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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 In Silico Clinical Trials Market

Published Date : Mar 2023

In silico clinical trials refers to the development of a patient-specific models to form virtual cohorts for testing the safety and efficacy of new drugs and of new medical devices. In silico clinical trials play an important role in the evaluation of new drugs and me... View more

Coherent Market Insights Dental Polymerization Lamps Market

Published Date : Mar 2023

Dental polymerization lamp is dental equipment that is used for the polymerization of light-cure resin-based composites. Dental polymerization lamps are used in many aspects of modern dentistry. It can be used on several different dental materials that are curable by ... View more

Coherent Market Insights Vision Impairment Market

Published Date : Mar 2023

Visual impairment (VI), a condition of reduced visual performance that cannot be treated by refractive correction (glasses or contact lenses), surgery, or medical methods. An irreversible vision loss, a restricted visual field, decreased contrast sensitivity, increase... View more

Coherent Market Insights Dental Amalgam Separator Market

Published Date : Mar 2023

Dental amalgam separators are medical devices that are used to collect amalgam particles from dental office wastewater through filtration, sedimentation, centrifugation, or a combination of these mechanisms. Elemental mercury is the primary component of dental amalgam... View more

Coherent Market Insights Surgical Drills Market

Published Date : Mar 2023

A surgical drill is medical equipment used for surgery purposes, it is used for the removal of the skull base bone revealing the underlying neurovascular pathways and reducing the need for extensive brain retraction. Surgical drills are also used to enable bony decomp... View more

Coherent Market Insights Neurofeedback Systems Market

Published Date : Mar 2023

Neurofeedback is a non-invasive treatment that encourages the brain to develop healthier patterns of activity. The goal of treatment is not only to change how one think and feel, but also to change brain on a biological level for better functioning. Neurofeedback is a... View more

Coherent Market Insights Lab On A Chip Market

Published Date : Mar 2023

A biochip is a collection of miniaturized test sites (microarrays) arranged on a solid substrate that allow many tests to be performed at the same time to achieve high throughput and speed. A biochip can complete thousands of biological reactions. ... View more

Coherent Market Insights Coronary Stents Market

Published Date : Feb 2023

Coronary stents (CS) are expandable tubular metallic devices, which are introduced into coronary arteries, when the arteries are clogged due to an underlying atherosclerosis disease. This revascularization procedure is termed as a percutaneous coronary intervention (P... View more

Coherent Market Insights High Intensity Focused Ultrasound Hifu Market

Published Date : Feb 2023

High intensity focused ultrasound (HIFU) is a novel, non-invasive treatment that is used to treat a wide range of tumors and diseases. HIFU uses an ultrasound transducer that has higher energy as compared to those used for diagnostic imaging. The transducer focuses on... View more

Coherent Market Insights Surgical Case Cart Market

Published Date : Feb 2023

Surgical case carts are mobile units used to store and transport medical equipment or medical supplies used in operating rooms in hospitals and surgery centers. They are designed to improve the efficiency of surgical team in a hospital or an ambulatory surgical centre... View more

Coherent Market Insights Dental Laser Market

Published Date : Feb 2023

A dentist can perform a variety of operations using dental laser technology. Delivering energy in the form of light is how all lasers operate. The laser serves as a cutting tool or a vaporizer of tissue when it comes into contact with it during surgical and dental tre... View more

Coherent Market Insights Cardiovascular Devices Market

Published Date : Feb 2023

Cardiovascular devices are medical devices used to diagnose and treat heart disease and related health problems. Cardiovascular devices, such as cardiac implantable electronic devices, designed to help control or monitor irregular heartbeats in people with certain hea... View more

Coherent Market Insights Wound Care Market

Published Date : Feb 2023

Wound care refers to a specific type of treatment for pressure sores, skin ulcers, and other wounds that break the skin. Wound healing is a complex process of normal function and structure of skin and underlying soft tissues that is caused by trauma or chronic mechani... View more

Coherent Market Insights Pressure Infusion Bags Market

Published Date : Feb 2023

Pressure infusion bag is a specially designed cuff and bladder device often used to pressurize sterile parenteral fluids (such as blood or IV solutions) to provide for rapid infusion into patients suffering from hypovolemia and its complications.   ... View more

Coherent Market Insights Ureteral Stents Market

Published Date : Jan 2023

A ureteral stent is a tiny tube that is inserted into the ureter to treat or prevent renal urine flow obstruction. Length of stents used in adult patient’s ranges from 24 to 30 cm. Stents are available in a variety of diameters and gauges to fit different ureter... View more

Coherent Market Insights Fluoroscopy Devices Market

Published Date : Jan 2023

Fluoroscopy is a type of medical imaging that shows a continuous X-ray image on a monitor. It is a type of medical imaging that helps doctor to diagnose illnesses and help them through certain treatment procedures. Various fluoroscopy operations may be performed as ou... View more

Coherent Market Insights Neurology Monitoring Market

Published Date : Jan 2023

Neurology monitoring devices (such as Magnetic Resonance Imaging (MRI) Devices, Intracranial Pressure Monitors, Cerebral Oximeters, Electroencephalography Devices, And Others, are used to monitor and diagnose neurological conditions. The state of the patient's brain a... View more

Coherent Market Insights Lab Automation Market

Published Date : Jan 2023

Lab automation utilizes high-end automated equipment such as automated liquid handling system, micro-plate reader, and automated storage and retrieval system. It also includes software to perform a variety of routine lab procedure such as sample analysis, assay perfor... View more

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