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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 Medical Device Connectivity Market

Published Date : Jul 2023

Medical device connectivity refers to linking medical devices to electronic medical records (EMRs) to facilitate the exchange of data, while medical device integration involves integrating medical devices into a hospital's existing technology infrastructure. There are... View more

Coherent Market Insights Gcc Medical Gloves Market

Published Date : Jul 2023

Medical gloves are used to lessen the danger of infection of health-care employees fingers with blood and different frame fluids and to lessen the danger of germ dissemination to the surroundings and transmission from the health-care employee to the patient. Medical g... View more

Coherent Market Insights Aesthetic Thread Market

Published Date : Jul 2023

Aesthetic threads are medical sutures that are injected using the needle under the skin to lift and to rejuvenate the skin. These threads are widely used in nonsurgical cosmetic procedures to create a more refreshed, smoother appearance. Suspension threads are a varie... View more

Coherent Market Insights Body Temperature Monitoring Market

Published Date : Jul 2023

A body temperature monitoring device helps to track, control, and regulate the body temperature. Regularly monitoring the body temperature can detect subtly higher temperatures and protect one from getting sick. Thus, there is an increasing demand for temperature moni... View more

Coherent Market Insights Dental Rapid Prototyping Systems Market

Published Date : Jul 2023

Rapid prototyping, or RP, is one of the applications of rapid manufacturing and a type of computer-aided technology that is capable of making physical objects directly from three-dimensional (3D) computer data by adding a layer-upon-layer. In dentistry, rapid prototyp... View more

Coherent Market Insights Colonoscopy Devices Market

Published Date : Jul 2023

Colonoscopy is endoscopic examination of the large bowel and the distal part of the small bowel with a camera or a fiber optic camera on a flexible tube passed through the anus. It is a medical test to help find potential problems, such as colorectal cancer or polyps.... View more

Coherent Market Insights Artificial Vital Organs And Medical Bionics Market

Published Date : Jul 2023

An artificial organ is a man-made organ device or tissue that is implanted or integrated into a human interacting with living tissue to replace a natural organ, duplicate or augment a specific function or functions, and allow the patient to resume normal life as soon ... View more

Coherent Market Insights Us Biochip Product And Services Market

Published Date : Jul 2023

The U.S. market for biochip products and services is stimulated by the rising adoption of proteomics and genomics in cancer treatment research, which results in the utilization of reagents and microarrays. In addition, as per the report, the rise in life science resea... View more

Coherent Market Insights Respiratory Disease Testing Market

Published Date : Jul 2023

Respiratory diagnostics are the medical products and technologies that are used to diagnose respiratory diseases and disorders in patients. Respiratory diagnostics is effective as it can diagnose diseases at an early stage. Respiratory disease is a medical condition t... View more

Coherent Market Insights Peripherally Inserted Central Catheters Market

Published Date : Jul 2023

A peripherally inserted central catheters is a device used to draw blood and give treatments, including intravenous fluids, drugs, or blood transfusions. A thin, flexible tube is inserted into a vein in the upper arm and guided (threaded) into a large vein above the r... View more

Coherent Market Insights Weight Loss And Obesity Management Market

Published Date : Jul 2023

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Coherent Market Insights Europe Viscosupplementation Market

Published Date : Jul 2023

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Coherent Market Insights Self Care Medical Devices Market

Published Date : Jul 2023

Self-care medical devices are products that help the patients in managing their ailments and disorders at the comfort of their home. Such products include blood glucose monitors, sleep apnea monitors, temperature monitors, pedometers, and others. These devices come in... View more

Coherent Market Insights Microkeratome Market

Published Date : Jul 2023

A microkeratome is a high-precision surgical instrument used for Anterior Lamellar Keratoplasty (ALK) or laser-assisted in situ keratomileusis (LASIK). The normal human cornea varies from around 500 to 600 micrometer in thickness; and in the LASIK procedure, the micro... View more

Coherent Market Insights Medical Metal Tubing Market

Published Date : Jul 2023

Metal tubes are frequently used for the shafts of disposable and reusable medical instruments. The tubes can be manufactured from either drawn tubing or using a stamped and rolled technique. The following factors need to be considered when deciding which metal tube ap... View more

Coherent Market Insights Angiostomy Cannula Market

Published Date : Jul 2023

An angiostomy cannula is a thin tube that is inserted into the human body’s veins or body cavity to introduce medication, remove fluid or insert a surgical instrument. The cannula is usually surrounded by the trocar needle’s inner and outer surfaces, which... View more

Coherent Market Insights Compression Garments And Stockings Market

Published Date : Jul 2023

Compression garments have become a popular item for athletes and recreational gym users, whether that is for their comfort, aesthetic appeal, or for their psycho-physiological function appears to be irrelevant. What matters, especially for athletes, is their capacity ... View more

Coherent Market Insights Endovenous Laser Therapy Market

Published Date : Jul 2023

Endovenous laser ablation (EVLA) treats major varicose veins previously treated by stripping surgery. With ultrasound guidance, a laser fibre is placed into the abnormal vein through a tiny incision. The vein is then numbed with local anaesthetic, and the laser activa... View more

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