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 Blood Gas Analyzers Market

Published Date : Jan 2024

Blood gas analyzers play a pivotal role in monitoring critical conditions in patients and have become an indispensable tool for clinicians across emergency rooms and intensive care units. They provide real-time analysis of blood gas, electrolytes, and metabolite param... View more

Coherent Market Insights Global Neuroprosthetics Market

Published Date : Jan 2024

Neuroprosthetics is an interdisciplinary branch of neuroscience and biomedical engineering that develops neural prostheses, which are biomedical devices interfaced directly with the central or peripheral nervous system. The main aim of neuroprosthetics is to develop i... View more

Coherent Market Insights Global Disposable Endoscope Market

Published Date : Jan 2024

Disposable endoscopes are single-use medical devices that allow examination of internal organs like the esophagus, stomach, lungs, urinary tract or colon. There are two main types - capsules and tubes. Capsule endoscopes are pill-sized cameras that are swallowed and p... View more

Coherent Market Insights Global Angiography Equipment Market

Published Date : Jan 2024

Angiography equipment is commonly used in hospitals and diagnostic centers for minimally invasive surgeries. It helps doctors visualize the insides of blood vessels and organs with high precision. The growing prevalence of cardiovascular diseases and increasing invest... View more

Coherent Market Insights Global Hollow Fiber Filtration Market

Published Date : Jan 2024

Hollow fiber filtration is a separation process that uses hollow fibers to remove particulates and other particles from a fluid based on size. It operates under the principle of membrane filtration, where a semi-permeable membrane allows only certain components like s... View more

Coherent Market Insights Digital Microscopes Market

Published Date : Jan 2024

A digital microscope – also known as a digital scope or digital inspection system – uses a digital camera as a microscope instead of using an eyepiece. It is used for inspection and analysis of micro objects and samples that are too small to observe with t... View more

Coherent Market Insights Nuclear Imaging Equipment Market

Published Date : Jan 2024

Nuclear medicine is a branch of medical imaging that uses small amounts of radioactive material to diagnose or treat a variety of diseases, including many types of cancers, heart disease and certain other abnormalities within the body. Nuclear imaging determines the c... View more

Coherent Market Insights Ultrasound Devices Market

Published Date : Jan 2024

The global ultrasound devices market is a rapidly expanding sector within the healthcare industry, driven by technological advancements and increasing demand for non-invasive diagnostic procedures. Ultrasound devices use high-frequency sound waves to create images of ... View more

Coherent Market Insights Pharmacy Automation Market

Published Date : Jan 2024

Pharmacy automation involves utilization of mechanical devices to facilitate the dispensing and mixing of medications. It enhances efficiency, reduces errors, and frees up pharmacists' time to focus on direct patient care activities. Technological advancements are ena... View more

Coherent Market Insights Diabetes Monitoring Devices Market

Published Date : Jan 2024

Blood glucose monitors are used by diabetic patients and clinicians to monitor and to help control a patient's blood glucose level. Most of these devices are used by patients outside  the hospital setting. Many of these patients are elderly, with limited manual d... View more

Coherent Market Insights Sports Medicine Market

Published Date : Dec 2023

Sports medicine is a branch of healthcare which deals with the prevention, treatment, and rehabilitation of injuries or medical conditions affecting athletes and physically active people. It involves promoting health and fitness, preventing disease and injury, healing... View more

Coherent Market Insights Global General Surgery Devices Market

Published Date : Dec 2023

The general surgery devices market has been witnessing steady growth over the years owed to the rising prevalence of chronic diseases and the growing geriatric population worldwide. General surgery involves operative procedures for treatment of diseases or injuries in... View more

Coherent Market Insights Global Spinal Laminoplasty Market

Published Date : Dec 2023

Spinal laminoplasty is a type of spinal decompression surgery that is used to relieve pressure caused by spinal stenosis. It involves opening up one or both sides of the lamina, the back portion of the vertebrae, to widen the spinal canal and make more room for the sp... View more

Coherent Market Insights Biobanking Equipment Market

Published Date : Dec 2023

A biobank is a collection of biological samples (such as blood) and health information. Biobanks can be large and hold thousands of samples, or they may be small and hold only a few hundred samples. Different biobanks collect different types of samples and information... View more

Coherent Market Insights Global Convergence In Healthcare Market

Published Date : Dec 2023

The convergence of healthcare is driving revolutionary changes in the way how healthcare is delivered. Traditionally, healthcare has operated through fragmented verticals like hospitals, pharmacies, insurance providers, and medical device manufacturers. However, newer... View more

Coherent Market Insights Magnetic Resonance Imaging Mri Systems Market

Published Date : Dec 2023

Global magnetic resonance imaging (MRI) systems market is a comprehensive study of the current trends, growth drivers, and restraints that are influencing the industry's trajectory. MRI systems are advanced imaging techniques that are used in diagnostic procedures for... View more

Coherent Market Insights Global Veterinary Furniture Market

Published Date : Dec 2023

The veterinary furniture market has seen significant growth in recent years. As animal health and welfare continue to be priorities for pet owners and veterinary professionals alike, demand has risen for modern equipment and facilities designed to enhance the comfort,... View more

Coherent Market Insights Medical Pendants Market

Published Date : Dec 2023

The global medical pendant market size is projected to grow at a considerable rate during the forecast period owing to the rising demand for medical care facilities across the world. Medical pendants are suspended from the ceiling in medical facilities such as hospita... 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.