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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 Cryotherapy Market

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Cryotherapy is the local or general use of low temperatures in medical therapy. Cryotherapy is specially known as pain management treatment that employs targeted freezing temperatures to destroy an irritated nerve, aberrant skin cells, or specific regions. In addition... View more

Coherent Market Insights Microscopy Devices Market

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Microscopy is used across most life sciences disciplines and in academic, clinical, and commercial settings. Light microscopes are essential analytical laboratory tools, whereas stereomicroscopes provide the lowest magnification. Optical microscopes, electron microsco... View more

Coherent Market Insights Light Therapy Market

Published Date : Aug 2023

Light therapy is also called as phototherapy or heliotherapy, which uses fluorescent light bulbs, sunlight, light emitting diode (LED), and other sources of light for the treatment of medical conditions such as neurological disorders, skin disorders, jaundice, and oth... View more

Coherent Market Insights Australia Reprocessed Medical Devices Market

Published Date : Aug 2023

Reprocessed medical devices are products that undergo reprocessing procedures and are used again. Reprocessing of a single used device or reusable device undergo steps like cleaning, disinfection and sterilization. Reprocessed medical device covered under this report ... View more

Coherent Market Insights Middle East And Asia Injectable Drugs Market

Published Date : Aug 2023

Injectable drug delivery is considered as the most effective route of administration for the effective delivery of drugs to the targeted site. Injectable delivery facilitates rapid absorption of drug from various route of administration such as subcutaneous, intraveno... View more

Coherent Market Insights Cardiac Remote Patient Monitoring Devices Market

Published Date : Aug 2023

Remote patient monitoring is a set of practices and technologies authorizing healthcare suppliers to follow real time variations in patient’s health data from space and utilize it in a particular treatment arrangement. Broader telehealth industry and e-health in... View more

Coherent Market Insights North America And Europe Minimally Invasive Prostate Cancer Surgery Market

Published Date : Aug 2023

Prostate cancer is associated with high mortality among men. The major factors increasing the risk of the disease constitute of old age, heredity, and lifestyle aspects such as smoking and diet rich in red meat. Cancer Digital Rectal Exam (DRE), prostate biopsy, Prost... View more

Coherent Market Insights Phased Array Ultrasonic Transducer Market

Published Date : Aug 2023

A phased array ultrasound transducer is typically 2-3 cm long, and consist of 64-128 elements. It is a smaller assembly than a sequential array, and can be either linear or curvilinear. A sector field of view is produced by all elements firing to create a single wavef... View more

Coherent Market Insights Array Market Life Science And Biotechnology Instruments

Published Date : Aug 2023

A DNA microarray or chip is a semiconductor surface on which sequences of many varied genes are bonded to probes. DNA microarrays are used to genotype different areas of a genome or to assess the expression levels of several genes at once. The method is applicable to ... View more

Coherent Market Insights Esr Tubes Market

Published Date : Aug 2023

ESR tubes are used to conduct erythrocyte sedimentation rate (ESR) blood test thathelps to measure how quickly erythrocytes (red blood cells) settle at the bottom of a test tube that contains a blood sample. The ESR tubes are made up of plastic and glass materials wit... View more

Coherent Market Insights Ophthalmic Refractometer Market

Published Date : Aug 2023

An ophthalmic refractometer is a manual and computer controlled device oran automatic refractor. The device provides information about refractive errors and the prescription of glasses or contact lenses. Ophthalmic refractometers have sensors that detect changes in th... View more

Coherent Market Insights Neurovascular Devices Market

Published Date : Aug 2023

Neurovascular/interventional neurological devices are devices that include coils, stents, thrombectomy devices, and other devices used to treat neurovascular diseases such as cerebral aneurysms and neurovascular thrombectomies. Thrombectomies, suction devices, and asp... View more

Coherent Market Insights 3d Printing In Healthcare Market

Published Date : Aug 2023

3D printing in healthcare makes it possible for medical professionals to provide patients with a new form of treatment in a number of ways. 3D printing is used for the development of new surgical cutting and drill guides, prosthetics as well as the creation of patient... View more

Coherent Market Insights Disposable Tweezers Market

Published Date : Aug 2023

Tweezers are small hand tools used to grab things that are too small to be handled by human fingers. They are forceps with a thumb drive that most likely evolved from tongs.  They are commonly referred to as "forceps" in scientific or medical contexts. Tweezers a... View more

Coherent Market Insights Medical Purity Analyzer Market

Published Date : Aug 2023

Medical purity analyzers are used for gas production and verification. They are also used to measure the purity of gases such as oxygen based on the physical or chemical properties using techniques such as laser, infrared, zirconia, and paramagnetic. Medical purity an... View more

Coherent Market Insights Blood Glucose Test Strip Market

Published Date : Aug 2023

Blood glucose test strips are a central component of blood glucose measurement. These small, single-use plastic strips may look insignificant, but they play a very important role in helping people with diabetes monitor and control their diabetes. ... View more

Coherent Market Insights Cleanroom Technology Market

Published Date : Aug 2023

A cleanroom is a controlled environment that filters pollutants like dust, airborne microbes, and aerosol particles to provide the cleanest area possible. Most controlled environments protect the production of products like electronic devices, pharmaceuticals, and med... View more

Coherent Market Insights Blood Pressure Monitoring Devices Market

Published Date : Aug 2023

Regular blood pressure measurement is very important as it offers information to assess your health condition accurately. Non-invasive blood pressure monitoring helps you keep track of your health conditions by giving you vital information about your blood pressure. I... View more

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