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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 Ocular Implant Market

Published Date : Sep 2022

An intraocular lens implant is an artificial replacement for the lens of individual person’s eye. It is part of the surgery to fix cataracts. Each eye has a lens, a window made of clear protein, and water that sits behind the pupil. The lens focuses light onto t... View more

Coherent Market Insights Electroporation Instruments Market

Published Date : Sep 2022

Electroporation is a useful molecular biology technique that allows for non-chemical transformation of bacteria and yeasts as well as transfection of tissue culture cells (e.g. mammalian cells). Electroporation systems deliver short bursts of a high-intensity electric... View more

Coherent Market Insights E Prescribing Market

Published Date : Sep 2022

E-Prescribing or electronic prescribing is the process of electronically generating and sending a prescription order to a pharmacy directly from the point of care. E-Prescribing improves accuracy, enhances patient safety and quality of care as there are no chances of ... View more

Coherent Market Insights Bladder Scanner Market

Published Date : Sep 2022

A bladder scan is a safe, painless, reliable procedure that allows doctor to assess the volume of urine retained within the bladder. The bladder scan measures ultrasonic reflections within the patient's body to differentiate the urinary bladder from the surrounding ti... View more

Coherent Market Insights Prosthetic Full Arch Dentures Market

Published Date : Aug 2022

A prosthetic full arch denture is a detachable acrylic replacement for teeth and bone loss in a whole dental arch. Complete dentures are generally inexpensive, simple to make and repair, and offer a level of aesthetics and functionality that many patients find accepta... View more

Coherent Market Insights Blood Dialyzer Market

Published Date : Aug 2022

Blood dialyzer, also known as hemodialyzer or artificial kidney, is a device used to filter blood of a person who is suffering from kidney damage. Hemodialyzer accomplishes extracorporeal removal of waste products such as creatinine, urea, and free water from the bloo... View more

Coherent Market Insights Rehabilitation Equipment Market

Published Date : Aug 2022

Rehabilitation is a process of helping people achieve highest level of function, independence, and quality of life possible. The ultimate aim of rehabilitation is to provide the individual with opportunities for full and effective participation and inclusion in societ... View more

Coherent Market Insights Asia Pacific Hiv Diagnostics Market

Published Date : Aug 2022

HIV causes AIDS and interferes with the body's ability to fight infections. The virus can be transmitted through contact with infected blood, semen or vaginal fluids. Within a few weeks of HIV infection, flu-like symptoms such as fever, sore throat and fatigue can occ... View more

Coherent Market Insights Zirconia Based Dental Materials Market

Published Date : Aug 2022

Zirconia are used because the current demand for more aesthetically attractive dental restorations and greater aesthetics. Zirconia based dental product are known for their high biocompatibility, superior durability, and toughness. The most recent pre-shaded zirconia ... View more

Coherent Market Insights Bone Glue Market

Published Date : Aug 2022

Bone glues are a collagen obtained from an animal base that mainly includes skin and bones. Bone glues are derivative of fish’s dehydrated bladder and dense bone. The production process of bone glue is complicated, which involves obtaining animal bones from vari... View more

Coherent Market Insights Bone Growth Stimulator Market

Published Date : Aug 2022

Bone growth Stimulator stimulate the natural healing of bone using electrical - ultrasonic current to the site of fracture. A bone growth stimulator is a technology recommended by several orthopedists as a way to help promote faster bone healing. Stimulators provide p... View more

Coherent Market Insights Deep Brain Stimulation Devices Market

Published Date : Aug 2022

Deep brain stimulation (DBS) surgery is performed as part of the treatment of various neural debilitating conditions such as Parkinson’s disease (PD), dementia, and Alzheimer’s disease. A patient fitted with a DBS device can get long-term relief from debil... View more

Coherent Market Insights Continuous Peripheral Nerve Block Catheter Market

Published Date : Aug 2022

Peripheral nerve block catheter is a secure and efficient method of minimizing discomfort following surgery. After surgery, a small tube called a wearable catheter is placed beneath the skin to distribute anesthetic medication to the area around nerves. Depending on t... View more

Coherent Market Insights Optometry Equipment Market

Published Date : Jul 2022

Optometry equipment are used to examine, diagnose, treat, and manage disease, injuries, disorders of the visual system, and associated structures. Moreover, it is used to identify systemic conditions affecting the eye. New technologies and diagnostic tools in optometr... View more

Coherent Market Insights Medical Grade Silicone Market

Published Date : Jul 2022

Medical grade silicone is biocompatible with living tissues and is widely used in medical devices such as in prosthetics, catheter in cardiology, and others. It has gained a widespread acceptance owing to its less toxicity, hydrophobic properties, and low risk of unfa... View more

Coherent Market Insights Patient Temperature Management Systems Market

Published Date : Jul 2022

Temperature is one of the vital signs signifying the well-being of a person, for which the medical society recommends monitoring and management as a part of standard care therapy for patients undergoing surgery due to critical illness. Patient temperature management s... View more

Coherent Market Insights Compression Therapy Market

Published Date : Jul 2022

Compression therapy is used to increase blood flow in the lower limbs by strengthening vein support. Compression therapy is a treatment that can help alleviate aching and loosen constriction between the walls of the veins. The process works by gently applying pressure... View more

Coherent Market Insights Polymerase Chain Reaction Market

Published Date : Jul 2022

Polymerase chain reaction (PCR) is extensively used for DNA amplification technique. It generates thousands to millions of copies of a particular DNA sequence. The PCR industry is shifting its focus away from macro-scale systems and is focused on developing the micro-... View more

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