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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 Delivery Beds Market

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Delivery beds, also known as birthing beds or labor beds, are specialized medical beds used by women during childbirth and labor. These beds are specifically designed to provide expectant mothers with comfort, support, and safety while also allowing healthcare profess... View more

Coherent Market Insights Neuromodulation Devices Market

Published Date : Jun 2023

Neuromodulation devices stimulate nerves with electrical signals, pharmaceutical agents, or other forms of energy neurostimulation that provides pain relief by blocking the transmission of pain signals before they reach the brain. Neuromodulation devices are implantab... View more

Coherent Market Insights Spectrometry Market

Published Date : Jun 2023

Spectrometry is a method of studying and measuring a specific spectrum, often used in the spectroscopic examination of sample materials. Spectrometry is divided into atomic spectrometry, mass spectrometry, and molecular spectrometry. Atomic spectroscopy is the study o... View more

Coherent Market Insights Neurology Devices Market

Published Date : Jun 2023

Neurology devices are medical devices designed for the diagnosis, treatment, and monitoring of conditions that affect the nervous system, including the brain, spinal cord, and peripheral nerves. Neurology devices are used in the treatment of Alzheimer’s, Parkins... View more

Coherent Market Insights Cardiac Prosthetic Devices Market

Published Date : Jun 2023

Cardiac prosthetic devices include mechanical and tissue prosthetic heart valves, annuloplasty rings, pacemaker and defibrillator leads, tissue patches, artificial hearts, and ventricular assist devices. These are used to replace the heart's native valves that have be... View more

Coherent Market Insights Us Uterine Fibroid Treatment Market

Published Date : Jun 2023

Uterine fibroid is a benign tumor of the woman’s uterus formed of smooth muscle that are found on the wall of the uterus i.e. within the wall of uterine wall or can attach to the uterine wall. Uterine fibroid grow as a single tumor or in clusters and these uteri... View more

Coherent Market Insights Pacs And Ris Market

Published Date : Jun 2023

PACS (picture archiving and communication system) is a medical imaging technology used primarily in healthcare organizations to securely store and digitally transmit electronic images and clinically-relevant reports. The use of PACS eliminates the need to manually fil... View more

Coherent Market Insights Intraoperative Ophthalmic Imaging And Surgical Systems Market

Published Date : Jun 2023

Fundus cameras, optical coherence tomography scanners, ophthalmic ultrasound imaging systems, tonometers, slit lamps, and corneal topographs are some examples of  ophthalmic diagnostic tools used in the treatment of eye problems. Refractive, vitreoretinal, catara... View more

Coherent Market Insights Biopharmaceutical Cmo And Cro Market

Published Date : Jun 2023

Biopharmaceutical CMO (Contract Manufacturing Organization) is a company that serves other companies in the biopharmaceutical sector on a contract basis to offer services ranging from drug manufacturing services to packaging. While, Contract Research Organization (CRO... View more

Coherent Market Insights Europe Cryochambers Market

Published Date : Jun 2023

A procedure in which an extremely cold liquid or an instrument called a cryoprobe is used to freeze and destroy abnormal tissue. A cryoprobe is cooled with substances such as liquid nitrogen, liquid nitrous oxide, or compressed argon gas. Cryotherapy may be used to tr... View more

Coherent Market Insights Disposable Incontinence Products Market

Published Date : Jun 2023

Disposable incontinence products are used in the management of urinary incontinence. Urinary incontinence means losing control of the bladder, due to which there is an involuntary leakage of urine. In this condition, control over the urinary sphincter is weakened or c... View more

Coherent Market Insights Wheelchair And Components Market

Published Date : Jun 2023

A wheelchair is a type of mobility aid which helps people with restricted mobility get from one place to another. It is made up of several important parts that work together to give the user utility and comfort. The global wheelchair and components market is a vital s... View more

Coherent Market Insights Surgical Hemostats Internal Tissue Sealants And Adhesion Barriers Market

Published Date : Jun 2023

A surgical hemostat is a surgical tool used to control bleeding. It is common in the initial phases of surgery for the initial incision to be lined with hemostats that close blood vessels awaiting ligation. Internal tissue sealants are absorbable materials used to con... View more

Coherent Market Insights Biofeedback Measurement Instrument Market

Published Date : Jun 2023

Biofeedback is an evidence-based method for improving personal awareness and control of body and mind. Biofeedback combines the values ​​of complementary and alternative medicine with modern scientific medicine. The biofeedback paradigm provides feedback on biological... View more

Coherent Market Insights Disposable Syringes Market

Published Date : Jun 2023

Disposable Syringes are a common tool in the medical and veterinary sciences and are composed of plastic. Disposable syringes are quickly taking the place of traditional glass syringes since they are readily available in sterilized condition, ready to use, and are mor... View more

Coherent Market Insights Duodenoscopes Market

Published Date : Jun 2023

Duodenoscopes are flexible, hollow, lighted tubes that help doctors to view the top of a patient’s duodenum or intestine. Doctors uses duodenoscopes for endoscopic retrograde cholangiopancreatography (ERCP) procedures. Duodenoscopes are helpful in diagnosing inf... View more

Coherent Market Insights Orthopedic Extension Devices Market

Published Date : Jun 2023

Orthopedic extension devices are used as accessories with operating tables in order to support the patient’s safety and ease the workflow of surgical procedures. Orthopedic device means a piece of special equipment designed to correct deformities or to preserve ... View more

Coherent Market Insights Wound Debridement Products Market

Published Date : Jun 2023

Wound debridement is the process of removing dead tissue from wounds. Biological debridement, enzymatic debridement, autolytic debridement, and mechanical debridement are some of the types of wound debridement. Hydrotherapy, wet-to-dry dressing, and monofilament debri... View more

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