US.: +1-252-477-1362
UK.: +44-203-957-8553
AUS.: +61-8-7924-7805
INDIA: +91-848-285-0837
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
Published Date : Jul 2023
Blood gas analysis is performed for critically ill patients suffering from respiratory or metabolic disorders. Blood gas analysis includes measurement of the amount of oxygen, carbon dioxide, and the acidity of pH in the blood as well as concentrations of other parame... View more
Published Date : Jul 2023
The identification of numerous serious illnesses and conditions affecting essential organs like the liver, lungs, heart, and brain requires the use of medical imaging equipment. Medical professionals use this technology to create either 2D or 3D photographs of anatomi... View more
Published Date : Jul 2023
One of the possible causes of osteoarthritis (OA) is a misaligned knee joint. A valgus deformity (knock knee appearance) or a varus deformity (bow-legged appearance) is typically to reason for the improper alignment. The knee joint can be repositioned by the knee brac... View more
Published Date : Jul 2023
Breath analyzing devices are widely used for breath alcohol detection by law enforcement agencies to improve road traffic safety. Growing awareness levels and legal requirements in workplaces to keep the environment drug- and alcohol-free have resultantly increased pr... View more
Published Date : Jul 2023
A stopcock is a type of medical device with a ball valve used in connection with intravenous administration. The flow of liquid is directed into the blood vessels by an intravenous stopper. Stop valves are of different types, such as burette stop valves, vacuum valves... View more
Published Date : Jul 2023
Global drug device combination products are innovative solutions in the field of healthcare that integrate drugs, devices, and/or biological products. These products combine the therapeutic properties of drugs with the functionality of medical devices, resulting in sa... View more
Published Date : Jun 2023
Medical carts are movable equipment’s used in healthcare facilities to transport, dispense and store medical supplies, medicines and equipment’s. Depending on need of healthcare facility, the size shape, and configuration of medical cart may vary. In medic... View more
Published Date : Jun 2023
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
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
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
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
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
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
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
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
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
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
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
Credibility and Certifications
Trusted Insights, Certified Excellence! Coherent Market Insights is a certified data advisory and business consulting firm recognized by global institutes.
860519526
9001:2015
27001:2022