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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 Injection Port Market

Published Date : Dec 2023

An injection port, is a specialized device designed to facilitate repeated access to a patient's vascular system without the need for multiple needle insertions. This innovative tool is commonly employed in healthcare settings for various purposes, such as intravenous... View more

Coherent Market Insights Mobile Health Vehicle Market

Published Date : Dec 2023

Mobile health vehicles are vehicles equipped with medical equipment and healthcare providers to deliver medical services in areas where healthcare facilities are not easily accessible. These vehicles are often used in rural or underserved areas, disaster zones, or for... View more

Coherent Market Insights Health All In One Machine Market

Published Date : Dec 2023

Global health all-in-one machine market has been witnessing significant growth in the recent times. A health all-in-one machine is a multifunctional medical device that enables in measuring various vital parameters such as weight, body fat percentage, Body Mass Index ... View more

Coherent Market Insights Beating Heart Patch Market

Published Date : Dec 2023

A "beating heart patch" typically refers to a bioengineered tissue construct designed to mimic the function of a human heart. This technology is often associated with the field of regenerative medicine and tissue engineering. The goal of creating a beating heart patch... View more

Coherent Market Insights Human Microchipping Market

Published Date : Dec 2023

A human microchip implant is an identifying integrated circuit RFID (Radio-Frequency IDentification) device that is covered in silicate glass and injected under the skin, which is usually around the size of a rice grain. When the microchip is activated, it sends a sig... View more

Coherent Market Insights Intraosseous Infusion Devices Market

Published Date : Nov 2023

Global Intraosseous Infusion Devices Market is estimated to be valued at US$ 1,000.7 Mn in 2023, and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030). Analysts’ Views on Global Intraosseous Infusion Devices Market: Intraosseous infusion is advised for cardiopulmon... View more

Coherent Market Insights Wound Healing Films Market

Published Date : Nov 2023

Wound healing films are thin, transparent dressings that are used to cover wounds and promote the healing process. These films are designed to protect the wound from external factors such as dirt and bacteria while allowing the exchange of oxygen and moisture for prop... View more

Coherent Market Insights Dental Imaging Market

Published Date : Nov 2023

Global Dental Imaging Market is estimated to be valued at US$ 3,742 Mn in 2023, and is expected to exhibit a CAGR of 6.8%  during the forecast period (2023-2030). Analysts’ Views on Global Dental Imaging Market : Increasing launches of new dental practices and cosmetic dental clinics wi... View more

Coherent Market Insights Radiofrequency Ablation Devices Market For Pain Management

Published Date : Nov 2023

Radiofrequency Ablation (RFA) is a minimally invasive medical procedure involving the ablation of targeted dysfunctional tissues via the generation of heat from high frequency alternative current. It functions by converting electrical energy to heat energy and then utilizing the concepts of hyper... View more

Coherent Market Insights Stainless Crowns Market

Published Date : Nov 2023

Global stainless crowns market size is expected to reach US$ 2.03 Bn by 2030, from US$ 1.30 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 6.6% during the forecast period. Stainless crowns are dental restorations used to cap a damaged tooth and restore its shape, size, and function.... View more

Coherent Market Insights Nasal Splints Market

Published Date : Nov 2023

Global nasal splints market size is estimated to be valued at US$ 2.79 Bn in 2023 and is expected to reach US$ 3.45 Bn by 2030, exhibited a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. Nasal splints are medical devices used to stabilize and support the nasal septum after nasal surge... View more

Coherent Market Insights Global Photo Rejuvenation Devices Market

Published Date : Nov 2023

The Global Photo Rejuvenation Devices Market size is expected to reach US$ 1,343.5 million by 2030, from US$ 527.4 million in 2023, at a CAGR of 14.3% during the forecast period. Photo rejuvenation devices are used for treating skin conditions through light-based technology. These devices improve sk... View more

Coherent Market Insights Colon Hydrotherapy Machine Market

Published Date : Nov 2023

Global Colon Hydrotherapy Machine Market is expected to reach US$ 32.4 Mn by 2030, from US$ 21.2 Mn in 2023, exhibiting a CAGR of 6.2% during the forecast period. Colon hydrotherapy machines are used for internal cleansing of the colon by using filtered, temperature-regulated water. It helps to elim... View more

Coherent Market Insights Artificial Discs Market

Published Date : Nov 2023

Artificial discs are advanced medical devices designed to replace damaged or degenerated spinal discs in patients suffering from chronic back pain. These disc prostheses mimic the natural function of the intervertebral discs, providing stability to the spine while all... View more

Coherent Market Insights Veterinary Blood Glucose Market

Published Date : Nov 2023

Veterinary blood glucose testing is a crucial aspect of veterinary medicine that helps diagnose and monitor various conditions in animals, especially diabetes. Similar to humans, animals can also develop diabetes, and it is essential to monitor their blood glucose lev... View more

Coherent Market Insights Cardiac Surgery Instrument Market

Published Date : Nov 2023

The field of cardiac surgery has witnessed significant advancements in recent years, leading to improved patient outcomes and enhanced surgical techniques. Cardiac surgery instruments play a crucial role in these procedures, aiding surgeons in performing intricate sur... View more

Coherent Market Insights Inflation Devices Market

Published Date : Nov 2023

The inflation devices market size is expected to reach US$ 7.96 million by 2030, from US$ 4.64 million in 2023, at a CAGR of 8% during the forecast period. Inflation devices are used to inflate and deflate balloon catheters during angioplasty procedures to treat blocked arteries. The advantages of t... View more

Coherent Market Insights Air Pressure Therapy Market

Published Date : Nov 2023

Air Pressure Therapy, also known as compression therapy, is a widely used treatment method for various medical conditions. It involves applying gentle pressure to specific parts of the body to improve blood circulation, reduce swelling, and alleviate pain. This therap... View more

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