Contact Us Register

The convergence of information technology with medical devices is transforming the landscape of patient care. Integration of medical devices with mobile applications for monitoring and diagnosis of disease conditions can reduce cost of diagnosis. Also, evaluating health measures is no longer restricted to in-clinic visit. Patients can self-monitor their health at their convenience using portable medical devices. In-vitro... View more

The convergence of information technology with medical devices is transforming the landscape of patient care. Integration of medical devices with mobile applications for monitoring and diagnosis of disease conditions can reduce cost of diagnosis. Also, evaluating health measures is no longer restricted to in-clinic visit. Patients can self-monitor their health at their convenience using portable medical devices. In-vitro medical devices have transformed the diagnostics industry by reducing cost and time required for tests. Growth of the medical devices market has been influenced by technological innovations and patient focused care.

Challenges

One of the challenges faced by medical devices companies is integrating rapidly evolving technologies with existing products in order to maintain a competitive advantage in the market. Hence, a major share of the spending of these companies is directed towards research and development (R&D). According to a survey conducted by Forbes in 2015, around 47% of the medical device manufacturers were planning to spend over 6% of their revenue on R&D till 2017. Moreover, new regulatory requirements and fierce competition are posing a challenge for companies operating in this sector. The new Unique Device Identification (UDI) guidelines introduced in 2014 will help stakeholders save costs.

Home Healthcare Devices to Fuel Market Growth

Self-medication practices are also driving demand for home healthcare devices. The launch of glucose monitors, insulin delivery devices, oxygen concentrators, and nebulizers has improved access to healthcare in emerging countries. The increasing awareness about lifestyle disorders among the populace, in addition to advent of new technology has led consumers to adopt more sophisticated devices to self-monitor their health conditions. Furthermore, these devices are convenient to use, and save time and healthcare costs. However, app-based devices are facing challenges with respect to obtaining approvals from regulatory authorities such as the FDA.

Growth in Emerging Economies

North America dominates the global medical devices market, however Asia Pacific and Latin America regions are projected to exhibit significant growth in the forthcoming years. Factors such as rapidly expanding patient pool, rising healthcare spending, and increasing health awareness in these regions are expected to create opportunities for manufacturers of medical devices to expand their operations to these markets. However, market players may need to adopt distribution, manufacturing and business strategies tailored to these regions to ensure a successful foray. Strategic mergers and acquisitions with regional and local players is likely to help companies operating on a global scale to strengthen their product portfolio and market presence.

Conclusion

The way healthcare is delivered, accessed and perceived is changing due to introduction of novel medical devices. As regulatory requirements change and evolve, medical device manufacturers need to understand the implications and be operationally and technologically equipped. Companies also need to ensure that they have the right competencies to keep up with increasing competition and regulations, and assess their impact. Key players operating in this market are Johnson & Johnson, General Electric Co., Medtronic Inc., Siemens AG, Baxter International Inc., Stryker Corp., Fresenius Medical Care AG & Co., St. Jude Medical Inc., and Becton, Dickinson and Co.View less

Medical Devices Published Insights

Coherent Market Insights Neurodiagnostics Market

Published Date : Apr 2024

The global neurodiagnostics market is estimated to be valued at USD 8.66 Bn in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). Neurodiagnostics refers to the diagnosis of neurological disorders through various imaging and monitor... View more

Coherent Market Insights Skin Barrier Products Market

Published Date : Apr 2024

In ostomy management, a skin barrier adheres to the peristomal (stoma) skin, protecting it from stoma output and attaching the pouch to the body. The skin barrier is separate from the pouch in a two-piece system, while in a one-piece system, they are combine... View more

Coherent Market Insights Pulse Oximeter Market

Published Date : Apr 2024

Global pulse oximeter market is estimated to be valued at USD 3,918.7 Mn in 2024 and is expected to exhibit a CAGR of 7.9% during the forecast period (2024-2031). The global pulse oximeter market has been witnessing significant growth in the recent pa... View more

Coherent Market Insights Medical Tubing Market

Published Date : Apr 2024

The global medical tubing market is estimated to be valued at USD 1,258.0 Mn in 2024 and is expected to exhibit a CAGR of 8.8% during the forecast period (2024-2031). Medical tubing refers to flexible plastic or rubber tubes that are used for a variety of medical appl... View more

Coherent Market Insights Syringes Market

Published Date : Apr 2024

The global syringe market is estimated to be valued at USD 21.98 Bn in 2024 and is expected to exhibit a CAGR of 9.3% during the forecast period (2024-2031). The global syringe market has been witnessing steady growth over the past few decades. A syringe is an essenti... View more

Coherent Market Insights Life Science Tools Market

Published Date : Apr 2024

The global life science tools market is estimated to be valued at USD 136.17 Bn in 2024 and is expected to exhibit a CAGR of 12.9% during the forecast period (2024-2031). With an increasing focus on developing new therapies and diagnostics, the life science tools mark... View more

Coherent Market Insights Dna Test Kits Market

Published Date : Apr 2024

Global DNA test kits market is estimated to be valued at USD 1.86 Bn in 2024 and is expected to exhibit a CAGR of 16.4% during the forecast period (2024-2031). The DNA test kits market has witnessed significant growth in the recent past owing to the rising popularity ... View more

Coherent Market Insights Sample Preparation Market

Published Date : Apr 2024

Sample preparation process is used in most of the laboratory sample analysis, as proper sample preparation practices such as sample extraction, homogenization of samples, and particle size analysis of solid samples can impact overall assay results, quality of data, an... View more

Coherent Market Insights Minimal Residual Disease Testing Market

Published Date : Apr 2024

The global minimal residual disease testing market is estimated to be valued at USD 2.31 Bn in 2024 and is expected to exhibit a CAGR of 11.6% during the forecast period (2024-2031). Minimal Residual Disease (MRD) testing involves detecting tiny amounts of residual ca... View more

Coherent Market Insights Digital Dose Inhaler Market

Published Date : Apr 2024

Global digital dose inhaler market is estimated to be valued at USD 18.33 Bn in 2024 and is expected to exhibit a CAGR of 19.6% during the forecast period (2024-2031). Digital dose inhalers are portable handheld devices that are used for delivering medication to treat... View more

Coherent Market Insights Nasometry Devices Market

Published Date : Apr 2024

The global nasometry devices market is estimated to be valued at USD 250.9 Mn in 2024 and is expected to exhibit a CAGR of 4.3% during the forecast period (2024-2031). Nasometry devices are medical instruments used to measure various parameters of the nose and paranas... View more

Coherent Market Insights Cardiac Valvulotome Market

Published Date : Apr 2024

Global cardiac valvulotome market is estimated to be valued at USD 115.8 Mn in 2024 and is expected to exhibit a CAGR of 4.5% during the forecast period (2024-2031). Cardiac valvulotome is a medical device used in the correction of stenotic cardiac valves. It is a sur... View more

Coherent Market Insights Respiratory Care Market

Published Date : Apr 2024

The global respiratory care market is estimated to be valued at USD 25.95 Bn in 2024 and is expected to exhibit a CAGR of 9.8% during the forecast period (2024-2031). The global respiratory care market is witnessing a phase of robust growth due to the increasing preva... View more

Coherent Market Insights Rapid Infuser Market

Published Date : Apr 2024

Global rapid infuser market is estimated to be valued at USD 796.9 Mn in 2024 and is expected to exhibit a CAGR of 4.8% during the forecast period (2024-2031). Global rapid infuser market has been witnessing steady growth over the past few years due to increasing prev... View more

Coherent Market Insights Carboxy Therapy Market

Published Date : Apr 2024

Global carboxy therapy market is estimated to be valued at USD 107.7 Mn in 2024 and is expected to exhibit a CAGR of 11.4% during the forecast period (2024-2031). Carboxy therapy, also known as carbon dioxide therapy, is a minimally invasive cosmetic procedure that us... View more

Coherent Market Insights Reusable Sanitary Pads Market

Published Date : Apr 2024

Global reusable sanitary pads market is estimated to be valued at USD 2,297.4 Mn in 2024 and is expected to exhibit a CAGR of 9.8% during the forecast period (2024-2031). Global reusable sanitary pads market has been gaining significant traction in recent years. With ... View more

Coherent Market Insights Global Bleeding Control Kit Market

Published Date : Apr 2024

Global bleeding control kit market is estimated to be valued at US$ 4,480.7 Mn in 2024, and is expected to exhibit a CAGR of 2.9% during the forecast period (2024-2031). Bleeding control kit, also known as first aid kit or emergency kit, is an important medical supply... View more

Coherent Market Insights Medical Supply Delivery Service Market

Published Date : Apr 2024

The global medical supply delivery service market is estimated to be valued at USD 65.08 BN in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). The medical supply delivery service market has been witnessing steady growth over the ... View more

LogoCredibility and Certifications

Trusted Insights, Certified Excellence! Coherent Market Insights is a certified data advisory and business consulting firm recognized by global institutes.

Reliability and Reputation

860519526

Reliability and Reputation
Reliability and Reputation
Reliability and Reputation
ISO 9001:2015

9001:2015

ISO 27001:2022

27001:2022

© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.