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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

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Coherent Market Insights Sutures Market

Published Date : Mar 2024

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Coherent Market Insights Dental Implants Market

Published Date : Mar 2024

Global dental implants market is estimated to be valued at USD 5.16 Bn in 2024 and is expected to exhibit a CAGR of 7.1% during the forecast period (2024-2031). Dental implants are bio-compatible synthetic structures surgically placed into the jawbone to support denta... View more

Coherent Market Insights Defibrillators Market

Published Date : Mar 2024

Global defibrillators market is estimated to be valued at USD 12.70 Bn in 2024 and is expected to exhibit a CAGR of 6.8% during the forecast period (2024-2031). Defibrillators are medical devices that deliver an electric shock to the heart in order to induce rhythmic ... View more

Coherent Market Insights Hearing Aids Market

Published Date : Mar 2024

Global hearing aids market is estimated to be valued at USD 8.10 Bn in 2024 and is expected to exhibit a CAGR of 6.4% during the forecast period (2024-2031). Global hearing aids market has been witnessing steady growth over the past few decades. Hearing aids are devic... View more

Coherent Market Insights Vascular Embolization Market

Published Date : Mar 2024

Vascular embolization refers to the passage and lodging of an embolus within the bloodstream. It is a minimally invasive treatment that blocks one or more blood vessels or abnormal vascular channels. Vascular embolization agents are used to acutely stop flow in blood ... View more

Coherent Market Insights Wheelchair Cushions Market

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Coherent Market Insights Acrylic Teeth Market

Published Date : Mar 2024

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Coherent Market Insights Cosmetic Prosthetics Market

Published Date : Mar 2024

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Coherent Market Insights Precision Diagnostics Market

Published Date : Mar 2024

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Coherent Market Insights Global Chiropractic Care Market

Published Date : Mar 2024

The chiropractic care market is estimated to be valued at USD 1.38 Bn in 2024 and is expected to reach USD 2.24 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031. Chiropractic care is a health ca... View more

Coherent Market Insights Elastomeric Infusion Pumps Market

Published Date : Mar 2024

Elastomeric infusion pumps are non-electronic medication pumps also called as balloon pumps which are used for infusion of analgesics, chemotherapy drugs, local anesthetics, antibiotics and other type of medications. Elastomeric infusion pumps are single use medical d... View more

Coherent Market Insights Us Central Venous Catheter Market

Published Date : Mar 2024

A central venous catheter (KATHeter), also known as a central line or CVC, is a long, soft, thin, hollow tube that is placed into a large vein (blood vessel). A central venous catheter differs from an intravenous (IV) catheter placed in the hand or arm (also called a ... View more

Coherent Market Insights Pharmaceutical Stability And Storage Services Market

Published Date : Mar 2024

Global pharmaceutical stability and storage services market is estimated to be valued at USD 3.18 Bn in 2024 and is expected to reach USD 4.71 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031. G... View more

Coherent Market Insights Air Ambulance Services Market

Published Date : Mar 2024

Global air ambulance services market is estimated to be valued at USD 6.90 Bn in 2024 and is expected to exhibit a CAGR of 9.4% during the forecast period (2024-2031). Global air ambulance services market is witnessing robust growth in recent years. As medical emergen... View more

Coherent Market Insights Prosthetic Heart Valve Market

Published Date : Mar 2024

Global prosthetic heart valve market is estimated to be valued at USD 13.21 Bn in 2024 and is expected to exhibit a CAGR of 11.5% during the forecast period (2024-2031). The prosthetic heart valve market has been witnessing steady growth over the past few years owing ... View more

Coherent Market Insights Plastic Surgery Instruments Market

Published Date : Feb 2024

The Plastic Surgery Instruments Market is estimated to be valued at USD 1.12 Bn in 2024 and is expected to reach USD 1.96 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031. The plastic surgery in... View more

Coherent Market Insights Global Orthodontic Brackets Market

Published Date : Feb 2024

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