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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 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

The breast implant is made up of a soft silicone shell called an implant and is filled with a gel or a saltwater solution. Breast implants are used for breast augmentation, which is surgery to increase breast size. This surgery involves placing breast implants under t... View more

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

Skin diseases are conditions that affect skin. These diseases may cause rashes, inflammation, itchiness or other skin changes. Some skin conditions may be genetic, while lifestyle factors may cause others. Skin disease treatment may include medications, creams or oint... View more

Coherent Market Insights Disinfectant Sprayers Market

Published Date : Mar 2023

Disinfectant is a chemical substance that eliminates many or all pathogenic microorganisms, and the process is known as disinfection. Disinfectant sprays contain different chemicals such as hypochlorite, alcohol, quaternary ammonium copounds, and aldehydes that are ac... View more

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

Optical microscope, also known as a light microscope, is a type of microscope that commonly uses visible light and a system of lenses to generate magnified images of small objects. It is commonly used... View more

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

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