific and technological innovation management mechanism of world-class enterprises: Based on the case study of Siemens in Germany. China Science and Technology Forum, 312(04), 47-57 (2022).
5. Wang, M.: Strategic Analysis of Siemens Medical Devices in China Market. Shanghai Jiao Tong University (2016).
6. Siemens Healthineers. Artificial intelligence helps physicians make more informed decisions, https://www.siemens-healthineers.com/innovations#ai, last accessed 2023/4/17.
7. Ca, F.: FDA issues alert regarding Medtronic's recall of HVAD Pump Implant Kits due to risk of delayed or failed restart after stop. Chinese Journal of Medicine, 23(03), 194 (2021).
8. Li, M.: Medtronic's innovative hemodialysis project has been launched in Chengdu to help patients with kidney disease, http://www.rmzxb.com.cn/c/2014-08-15/363965.shtml, last accessed 2023/4/17.
9. Schmitt, J.: Reimbursement and pricing of medical devices in Germany. HEPAC 1, 146–148 (2000).
10. Zhang, B., Zhao, S., Zeng, Q., et al.: Research on High Quality Development Measures of Medical Device Industry. China Instrument and Meter 382(01), 31-36 (2023).
Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open Access Instruction).
- Volume Title
- Proceedings of the 7th International Conference on Economic Management and Green Development
- ISBN (Print)
- 978-1-83558-091-2
- ISBN (Online)
- 978-1-83558-092-9
- Published Date
- 10 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/35/20231771
- Copyright
- 10 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited