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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

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Coherent Market Insights Cardiac Remote Patient Monitoring Devices Market

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Coherent Market Insights Phased Array Ultrasonic Transducer Market

Published Date : Aug 2023

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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

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Coherent Market Insights Ophthalmic Refractometer Market

Published Date : Aug 2023

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Coherent Market Insights Neurovascular Devices Market

Published Date : Aug 2023

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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

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Coherent Market Insights Blood Glucose Test Strip Market

Published Date : Aug 2023

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Coherent Market Insights Cleanroom Technology Market

Published Date : Aug 2023

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Coherent Market Insights Blood Pressure Monitoring Devices Market

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Coherent Market Insights Myopia And Presbyopia Treatment Market

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Coherent Market Insights Automated Cpr Devices Market

Published Date : Aug 2023

Automated CPR Devices are used in Emergency Medical Services (EMS), hospitals, ambulances, coronary and intensive care units, cardiac catheterization labs, air medevac units, and Emergency Medical Technician (EMT) rescue units. Increasing adoption of automated CPR by ... View more

Coherent Market Insights Lumbar Disc Replacement Device Market

Published Date : Aug 2023

Lumbar disc replacement is a surgical procedure performed in patients with lower back pain. In this procedure, the damaged disc material between the small bones in the spine (vertebrae) is removed and replaced with a synthetic disk at the lumbar region. Lumbar disc re... View more

Coherent Market Insights India Catheters Market

Published Date : Aug 2023

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