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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
Published Date : Jun 2023
Pediatric ankle orthoses are medical devices that support the muscles and lessen or restrict the movements of the lower extremities to improve the walking pattern. These are also known as braces, and are designed to provide a stable base of support for your child&rsqu... View more
Published Date : Jun 2023
Medical adhesive tape, or surgical tape, is used to attach bandages, gauze, and other dressings to the skin around wounds. The majority of adhesive tapes are pressure-sensitive tapes that adhere and remain in place when firmly applied. There is no need for heat activa... View more
Published Date : Jun 2023
Medical micro surgical drills are used to create holes in the bone for the attachment of surgical pins, plates, or screws. These micro surgical drills are utilized in various surgeries such as neurosurgery, orthopedic surgery, dental surgery, spinal surgeries and othe... View more
Published Date : Jun 2023
Traditional wound care and advanced wound care products are two categories of wound care management items. Around the world, traditional wound treatment is more common. In this approach, medical professionals use bandage rolls, dressings, and medical tapes to cover th... View more
Published Date : Jun 2023
The cervical spine is composed of seven bones, referred to as cervical vertebrae that are stacked on top of one another to form the neck region. The cushions between the cervical vertebrae are known as cervical discs. Neck can move freely because they work as shock ab... View more
Published Date : Jun 2023
Mobile x-ray devices are used in chest radiography for patients who can't be relocated to the radiology department. As a result, a mobile x-ray machine is made with special features that allow it to fit in tight locations, such as between hospital beds, in small wards... View more
Published Date : Jun 2023
Hip replacement is a surgical procedure in which the hip joint is replaced with an artificial prosthesis. The procedure is called hip arthroplasty. Surgery is usually performed to relieve joint pain (arthritis) or to treat physical damage to the hip joint ... View more
Published Date : Jun 2023
Catheter is a medical device, a thin tube made from medical grade materials, which can be inserted in the body to treat a wide variety of diseases or perform a surgical procedure. Thus, with the rise in global disease burden and increasing number of surgical procedure... View more
Published Date : Jun 2023
Increasing demand for microtomes due to the rising prevalence of oncological disorders around the world represents one of the significant factors influencing the market positively. Besides this, the growing utilization of semi and fully-automatic microtomes to extract... View more
Published Date : Jun 2023
Clinical trial support services are distinguishing services used by pharmaceutical companies during the clinical trials of any new drugs or molecular analysis of generics and biosimilars before their introduction in the market. Thus, with the increasing number of clin... View more
Published Date : Jun 2023
Disinfecting caps are attached to injection ports of needle-free connectors to ensure that needle-free connectors are always clean. These caps protect needleless connectors from contamination, thus reducing the risk of hospital-acquired infections such as the central ... View more
Published Date : Jun 2023
Prevalence of diabetes is increasing day by day. Diabetes can be either type 1 or type 2. Type 2 is most common and seen in elderly patients. While type 1 is an autoimmune disorder affecting people of all ages. To manage diabetes glucose tracking is necessary. Trackin... View more
Published Date : Jun 2023
An artificial pancreas is a man-made device that replicates the functions of a pancreas. It is capable of releasing insulin in response to the changing levels of blood glucose in the body similar to the natural pancreas. Types of artificial pancreas include closed-loo... View more
Published Date : Jun 2023
Newborn babies who need intensive medical care are often put in a special area of the hospital called the neonatal intensive care unit (NICU). The NICU has advanced technology and trained healthcare professionals to provide special care for the tiniest patients. NICUs... View more
Published Date : Jun 2023
Wound debridement is the process of removal of necrotic material, devitalized tissue, infected tissue, dried serous tissues, pus, bone fragments or other impurities that delays wound healing. It is not required for all wounds. It is used in chronic wounds that are not... View more
Published Date : Jun 2023
Surgical and respiratory masks are generally used in hospitals, and health care centers for surgical purposes, as well as respiratory masks for general breathing purposes. A surgical mask is a loose-fitting, disposable device that creates a physical barrier between th... View more
Published Date : Jun 2023
Continuous glucose monitor (CGM) is a medical device used by people with diabetes to monitor blood sugar (glucose) on a continual basis, e.g. people with type I, type II diabetes, or other types of diabetes (e.g. gestational diabetes). Thus, with the increasing preval... View more
Published Date : Jun 2023
Sleep apnea is a breathing disorder where breathing repeatedly stops and starts. The brain tries to protect you by waking you up enough to breathe, but this prevents restful, healthy sleep. Over time, this condition can cause serious complications. However, this condition is often very manageable... View more
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