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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 Surgical Sinks Market

Published Date : Nov 2023

Surgical sinks, also known as scrub sinks or medical sinks, are vital to keep operating rooms (ORs) up and running, and are imperative to the health and safety of the patients. They are essential for operating rooms'' smooth functioning and maintenance. Surgical sinks... View more

Coherent Market Insights Kirschner Wire Market

Published Date : Nov 2023

Kirschner wires, commonly referred to as K-wires, are small, slender metal rods that play a crucial role in orthopedic surgeries. They are primarily used to stabilize bone fragments during surgical procedures, ensuring that the bones remain in the correct position for... View more

Coherent Market Insights Cerebral Angiography Market

Published Date : Nov 2023

Global cerebral angiography market is expected to be valued at US$ 14.96 Bn in 2023. It is projected to exhibit a CAGR of 6.1% from 2023 to 2030, to reach US$ 22.64 Bn. The market growth is primarily driven by increasing prevalence of neurological disorders, advancements in imaging technology, and g... View more

Coherent Market Insights Automated Cell Counters Market

Published Date : Nov 2023

Global automated cell counters market size is expected to be valued at US$ 3.75 Bn in 2023, and is expected to reach US$ 6.01 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. Automated cell counters are instruments that are used for counting and analyzing cells... View more

Coherent Market Insights Steam Inhaler Devices Market

Published Date : Nov 2023

Steam inhalers which is also known as steam therapy devices or steamers, are handheld devices that release warm and moisturizing steam into the airways for respiratory relief. These devices have gained popularity as a natural and drug-free alternative for treating res... View more

Coherent Market Insights Dna Synthesizer Market

Published Date : Nov 2023

A device called a DNA synthesiser can produce unique DNA strands. This is significant because it enables the study and modification of the genetic code by researchers. Type I is a method that makes it possible to create DNA from amino acids. In order to create cDNA, r... View more

Coherent Market Insights Butterfly Needles Market

Published Date : Nov 2023

The global butterfly needles market size is expected to reach US$ 3.87 Bn by 2030, from US$ 2.16 Bn in 2023, exhibiting a compounded annual growth rate (CAGR) of 8.7% during the forecast period. Butterfly needles are winged steel needles used for drawing blood or intravenous therapy. Rising prevalen... View more

Coherent Market Insights Extracellular Matrix Market

Published Date : Nov 2023

The extracellular matrix market size is expected to reach US$ 64.1 Mn by 2030, from US$ 37.9 Mn in 2023, at a CAGR of 7.8% during the forecast period. Extracellular matrix (ECM) provides structural and biochemical support to surrounding cells. ECM has applications in cell culture, engineering, and c... View more

Coherent Market Insights Non Invasive Diabetes Therapy Market

Published Date : Oct 2023

The role of non-invasive therapy for diabetes market has been on a positive growth path in healthcare industry since 2014. Though the non-invasive therapy concept was brought way back in 1980, the market has not gained much attention leading to development of fewer such devices. DexCom's seven syste... View more

Coherent Market Insights Fetal Monitoring Market

Published Date : Oct 2023

Fetal monitoring devices are used to monitor the heart rate and movement of the fetus and maternal contractions. In medical terms, fetal monitoring is imperative to constantly monitor health of the unborn baby and ensure a safe birth. Fetal monitoring measures the heart rate of the baby. Healthcare ... View more

Coherent Market Insights Ent Chairs Market

Published Date : Oct 2023

ENT is an area of medicine dealing with treatment of human body parts namely ear, nose, and throat (ENT) and few related areas such as neck and face. The medical disorders treated by ENT physicians include chronic ear infection, sinusitis, snoring, sleep apnea, hearing loss, allergies, hay fever, sw... View more

Coherent Market Insights Endovascular Aneurysm Repair Market

Published Date : Oct 2023

Aortic aneurysm is a medical condition, in which aorta, gets enlarged. Abdominal and Thoracic are two categories of aortic aneurysm. These conditions can lead to abdominal pain, low blood pressure, loss of consciousness or even death. Endovascular aneurysm repair (EVAR) is a minimally invasive surgi... View more

Coherent Market Insights Anti Nuclear Antibody Testing Market

Published Date : Oct 2023

Anti-nuclear antibody test, also known as ANA or FANA (fluorescent anti-nuclear antibody) test is a blood test used to determine the presence of auto-antibodies in the serum, which are produced by the body against its own cells. In normal conditions, the immune system of the human body recognizes fo... View more

Coherent Market Insights Intramedullary Nail Market

Published Date : Oct 2023

Intramedullary nails are orthopedic implants that are used in the treatment of fractures, particularly for long bone fractures. These are inserted into the medullary canal of the bone to provide stability and support during the healing process. The global market for i... View more

Coherent Market Insights Ecg Sensor Patch Market

Published Date : Oct 2023

ECG sensor patch is a diagnostic tool used by the clinicians for early detection of atrial fibrillation and to ensure timely treatment for such patients. The wearable patch continuously record the ECG of user, which aids in arrhythmia detection and management at the p... View more

Coherent Market Insights Chemotherapy Devices Market

Published Date : Oct 2023

Chemotherapy is administrated intravenously and is majorly conducted in hospital. It involves administration of medicine through a tube in a vein. Intravenous medications are given directly into the blood stream through a variety of methods. A venous access device (VA... View more

Coherent Market Insights Bone Sonometer Market

Published Date : Oct 2023

Bone Sonometer is a noninvasive method of estimating bone mineral status at peripheral skeleton. In addition to bone density, this method also provides qualitative data such as structural information, which is important in detecting fracture risk. Major advantage of t... View more

Coherent Market Insights Orthopedic Biomaterial Market

Published Date : Oct 2023

Orthopedic biomaterials are synthetic or organic materials of biologic composition. Orthopedic biomaterials are commonly used in orthopedics, surgical implants, prosthetics, and various medical tools and devices. These materials are used to internally... View more

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