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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 Electrotherapy System Market

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A electrotherapy system is the medical treatment in which electric currents are passed through the tissues to stimulate muscle function of the patient. The electrotherapy is primarily used for muscle rehabilitation and re-education, electrical muscle stimulation, main... View more

Coherent Market Insights Latin America Capnography Equipment Market

Published Date : May 2023

A capnograph is a device that analyzes air samples to determine the amount of carbon dioxide present. It is most frequently used to keep track of how much carbon dioxide is in the air delivered to patients in intensive care or who are under anesthesia. The device can ... View more

Coherent Market Insights Recreational Oxygen Equipment Market

Published Date : May 2023

Recreational oxygen is the pure oxygen, which differs from medical oxygen and is majorly used by athletes, sportsperson, trekkers who visit high altitude locations, geriatrics to recover the stress in the body due to exertion. This recreational oxygen improves stamina... View more

Coherent Market Insights Specimen Retrieval Market

Published Date : May 2023

Specimen retrieval bags consists of a long cylindrical tube and ripstop nylon bag that encapsulates and contains specimens for removal from the body cavity. Specimen retrieval bags are used in the laparoscopic (abdomen and pelvic) surgical procedures. Retrieval bags c... View more

Coherent Market Insights Medical Implants Market

Published Date : May 2023

Medical implants are medical devices that are placed inside or on the surface of the body. These implants can be placed permanently or they can be removed once they are no longer needed. For instance, stents or hip implants are intended to be permanent. While chemothe... View more

Coherent Market Insights Hemoglobinopathy Treatment Market

Published Date : May 2023

Hemoglobinopathy are a group of disorders that are inherited, in which there is abnormal production or structure of the hemoglobin molecule. Hemoglobinopathy is the medical term for a group of inherited blood disorders and diseases that primarily affect red blood cell... View more

Coherent Market Insights Wearable Patch Market

Published Date : May 2023

Wearable patches can be attached to the skin or can be worn for a few hours to a couple of weeks. These patches are becoming popular and can be used for drug delivery, patient monitoring, and diagnosing purpose. These patches are also been used for the treatment and d... View more

Coherent Market Insights North America Scar Treatment Market

Published Date : May 2023

Scars are of different types it can be a fine line or an abnormal overgrowth of tissue or a pitted hole on the skin. Nearly everyone develops some type of scar, whether from an accident, a surgical procedure, acne, or an illness such as chickenpox (varicella). Scars a... View more

Coherent Market Insights Orthodontics Market

Published Date : May 2023

Orthodontics is a branch of dentistry that focuses on both the diagnosis and treatment of bad bites (malocclusion). Common orthodontic treatments include conventional products (brackets, wires, adhesives, bands, correctors, tubes, and others and advanced products (ali... View more

Coherent Market Insights Portable Medical Devices Market

Published Date : May 2023

Portable medical devices are electronic equipment used for monitoring, operating, and managing a variety of medical conditions. These devices are becoming more and more portable, lightweight, and compact due to the advancements in technology. Portable devices have rev... View more

Coherent Market Insights Us Hospital Emergency Department Market

Published Date : Apr 2023

An emergency department is a specific area in a hospital that is organized to provide high standard or quality of emergency care to people. It is a part of the hospital that provides 24-hour emergency care to patients who need urgent medical attention. ... View more

Coherent Market Insights Medical Device Testing And Certification Market

Published Date : Apr 2023

Medical device testing and certification is necessary to ensure safety and effectiveness of medical devices. The U.S. follows the Food and Drug Administration (FDA) guidelines, Canada needs the Health Canada Registration, Europe considers Conformitè Europë... View more

Coherent Market Insights Vital Sign Monitoring Devices Market

Published Date : Apr 2023

Vital sign monitoring is used for measuring heart rate, respiratory rate, temperature, and blood pressure to evaluate physical functioning of the human body. vital  sign monitoring devices are routinely used as an integral part of patient monitoring. vital  ... View more

Coherent Market Insights Infertility Devices Market

Published Date : Apr 2023

Infertility affects a large population on a global scale. For instance, according to the World Health Organization (WHO) 2012 report, infertility affected one out of four couples in emerging economies. Several institutes are working towards developing efficient treatm... View more

Coherent Market Insights Cerebral Somatic Oximeters Market

Published Date : Apr 2023

Cerebral somatic oximeters allow continuous and non-invasive monitoring of cerebral oxygen saturation by surface electrodes. Moreover, in cardiac surgery, cerebral oximetry can significantly reduce the incidence of postoperative stroke by optimizing cerebral oxygen su... View more

Coherent Market Insights Sterilization Services Market

Published Date : Apr 2023

Sterilization describes a process that destroys or eliminates all forms of microbial life and is carried out in healthcare facilities by physical or chemical methods. Sterilization services are essential to ensure that medical and surgical instruments do not transmit ... View more

Coherent Market Insights Virtual Clinical Trials Market

Published Date : Apr 2023

Virtual clinical trials is a relatively new method of conducting clinical research using technologies and online social engagement platforms. Virtual trials have the potential to drive significant digital alterations in the clinical research methodologies to create an... View more

Coherent Market Insights Minimally Invasive Surgical Instrument Market

Published Date : Apr 2023

Minimally invasive surgery are performed using smaller incisions made in the patient’s body for surgical treatment of a disease or condition that causes less trauma to the patient, and provides faster recovery time. Minimally invasive surgery include robotic sur... View more

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