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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 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

Coherent Market Insights Global Glucose Biosensor Market

Published Date : Feb 2024

The global glucose biosensor market is poised to grow at a significant rate over the forecast period. A glucose biosensor is an analytical device used for the detection of glucose concentration in biological samples. It incorporates a bio-recognition element like gluc... View more

Coherent Market Insights Global Micro Pumps Market

Published Date : Feb 2024

The micro-pumps market has been growing significantly over the past few years due to the increasing application of microfluidic systems in the healthcare industry. Micro pumps are essential components used to propel fluids in microscopic quantities in various medical ... View more

Coherent Market Insights Global Microcatheter Market

Published Date : Feb 2024

Microcatheters are specialized, thin, flexible tubes used in minimally invasive medical procedures to navigate the complex and delicate vasculature within the human body. They have a small external diameter, typically ranging from less than one millimeter up to severa... View more

Coherent Market Insights Global Mastopexy Market

Published Date : Feb 2024

Mastopexy, commonly known as breast lift surgery, is a cosmetic surgical procedure that lifts and reshapes sagging breasts. It involves removing excess skin and tightening the surrounding tissue to raise and firm the breasts. Mastopexy helps to restore a more youthful... View more

Coherent Market Insights Global Root Canal Files Market

Published Date : Feb 2024

Global root canal files market has been growing significantly over the past few years. Root canal treatment is a common procedure that is performed to treat infections inside the root canal system and tissues of the tooth. During this treatment, dentists use specializ... View more

Coherent Market Insights Global Skin Excision Market

Published Date : Jan 2024

The skin excision market is well positioned for steady growth in the near future. The skin serves as the protective outer layer for the human body and skin excisions are procedures that involve surgically removing a patch of skin for diagnostic or therapeutic purposes... View more

Coherent Market Insights Global Electroretinogram Market

Published Date : Jan 2024

Electroretinography is a diagnostic medical test that is used to evaluate the health and function of the retina. It provides objective measurements of the retina's electrical activity by recording how it responds to light stimulus. The test involves placing electrodes... View more

Coherent Market Insights Global Bio Imaging Market

Published Date : Jan 2024

Bio-imaging is a powerful and essential technique that is widely used in the realm of biological and medical sciences. It refers to the ensemble of technologies that capture, process, and visualize structural and functional information of biological systems, ranging f... View more

Coherent Market Insights Biodegradable Stents Market

Published Date : Jan 2024

The biodegradable stents market is rapidly evolving within the broader medical devices industry. Biodegradable stents, also known as bioresorbable or bioabsorbable stents, are used in the treatment of coronary artery diseases or peripheral artery diseases. These stent... View more

Coherent Market Insights Global Multiplex Assay Market

Published Date : Jan 2024

The multiplex assay market has been witnessing significant growth in the recent past on account of the rising incidence of chronic and infectious diseases globally. Multiplexing permits simultaneous detection of multiple analytes in a single assay run, which enhances ... View more

Coherent Market Insights Global Cerumen Removal Market

Published Date : Jan 2024

Cerumen, commonly known as earwax, serves an important protective role inside the ear canal. However, excess earwax buildup can cause discomfort and even hearing loss. To remove built-up earwax, a variety of cerumen removal products are available. ... View more

Coherent Market Insights Global Mycoplasma Testing Market

Published Date : Jan 2024

Mycoplasma testing is essential in the field of biotechnology and pharmaceuticals. There are different types of products available in the market for mycoplasma testing. The major products can be categorized into two types - kits and services. ... View more

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