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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 Handheld Backscatter X Ray Device Market

Published Date : Jan 2023

Backscatter X-ray is an advanced X-ray imaging technology. Unlike a traditional X-ray machine, which relies on transmission of X-rays through the object, backscatter X-ray device detects the radiation that reflects from the object and forms an image. These devices hav... View more

Coherent Market Insights Pressure Relief Devices Market

Published Date : Jan 2023

Pressure relief devices are used to prevent pressure ulcers as well as to support the treatment for pressure ulcers for bedridden patients. Pressure ulcers develop at various bony sites on the body such as back, hip, shoulder blades, lower back tailbone, heels, ankles... View more

Coherent Market Insights Dental Suture Market

Published Date : Jan 2023

Dental sutures are medical devices that are used for the closure of wounds. Some of the wounds include wisdom tooth extraction, dental implants, surgical extractions, bone grafts, alveoloplaty, and others. Dental suture is used to ligate the open blood vessels or neig... View more

Coherent Market Insights Thromboelastography Machine Market

Published Date : Jan 2023

The thromboelastography protects against the severe blood loss or hemorrhage occurred during severe injury or during a surgery.  Thromboelastography (TEG) is more frequently used in cardiac surgery, organ transplants, and arteriovenous malformation surgeries wher... View more

Coherent Market Insights Pediatric Medical Devices Market

Published Date : Jan 2023

Medical devices are considered a vital component of health systems. Pediatric medical devices are used diagnose and treat diseases and conditions from birth through age 21. Some pediatric devices are designed specifically for children, while other devices are borrowed... View more

Coherent Market Insights Negative Pressure Wound Therapy Devices Market

Published Date : Jan 2023

Negative-pressure wound therapy (NPWT), also known as vacuum-assisted wound closure, refers to wound dressing systems that continuously or intermittently apply sub-atmospheric pressure to the system, creating positive pressure on the surface of a wound. Negative-press... View more

Coherent Market Insights Cardiology Electrodes Market

Published Date : Jan 2023

An electrical impulse is generated in the human heart to maintain proper pumping of blood from the heart to the body cells. This electrical impulse can be measured to detect if there is any disruption of blood flow inside the human body. ... View more

Coherent Market Insights Brain Monitoring Market

Published Date : Jan 2023

Brain monitoring is vital in critical clinical scenarios where the extent or evolution of neurologic injury is unknown. Brain monitoring techniques allow researchers and physicians to study human activities, brain disorders, and brain-computer interfaces. Functional M... View more

Coherent Market Insights Ontogenetic Market

Published Date : Jan 2023

Ontogenetic is the developmental history of an organism within its lifetime, as distinct from phylogeny, which refers to the evolutionary history of species. Ontogenetic development can be conceptualized as the portion of physical, cognitive, emotional, and social dev... View more

Coherent Market Insights Biosurgery Market

Published Date : Jan 2023

Biosurgery is promising adjunct to the whole spectrum of topical treatment methods, in particular for debridement. Biosurgery involves natural, synthetic, or semi-synthetic materials to seal surgical incisions and wounds. Biosurgery products typically consist of natur... View more

Coherent Market Insights Degenerative Disc Disease Treatment Market

Published Date : Jan 2023

Degenerative disc disease is an age-related condition that happens when one or more of the discs between the vertebrae of the spinal column deteriorates or breaks down that leads to pain. The rubbery discs between the vertebrae normally allow for flexing and bending o... View more

Coherent Market Insights Fundus Camera Market

Published Date : Jan 2023

The fundus camera is a tool used in fundus photography. Fundus photography captures images of the retina, optic nerve head, macula, retinal blood vessels, choroid, and vitreous. Fundus photography aids in the detection and screening of a variety of treatable and preve... View more

Coherent Market Insights X Ray Market

Published Date : Jan 2023

An X-ray system is a medical imaging tool which is used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-Ra... View more

Coherent Market Insights Kyphoplasty And Percutaneous Discsectomy Procedure Market

Published Date : Jan 2023

Percutaneous discectomy is an option for vertebrae that cannot be fixed surgically, such as those affected by osteoporosis or in which general anesthesia may not be recommended in critically ill patients. Utilizing kyphoplasty, a particular cement is injected into the vertebrae, and an additional st... View more

Coherent Market Insights Gcc Syringes And Needles Market

Published Date : Dec 2022

Syringes and needles are collectively known as a “sharps” and are the most widely used medical disposables across the globe. Syringes and needles are defined as hollow devices made from glass, metal or polymer, and a nozzle and piston for sucking in or inj... View more

Coherent Market Insights Orthopedics Power Tools Market

Published Date : Dec 2022

Orthopedic power tools are medical tools that are used to cut through bones during orthopedic surgeries. Orthopedic power tools are of different types such as battery operated, electrically operated and manual/hand drilling, reaming, and saw systems. Orthopedic power ... View more

Coherent Market Insights Dental Prosthetics Market

Published Date : Nov 2022

Dental prosthetics are implants or dental fillers that facilitate bone formation and help in the wound healing procedures in dental cavities due to tooth loss or tooth decay. These prosthesis are majorly used in restorative dentistry. There are two types of dental pro... View more

Coherent Market Insights U S Asia Pacific Portable Medical Oxygen Concentrators Market

Published Date : Nov 2022

Portable oxygen concentrators or POCs are medical devices that use physical means to separate oxygen from the atmosphere in order to produce concentrated, medical-grade gas. Providing oxygen in low-resource environments, such as isolated areas, military combat zones, ... View more

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