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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 Equipment Rental Market

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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

Coherent Market Insights Disposable Face Mask Market

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

Coherent Market Insights Medical Drying Cabinets Market

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

Coherent Market Insights Long Term Care Market

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

Coherent Market Insights Healthcare Fabrics Market

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

Coherent Market Insights Healthcare Asset Management Market

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

Coherent Market Insights Special Purpose Needles Market

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

Coherent Market Insights Digital Breast Tomosynthesis Equipment Market

Published Date : May 2023

Digital breast tomosynthesis (DBT) serves as an innovative medical imaging technique that relies on x-rays for creating highly detailed three dimensional images of the breasts. This cutting edge technology surpasses traditional mammography as the primary screening too... View more

Coherent Market Insights Rhinoplasty Market

Published Date : May 2023

Rhinoplasty is nose surgery to change its shape or improve its function, rhinoplasty includes removing a hump on the nose, straightening the bridge, reshaping the nose's tip, increasing or decreasing the size of the nostrils, correcting the nose after an injury, openi... View more

Coherent Market Insights Homecare Self Monitoring Device Market

Published Date : May 2023

Homecare Self-monitoring devices are consumer-grade devices that help to monitor the health of individuals at home. These devices are usually low-cost and easily procurable, and they can be operated by patients or their caretakers with minimal training. Healthcare mon... View more

Coherent Market Insights North America Vision Care Market

Published Date : May 2023

The prevention and treatment of various eye disorders, such as poor eye sight, is referred to as vision care. To restore eye sight, a variety of vision care items are employed, including prescription lenses, frames, contact lenses, non-prescription sunglasses, reading... View more

Coherent Market Insights Safety Needles Market

Published Date : May 2023

Safety needles are medical devices designed to reduce the risk of needlestick injuries and exposure to bloodborne pathogens among healthcare workers. These needles are equipped with safety features that help prevent accidental needlesticks during use and disposal. The... View more

Coherent Market Insights North America And Europe Dermal Filler Market

Published Date : May 2023

Dermal fillers are injections that plump up wrinkles and smooth lines on your face. There are several types of dermal fillers. Healthcare providers usually inject dermal fillers in the areas around your eyes, mouth and nose. These fillers can give fuller, plumper lips... View more

Coherent Market Insights Muscle Stimulation Devices Market

Published Date : May 2023

Muscle stimulation devices encompasses Stimulating muscles repeatedly with electricity may eventually result in muscles that are strengthened and toned to some extent but will not, based on currently available data, create a major change in your appearance without the... View more

Coherent Market Insights Radial Compression Devices Market

Published Date : May 2023

Radial compression devices are used to prevent bleeding at the radial artery access site after cardiovascular interventions. Tourniquets, mechanical compression devices, and air-inflatable bladder compression devices are among the types of radial compression devices a... View more

Coherent Market Insights Inhalation Anesthesia Market

Published Date : May 2023

Inhalation anesthetics (such as nitrous oxide, halothane, isoflurane, desflurane, and sevoflurane; most commonly used agents in practice today) are used for induction and maintenance of general anesthesia in the operating room. Inhaled anesthetics are preferred for ma... View more

Coherent Market Insights Medical Devices Reimbursement Market

Published Date : May 2023

Medical devices reimbursement is a payment private insurer pays to healthcare providers for costs the provider incurred while using medical devices. Usually, health insurer or government payers cover the patients' healthcare expenses inclusive of medical device use. I... View more

Coherent Market Insights Medical Imaging Reagents Market

Published Date : May 2023

Medical imaging reagent is defined as substance administered to patients before medical imaging procedure. Imaging reagents are chemicals that help to improve imaging of tissues, specific organs, diseases, and physiological functions. Medical imaging reagents are also... View more

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