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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

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Coherent Market Insights Urethral Stricture Treatment Market

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Urethral stricture is the narrowing of the calibre of the urethra  that is caused due to scarring resulting from infection or injury. There are two types of urethral strictures named  posterior urethral stricture and anterior urethral stricture. Posterior ur... View more

Coherent Market Insights Patient Mechanical Lift Handling Equipment Market

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Patient handling equipment are assistive devices that allow patients in hospitals and nursing homes and people receiving home healthcare to be transferred between a bed and a chair or other similar resting places. Patient mechanical lift handling equipment are used to... View more

Coherent Market Insights Microdermabrasion Devices Market

Published Date : Apr 2023

Microdermabrasion is one of the most common nonsurgical cosmetic procedures performed across the world. It is a minimally invasive epidermal resurfacing procedure used to renew overall skin tone and texture. While microdermabrasion devices are used to treat uneven ski... View more

Coherent Market Insights Anesthesia Monitoring Devices Market

Published Date : Mar 2023

Anesthesia monitoring devices are used by clinicians during surgeries to continually monitor and support the patient's vital functions. Anesthesiologist monitor and respond to changes in vital signs during a surgery. Anesthetic monitoring devices are used for drug and... View more

Coherent Market Insights Robotic Assisted Surgery Systems Market

Published Date : Mar 2023

Robotic surgery, also known as robot-assisted surgery, allows doctors to perform many types of complex procedures with more precision, flexibility, and control than is possible with conventional techniques. Robotics-assisted surgical systems, such as surgical robots, ... View more

Coherent Market Insights Digital X Ray Devices Market

Published Date : Mar 2023

Digital x-ray or digital radiography (DR) is advanced form of x-ray inspection which produces a digital radiographic image instantly on a computer. It is the form of imaging where digital x-ray sensors are used instead of traditional photographic films. ... View more

Coherent Market Insights Oxygenators Market

Published Date : Mar 2023

Oxygenator is used by a perfusionist in cardiac surgery in conjunction with the heart-lung machine. Oxygenators provide gas exchange and may be composed of silicone membrane or hollow fiber. They remove carbon dioxide and adds oxygen to the blood that is pumped into t... View more

Coherent Market Insights Urology Device Market

Published Date : Mar 2023

Urology devices are used to diagnose and treat urologic diseases or dysfunction of both male and female urinary tract. There are multiple options available for treatment of urologic diseases and physicians suggest suitable options depending upon health conditions of p... View more

Coherent Market Insights Urolithiasis Management Devices Market

Published Date : Mar 2023

Urolithiasis is referred to as kidney stone and is a condition that is characterized by the presence of a calculi or a solid piece of material in the urinary tract of an individual. This solid mass commonly known as a kidney stone is typically formed in the renal area... View more

Coherent Market Insights Lyophilization Freeze Drying Equipment Market

Published Date : Mar 2023

Freeze-drying equipment are used to maintain physical state, and chemical properties of substances such as pharmaceuticals, and others. Freeze-drying is also defined as lyophilization in which low temperature is used for freezing the product. The freeze-dryer traditio... View more

Coherent Market Insights Asian Breast Implants Market

Published Date : Mar 2023

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Coherent Market Insights Disposable Blood Bags Market

Published Date : Mar 2023

Disposable blood bags are used for the collection, storage, transportation, and transfusion of human blood and blood products. Disposable blood bags are classified as class II (performance standards) medical devices as an empty container for the collection and process... View more

Coherent Market Insights Dermatoscope Market

Published Date : Mar 2023

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Coherent Market Insights Disinfectant Sprayers Market

Published Date : Mar 2023

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Coherent Market Insights Dental Turbine Market

Published Date : Mar 2023

The dental turbine is a dental abrasive device that rotates at high speed and uses compressed air as the driving force. It is characterized by its small size, lightweight, and painless abrading due to its high-speed rotation, but its torque is small and noise level is... View more

Coherent Market Insights Intraoperative Monitoring Electrodes Market

Published Date : Mar 2023

An intraoperative monitoring electrode passes on the current energy into electrical energy in the body and is utilized as a way of diagnosing several sicknesses. Intraoperative monitoring electrodes are known solutions for the treatment of ocular, nervous, cardiovascu... View more

Coherent Market Insights Optical Microscopes Market

Published Date : Mar 2023

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