Governments across the world face the challenge of facilitating the adoption of medical devices while ensuring their affordability. Governments have the responsibility to balance the technological adoption and affordability, thus creating a favourable market environment for medical devices according to the unique features of each country.

Further, policy tools that encourage technological adoption tend to show a strong preference for a particular technology over others. Such tools should be used carefully, say on a trial basis, during the early stages of technological diffusion as the benefits of a new technology are often difficult to predict and can lead to market distortions and a sharp rise in expenditures.

"Market participants should increase their product portfolio by acquiring smaller companies with innovative products," concludes Praveen. "Additionally, market presence should be expanded in the untapped markets."

SOURCE Frost & Sullivan