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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 : May 2023
Infusion pumps are used to deliver fluids into a patient's body in a controlled manner. An infusion pump is a medical device used to deliver fluids, such as nutrients and medications, into a patient's body. Infusion pumps are in widespread use in clinical settings suc... View more
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
Published Date : May 2023
Healthcare staffing is a process of hiring skilled or trained healthcare professionals for a specific healthcare organization as needed. The service providers help healthcare organizations avail staff without indulging in a long recruitment process. &... View more
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
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
Published Date : May 2023
Medical device cleaning services or solutions are used to remove contaminants (dirt, pathogens, organic material, and other contaminants) from a medical device and is usually done with detergent or enzyme liquid and by using other cleaning methods. Therefore, there is... View more
Published Date : May 2023
A smart inhaler is a medical device that integrates connectivity with a mobile app, via Bluetooth, for instance. These devices are built with sensor technology that helps record data about the time and date of use, and the location of the patient at each use. &nb... View more
Published Date : May 2023
Medical billing outsourcing is a process of outsourcing billing by the company or any healthcare institution. It enhances the health of the patients by providing quality care and managing hospital staff and other operations effectively. Medical billing outsourcing imp... View more
Published Date : May 2023
Veterinary orthopedic implants are designed for the treatment of various orthopedic disorders in dogs, cats, horses, and others. There are several veterinary implants available in the market for the treatment and management of various orthopedic diseases. Veterinary o... View more
Published Date : May 2023
Physiotherapy is used to treat conditions like injuries, fractures, joint disorders, and arthritis. Physiotherapy helps to restore movement and function when someone is affected by injury, illness or disability. Physiotherapy has evolved in the form of various sub-spe... View more
Published Date : May 2023
Coronary stents (CS) are expandable tubular metallic devices, which are introduced into the coronary arteries that shows stenosis due to an underlying atherosclerosis disease. This revascularization procedure is termed as a percutaneous coronary intervention... View more
Published Date : May 2023
Bio implants are biosynthetic materials used in medical applications to fix fractures, to replace a bone or to support the healing process of a damaged bone. Although the primary function of implant material is to provide stability to bone fractures, they also indirec... View more
Published Date : May 2023
Neuroscience is the study of nervous system, which is related to evaluating and imaging of the brain activity. Neuroscience is a broad term thatfocuses on molecular, cellular, developmental, structural, functional, evolutionary, computing, psychosocial, and medical as... View more
Published Date : May 2023
Transcatheter heart valve implantation is a minimally-invasive heart procedure to repair damaged heart valves with bio-prosthetic valves for treatment of valvular heart disease (VHD). It is an alternative approach to conventional open heart surgery and is especially r... View more
Published Date : May 2023
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
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
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
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
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