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 Percutaneous Transluminal Coronary Angioplasty Balloon Catheter Market

Published Date : Nov 2024

Global percutaneous transluminal coronary angioplasty (PTCA) balloon catheter market is estimated to be valued at USD 2.59 Bn in 2024 and is expected to exhibit a CAGR of 9.6% during the forecast period (2024-2031). Percutaneous transluminal coronary angioplasty (PTCA... View more

Coherent Market Insights Temperature Management Market

Published Date : Nov 2024

Global temperature management market is estimated to be valued at USD 3.13 Bn in 2024 and is expected to exhibit a CAGR of 4.1% during the forecast period (2024-2031). Temperature management refers to technologies and equipment used to control temperature in various a... View more

Coherent Market Insights Medical Equipment Calibration Services Market

Published Date : Nov 2024

Global medical equipment calibration services market is estimated to be valued at USD 1.58 Bn in 2024 and is expected to exhibit a CAGR of 10.1% during the forecast period (2024-2031). Medical equipment calibration services market has witnessed significant growth, owi... View more

Coherent Market Insights Percutaneous Transluminal Angioplasty Balloons Catheter Market

Published Date : Nov 2024

Global percutaneous transluminal angioplasty balloons catheters market is estimated to be valued at USD 1.82 Bn in 2024, and is expected to exhibit a CAGR of 9.1% during the forecast period (2024-2031). Percutaneous transluminal angioplasty (PTA) balloons catheters ar... View more

Coherent Market Insights Facial Rejuvenation Market

Published Date : Nov 2024

Global facial rejuvenation market is estimated to be valued at USD 28.14 Bn in 2024 and is expected to exhibit a CAGR of 7.9% during the forecast period (2024-2031). Global facial rejuvenation market has been witnessing steady growth, owing to rising demand for aesthe... View more

Coherent Market Insights Osseointegration Implants Market

Published Date : Nov 2024

Global osseointegration implants market is estimated to be valued at USD 8.67 Bn in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). Global osseointegration implants market is witnessing rapid growth owing to the rising incidence ... View more

Coherent Market Insights Pediatric Interventional Cardiology Market

Published Date : Nov 2024

Global pediatric interventional cardiology market is estimated to be valued at USD 2.88 Bn in 2024 and is expected to exhibit a CAGR of 10.3% during the forecast period (2024-2031). Pediatric interventional cardiology market is witnessing steady growth owing to the ri... View more

Coherent Market Insights Anesthesia Device Market

Published Date : Nov 2024

Global anesthesia device market is estimated to be valued at USD 8.76 Bn in 2024 and is expected to exhibit a CAGR of 6.9% during the forecast period (2024-2031). The anesthesia device market has been witnessing significant growth over the past few years owing to the ... View more

Coherent Market Insights Endotracheal Tube Market

Published Date : Nov 2024

Global endotracheal tube market is estimated to be valued at USD 1,040.7 Mn in 2024 and is expected to exhibit a CAGR of 7.4% during the forecast period (2024-2031). Endotracheal tubes are important medical devices used during anesthesia to maintain an open airway and... View more

Coherent Market Insights Platelet Aggregation Devices Market

Published Date : Nov 2024

Global platelet aggregation devices market is estimated to be valued at USD 611.7 Mn in 2024 and is expected to exhibit a CAGR of 6.6% during the forecast period (2024-2031). Platelet aggregation devices are used in clinical settings to aid in diagnosis of platelet di... View more

Coherent Market Insights Advanced Drug Delivery Systems Market

Published Date : Nov 2024

Global advanced drug delivery systems market is estimated to be valued at USD 254.44 Bn in 2024 and is expected to exhibit a CAGR of 5.7% during the forecast period (2024-2031). Advanced drug delivery systems have enabled the development of novel formulations that can... View more

Coherent Market Insights Hospital Gowns Market

Published Date : Nov 2024

Global hospital gowns market is estimated to be valued at USD 2.62 Bn in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). Hospital gowns are essential for providing privacy, safety, and comfort to patients in hospitals. They prote... View more

Coherent Market Insights Tonometers Market

Published Date : Nov 2024

Global tonometry devices market is estimated to be valued at USD 378.1 Mn in 2024, exhibiting a CAGR of 6.6% during the forecast period (2024-2031). Tonometry devices are essential instruments that are used for measuring intraocular pressure (IOP), which is a key indi... View more

Coherent Market Insights Clinical Chemistry Analyzers Market

Published Date : Sep 2024

Global clinical chemistry analyzers market growth is driven by rising geriatric population and increasing prevalence of chronic and lifestyle diseases worldwide. Clinical chemistry analyzers are used to analyze compounds in biological specimens like plasma, serum, uri... View more

Coherent Market Insights Portable Medical Electronic Products Market

Published Date : Sep 2024

Global portable medical electronic products market has been witnessing steady growth over the past few years. Portable medical electronic products refer to miniaturized handheld devices that are used for the diagnosis, monitoring, or treatment of medical conditions. S... View more

Coherent Market Insights Rfid Enabled Smart Cabinets Market

Published Date : Aug 2024

RFID enabled smart cabinets witness widespread adoption across several industries, in order to streamline inventory management processes. RFID technology help to automate tasks like item tagging, tracking stock levels in real-time, generating replenishment alerts, and... View more

Coherent Market Insights Root Canal Irrigators Market

Published Date : Aug 2024

Root canal irrigators play a vital role in endodontic treatment by helping to clean and disinfect the root canal system. They work by flushing out debris and bacteria from the complex inner areas of the tooth. The global root canal irrigator market has been growing in... View more

Coherent Market Insights Contact Lens Market

Published Date : Aug 2024

Contact lenses are thin plastic disks that are placed directly on the cornea of the eye to correct vision or for cosmetic purposes. The major factors driving the growth of the global contact lens market include rising awareness regarding eye care, increasing cases of ... 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
ISO 9001:2015

9001:2015
ISO 27001:2022

27001:2022
Reliability and Reputation
Reliability and Reputation
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.