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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 Global Cervical Traction Collars Market

Published Date : Oct 2023

Cervical traction is a treatment for neck pain that involves lightly pulling patients head to create space between the bones of neck (i.e. cervical vertebrae) to reduce pressure and tension. There are two types of cervical traction manual cervical traction and mechani... View more

Coherent Market Insights Blood Transfusion Devices Market

Published Date : Oct 2023

Blood transfusion is the process of adding blood into the body after a serious injury or illness. The process of blood transfusion is carried out by placing a venous access device and catheter into either a peripheral or central vein or passing the blood or blood comp... View more

Coherent Market Insights Vascular Patches Market

Published Date : Oct 2023

Vascular patches are used for reconstruction of a damaged artery in the cardiovascular surgeries. It is usually placed at the site infection, which helps in reconstruction and maintenance of carotid arteries in postoperative wound infection. The vascular patches allow... View more

Coherent Market Insights Peripheral Intravenous Catheters Market

Published Date : Oct 2023

Peripheral intravenous catheter is a thin flexible tube inserted into the vein for administration of chemotherapy drugs, blood transfusion, and other drugs. Peripheral intravenous catheters are most commonly used for vascular access. These catheters are made of materi... View more

Coherent Market Insights Meniscus Repair Systems Market

Published Date : Oct 2023

Meniscus repair systems are medical devices used to treat meniscal tears, which commonly occur in the knee joint. The meniscus is a C-shaped cartilage that acts as a shock absorber between the thigh bone and the shin bone. It plays a crucial role in maintaining knee s... View more

Coherent Market Insights Patent Foramen Ovale Pfo Closure Devices Market

Published Date : Sep 2023

Patent Foramen Ovale (PFO) is a medical condition wherein tissue flap in the wall between left and right atrium remains persistently open, allowing a small amount of blood to pass from the right side of the heart to the left side of the heart. PFO closure device are implantable device used to treat ... View more

Coherent Market Insights Us Safety Needles Market

Published Date : Sep 2023

A needle is a solid and slender instrument, which is pointed at the end and is designed for puncturing of tissues. Safety needles have a safety mechanism built into the needles to protect healthcare workers and others from accidental needle-stick injuries. Safety need... View more

Coherent Market Insights Computed Tomography Market

Published Date : Sep 2023

Computed tomography (CT) is imaging process that uses advanced x-ray equipment to generate detailed images of internal parts of the human body. This device is also known as computerized axial tomography or computerized tomography. Computed tomography scan is diagnosti... View more

Coherent Market Insights North America Air Ambulance Service Market

Published Date : Sep 2023

Air ambulance service is an advanced medical service which uses air transportation such as airplanes and helicopters. It is the most effective and vital mode of transportation in case of a medical emergency at the hospital, accident site, or at home. It helps to shift... View more

Coherent Market Insights Spirometer Market

Published Date : Sep 2023

Spirometer is a non-invasive medical device which is used to assess the functioning of lungs by measuring the amount of air inhaled and exhaled. Spirometer is a commonly used device for diagnosis of respiratory disorders such as chronic obstructive pulmonary disease (... View more

Coherent Market Insights Neonatal And Preterm Infants Enteral Feeding Devices Market

Published Date : Sep 2023

Neonatal and Preterm Infants Enteral Feeding Devices used to deliver nutrients through a tube for pediatric patients with poor voluntary intake, chronic neurological or mechanical dysphagia or gut dysfunction. Increasing prevalence of chronic disorders in infants is e... View more

Coherent Market Insights Asthma Spacers Market

Published Date : Sep 2023

Asthma is known as chronic disease as there is no permanent treatment for it. Asthma is a disorder in which the airways constrict and swell, causing more mucus to be produced. This can make breathing difficult, resulting in coughing, a whistling sound (wheezing) on ex... View more

Coherent Market Insights Neurointerventional Devices Market

Published Date : Sep 2023

Interventional neuroradiology (INR), also known as neuro-interventional surgery (NIS), is a medical subspecialty of neurosurgery, neurology, and radiology, which focuses on minimally invasive image-based technologies and processes. It is used for diagnosis and treatme... View more

Coherent Market Insights Electric Wheelchair Market

Published Date : Sep 2023

Wheelchair is used for mobility purpose by the disabled person or a person who is unable to walk post injury or due to certain illness. There are different types of wheelchairs available in the market such as manual wheelchair and power or electric wheelchair. Increas... View more

Coherent Market Insights Smart Syringe Market

Published Date : Sep 2023

Smart syringes can be classified in three categories, auto-disabled syringes (widely used for vaccination drives), Active Safety Syringes (the hypodermic protection is activated by the user), and Passive Safety Syringes (retract automatically after the use). ... View more

Coherent Market Insights Nasal Cannula Market

Published Date : Sep 2023

The nasal cannula device is used to deliver oxygen to patients with respiratory diseases such as asthma, lung cancer, pneumonia, Chronic Obstructive Pulmonary Diseases (COPD), and pulmonary fibrosis. This device is made up of plastic or silicon material and has a tube... View more

Coherent Market Insights Gamma Knife Market

Published Date : Sep 2023

Gamma knife radiosurgery is a radiation type of therapy used to treat tumors, vascular malformations, and other abnormalities in the brain. Gamma knife radiosurgery is different from other forms of stereotactic radiosurgery (SRS), as in gamma knife surgery there is no... View more

Coherent Market Insights Thrombectomy Devices Market

Published Date : Sep 2023

Thrombectomy procedures allow surgeons to use a mechanical thrombectomy device such as intracoronary catheters to break up or remove the blood clot and restore normal blood flow in the human body. It helps neurosurgeons to improve patients’ health, especially th... View more

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