The number of medical products approved for sale in the U.S. has nearly tripled in the past year to over 4.6 million, according to the National Association of Realtors.
A total of 6.5 million medical products were sold in 2017, up from 4.1 million in 2016.
In addition, the industry has expanded from a niche into a consumer market, with over $2.4 trillion in medical products sold in the United States.
The top five medical products on the rebound include: New Zealand-based pharmaceutical company Pfizer (PFE) has sold a record number of antibiotics since the year began, with sales surging nearly 60 percent to more than 3 million products.
A new drug from Pfizer and New Zealand’s Pharmacia Therapeutics (PTS) is proving to be the most popular.
The company reported sales of nearly 1 million in March and March 2018.
Pfizer and Pfizer Health Care also have products that are selling well, including the highly-anticipated “Doxycycline” drug from New Zealand-owned Therapeutic Goods Alliance.
In the past, the pharmaceutical industry has struggled to compete in the burgeoning market for medical devices and devices for diagnostics.
But the pace of growth is so high that it has pushed the industry toward new product categories, like diagnostic imaging, that have been traditionally focused on health care.
Analysts say the trend has accelerated in the last year, as manufacturers are working more closely with the FDA and Congress to ensure that products do not pose a health risk.
One of the most anticipated medical products this year is the device for treating the rare and severe form of pneumonia known as “peritonitis.”
In March, Pfizer introduced a new device that detects the virus before it can kill the lungs.
Another new medical device that is also expected to be approved in the next year is a device called the Positron Emission Tomography (PET) device.
New York-based drugmaker Amgen is launching a new drug for treating patients with type 1 diabetes, called “Liverx.”
Amgen is also looking to expand the use of the PET device in the treatment of Crohn’s disease.
Meanwhile, the FDA is reviewing new medical products to ensure they don’t pose a risk to the public.
FDA officials are also reviewing the use and development of other types of medical devices.
And the FDA has begun to evaluate new medical devices, such as a wearable device for the use in treating Parkinson’s disease, that could have potential applications in the healthcare market.
Although some of these devices have been approved, the market is still in a nascent stage, said John Coughlin, director of medical research at the non-profit consumer watchdog Better Markets.
Some of the products on sale now are not approved by the FDA for use in the marketplace, he said.
“It’s a big jump, and it’s not as big as some of the other products that were on the market,” Coughlan said.
“The question is, what is the next big thing?”
The FDA has taken steps to slow down the growth in the medical device market.
The agency is reviewing the application of new technology to medical devices before it is approved, and has proposed to Congress a set of rules that would require companies to develop a roadmap for the development of new medical product technologies that could help them compete in an increasingly crowded marketplace.
Currently, the agency is considering a rule to require a 10-year timeline for devices to be reviewed for safety and effectiveness, as well as to establish requirements for the approval of devices before they can be sold in large numbers.
As a result, there are more new medical applications in development than ever before, and the FDA expects to issue rules in the coming months that would ensure that the agency does not delay approval of new products, said Coughling.
There is also growing concern about a lack of transparency in the approval process for medical device applications.
Companies that have applications on file with the federal government are required to share those applications with the agency, but they can request access only to those that have applied for a medical device approval.
The FDA has not provided information to the medical devices industry on the number of applications it has received or the number that have already been approved.
More recently, the department of health and human services has started to consider making the process more transparent, including requiring companies to publish quarterly reports on the status of applications and other information about their plans for the next fiscal year.
Many of the companies in the industry are also trying to build better relationships with the government, and some are trying to reach out to Congress to help speed up their approval processes.
These efforts are not new, said Christopher Darden, director and principal analyst at the consulting firm Cogent Research.