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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

Coherent Market Insights Non Invasive Blood Glucose Monitoring Devices Market

Published Date : Feb 2024

Non-invasive blood glucose monitoring, as its name implies, refers to the detection of human blood glucose without causing damage to human tissues. Non-invasive blood glucose monitoring devices offer an economical and pain-free method to monitor blood glucose levels c... View more

Coherent Market Insights Global Pediatric Perfusion Market

Published Date : Feb 2024

Pediatric perfusion is the delivery of blood through the circulatory system in children undergoing cardiopulmonary bypass (CPB) during open heart surgery. CPB involves diverting the patient's blood circulation through a heart-lung machine to maintain circulation and l... View more

Coherent Market Insights Global Robotic Nurse Assistant Market

Published Date : Feb 2024

Robotic nurse assistants are one of the latest technological advancements in the healthcare industry with a focus on improving patient care and support for nurses and medical staff. These robots help perform simple yet repetitive tasks to allow nurses to focus more on... View more

Coherent Market Insights Global Manual Resuscitators Market

Published Date : Feb 2024

Manual resuscitators which are commonly known as bag-valve masks (BVMs), are handheld devices that are used to provide positive pressure ventilation to patients who are not breathing or who are breathing inadequately. These devices are crucial in emergency situations,... View more

Coherent Market Insights Global Laparoscopic Electrodes Market

Published Date : Feb 2024

Laparoscopic electrodes are medical instruments used in minimally invasive surgical procedures, specifically in laparoscopy. Laparoscopy is a surgical technique in which operations are performed through small incisions (usually 0.5–1.5 cm) in the patient's body,... View more

Coherent Market Insights Global Elbow Replacement Market

Published Date : Feb 2024

Elbow replacement surgery, also known as elbow arthroplasty, is a surgical procedure that involves removing damaged parts of the elbow joint and replacing them with prosthetic implants. The elbow joint is made up of the humerus bone in the upper arm meeting the ulna a... View more

Coherent Market Insights Global Alginate Dressing Market

Published Date : Feb 2024

Alginate dressings are a type of wound dressing that is particularly suited for wounds with a significant amount of exudate, which are fluids that seep out of wounds, often seen in pressure ulcers, venous ulcers, or diabetic foot ulcers. These dressings consist of nat... View more

Coherent Market Insights Global Urethral Dilators Market

Published Date : Feb 2024

Urethral dilation is a procedure to stretch the sides of the urethra. The urethra is the tube that carries urine from your bladder to outside your body. Sometimes scar tissue narrows the urethra. This is called urethral stricture. Urethral dilators are medical devices... View more

Coherent Market Insights Global Dental Veneers Market

Published Date : Feb 2024

Dental veneers are thin coverings placed over the front surface of teeth to improve their appearance. They are most often recommended for masking teeth that are discolored, chipped, oddly shaped, or unevenly spaced. Composed primarily of porcelain or composite resin m... View more

Coherent Market Insights Global Electron Microscope Market

Published Date : Feb 2024

The electron microscope market has been witnessing steady growth over the past few years. An electron microscope uses a beam of electrons instead of light to "illuminate" the specimen and produces a magnified image. The wavelength of an electron can be up to 100,000 t... View more

Coherent Market Insights Ablation Devices Market

Published Date : Feb 2024

Ablation is the process of removing or destroying tissue using heat or alternative energy forms. Ablation devices utilize various sources of energy to destroy tissue through ablation. Energy-based technologies used for ablation include electrical, laser, ultrasound, m... View more

Coherent Market Insights Blood Banking Devices Market

Published Date : Feb 2024

Global blood banking devices market is expected to witness robust growth during the forecast period. The rise in blood-related disorders and trauma cases are increasing the demand for efficient blood transfusion and processing. Advancements in blood collection and pro... View more

Coherent Market Insights Global Preclinical Imaging Market

Published Date : Feb 2024

Preclinical imaging is a critical aspect of the research and development (R&D) pipeline in the biomedical sciences, thereby enabling researchers to visualize and track the progression of diseases, assess the pharmacokinetics of drugs, and monitor therapeutic respo... View more

Coherent Market Insights Global Artificial Muscle Market

Published Date : Feb 2024

Artificial muscles which are also known as synthetic muscles, are materials or devices that mimic the function of biological muscles by contracting, expanding, or rotating when stimulated. They have the ability to convert chemical or electrical signals into mechanical... View more

Coherent Market Insights Global Neurotech Devices Market

Published Date : Feb 2024

Neurotech devices aim to treat a variety of neurological disorders by interfacing directly with the nervous system. These innovative technologies utilize implantable or wearable sensors and stimulating devices to collect neural data and potentially repair damaged path... View more

Coherent Market Insights Temporary Healthcare Staffing Market

Published Date : Feb 2024

The temporary healthcare staffing market caters to the demand for skilled medical professionals on a contingent basis. Healthcare facilities have increasingly relied on temporary personnel to fill staffing gaps and accommodate fluctuations in patient volumes. This has... View more

Coherent Market Insights Global Electronic Skin Market

Published Date : Feb 2024

Electronic skin, also known as e-skin or bioelectronic skin, is a technology that refers to flexible and stretchable thin-film devices that can conform to and mimic human skin. E-skin devices are equipped with sensors capable of sensing touch, temperature, stretch and... View more

Coherent Market Insights Global Laryngeal Mask Market

Published Date : Feb 2024

A laryngeal mask, also known as laryngeal mask airway (LMA), is a medical device used to control the airway of a patient during anesthesia or resuscitation. It consists of a tube connected to an elliptical mask and is used as an alternative to tracheal intubation. LMA... View more

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