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 : 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
Published Date : Jun 2023
Hemostats, also referred to as hemostatic clamp, arterial forceps or pean are surgical tools used in surgical procedures to control bleeding. The hemostats were designed to clamp blood vessels of small size to manage blood flow in hemorrhagic cases. These devices are ... View more
Published Date : Jun 2023
An Radio frequency (RF) beauty devices use high-energy alternating current to raise the intracellular temperature to achieve vaporization or desiccation of biological tissue and protein coagulation. RF beauty devices are used to perform coagulation, coagulation, dryin... View more
Published Date : Jun 2023
Digital diabetes management devices, like smart insulin pens, smart insulin pumps, smart glucose meter, and continuous blood glucose monitoring devices, help people with diabetes (type I and II) to monitor and manage their glucose levels. Thus, with the increasing pre... View more
Published Date : Jun 2023
Medical device contract manufacturing (CM) is the system by which the manufacturing company manufactures medical devices and components of medical devices that can be then sold by another company. The product is developed according to the specifications sent by the or... View more
Published Date : Jun 2023
An electrocardiogram (ECG) is a non-invasive test used to check the heart's rhythm and electrical activity. ECG is often used alongside other tests to diagnose and monitor conditions affecting the heart. It is an integral part of the initial evaluation of a patient su... View more
Published Date : Jun 2023
Renting of medical equipment is on the rise as many countries around the world are struggling economically owing to low budgets for healthcare facilities. Medical equipment rental is a suitable option for those who have limited financial means and find it difficult to... View more
Published Date : Jun 2023
A face mask, or a medical face mask, is a personal protective equipment (PPE) used by healthcare professionals and people worldwide that serves as a mechanical barrier that interferes with direct airflow in and out of respiratory orifices (i.e. nose and mouth). ... View more
Published Date : Jun 2023
Medical drying cabinets are used to dry breathing bags, connector parts, scopes, surgical instruments, metal utensils, glassware, and other ancillary equipment. Drying medical and surgical equipment with HEPA-filtered air traps all biological contaminants in the filte... View more
Published Date : Jun 2023
Long-term care includes a variety of services designed to meet an individual's health or personal care needs over a short and/or long period of time. Long-term care is focused on individualized and coordinated services that promote independence, maximize patients' qua... View more
Published Date : Jun 2023
Healthcare fabrics are made especially for a wide variety of healthcare applications. The primary goal of healthcare fabrics is to reduce the risk of contamination and the transmission of pathogens and diseases within the tissue. Polypropylene, cotton, polyester, poly... View more
Published Date : Jun 2023
Asset management in hospitals is the systematic approach to the governance of medical assets for which a department or group is responsible for the entire medical asset lifecycle from purchasing and operations to disposal. Asset management systems provide the ability ... View more
Published Date : May 2023
For the delivery of drugs and the collection of bodily fluid samples, special purpose needles are created. Fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needles, implantation needles, dental needles, ophthalmic n... 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