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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 Nurse Call System Market

Published Date : Nov 2022

Nurse call system allows patients in health care settings to alert a nurse or any other health care staff, in case assistance is required. Some nurse care systems allow patients to speak directly to the staffer, some buzz at the station, while others simply beep, requ... View more

Coherent Market Insights Ventilator Breathing Circuit Market

Published Date : Nov 2022

A breathing system, also known as a breathing circuit, is a medical device used to give patients inhalational anesthetics, oxygen, and carbon dioxide removal. Breathing circuits were originally developed for use in anesthesiology. The most common breathing circui... View more

Coherent Market Insights Nasal Drug Delivery Systems Market

Published Date : Nov 2022

Nasal cavity is becoming one of the most potential and promising route of drug delivery, owing to its advantages such as bypassing the hepatic first-pass metabolism, and most importantly patient convenience. The nasal drug delivery systems used in the treatment of pai... View more

Coherent Market Insights Ambulance Equipment Market

Published Date : Nov 2022

Ambulance equipment is a type of equipment used to aid patients at the time of medical emergencies including accidents and surgeries, thus helping minimize personal injuries and preventing loss of life. Advancements in healthcare technology along with increasing patie... View more

Coherent Market Insights Skin Rejuvenation Devices Market

Published Date : Nov 2022

Skin rejuvenation involves treating variety of skin disorder such as wrinkles, dark circles, facial lines, pigmentation, scars, stretch marks, acne, dry and itchy skin, and age spots. These skin problems are characterized by the thin and dry ... View more

Coherent Market Insights Anesthesia Endotracheal Tube Market

Published Date : Nov 2022

Modern endotracheal anesthesia is a technic in which the administration of an anesthetic may be facilitated and the patient benefited by an artificial extension of the tracheobronchial tree by means of a tube through which the patient's respiratory exchange takes plac... View more

Coherent Market Insights Burn Care And Wound Care Market

Published Date : Nov 2022

Burns are injuries caused due to overexposure to heat, fire or other radiation and chemical or electrical contact with any body part. Burns can be minor medical problems or life-threatening emergencies depending on the severity of the burn. Burn wounds are extremely p... View more

Coherent Market Insights Auto Injectors Market

Published Date : Nov 2022

Auto- injector is a medical device which can deliver dose of medications. Auto injectors are easy to use and self-administration by patients is possible. Auto-injectors are disposable and there is a tremendous growth in the development of reusable auto-injectors with ... View more

Coherent Market Insights Hemodynamic Monitoring Systems Market

Published Date : Nov 2022

Hemodynamic monitoring is the continuous monitoring of the blood flow through the veins, arteries, and heart using hemodynamic systems. Hemodynamic monitoring system is used to measure the blood pressure inside the veins, heart, and arteries. It also monitors health o... View more

Coherent Market Insights Surgical Microscopes Market

Published Date : Oct 2022

A surgical microscope is an electrically or mechanically operated optical microscope designed to use in surgical settings for performing microsurgeries. Surgical Microscopes are optical unit which delivers clear and sharply focused images while the modular system give... View more

Coherent Market Insights Laparoscopic Devices Market

Published Date : Oct 2022

Laparoscopic device is a thin rod with a small camera attached along with a light source to visualize the abdominal and pelvic cavities through small keyhole incisions. Laparoscopy is a minimally-invasive surgical diagnostic procedure used to examine organs inside the... View more

Coherent Market Insights Fluorescence Guided Surgery Systems Market

Published Date : Oct 2022

Fluorescence guided surgery (FGS) system is an imaging technique that allows the surgeon to visualize different structures and types of tissue during a surgical procedure that may not be as visible under white light conditions. It is a promising technology that could ... View more

Coherent Market Insights Hyperbaric Oxygen Therapy Devices Market

Published Date : Oct 2022

Hyperbaric Oxygen Therapy (HBOT) devices are used to deliver 100% pure oxygen to tissues in the body under high atmospheric pressure. During hyperbaric oxygen therapy, the pressure is increased to three times to the normal atmospheric pressure, creating high amount of... View more

Coherent Market Insights Drug Eluting Stents Market

Published Date : Oct 2022

Stents are usually used in the treatment of coronary angioplasty or percutaneous coronary intervention producers. The types of drug eluting stents include bare metal coronary artery stents, coronary artery restenosis, coronary artery stents, coronary revascularization... View more

Coherent Market Insights Orthopedic Braces And Support Market

Published Date : Oct 2022

Orthopedic braces are wearable medical devices that offer appropriate alignment, positional correction, supporting the muscles, stabilizing and protecting several parts of the body, which include joints, bones, and muscles. These devices are mainly prescribed by ortho... View more

Coherent Market Insights Anesthesia And Respiratory Devices Market

Published Date : Oct 2022

Anesthesia and respiratory devices include several devices such as monitoring devices, machines, ventilators, diagnostic devices, therapeutic devices, and consumables and accessories respectively. All these anesthesia devices are used in conditions such as several onc... View more

Coherent Market Insights Interventional Intracranial Aneurysm Devices Market

Published Date : Oct 2022

An intracranial aneurysm is an unusual swelling of the wall of an artery, which is a type of blood vessel carrying blood to the brain. The aneurysm is like a small sac and is localized, meaning it is limited to a small area, within the artery. Aneurysms can enlarge an... View more

Coherent Market Insights Upper Limb Prosthetics Market

Published Date : Oct 2022

A prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for an entirely or partially missing part of the hand due to an accident, injury, illness, or trauma. Different types of upper limb prost... View more

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