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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 Surgical Staplers Market

Published Date : Sep 2022

Surgical staplers are medical devices that can be used in surgery or other medical procedures in place of sutures both internally and externally. Surgical staplers are used to close surgical incisions or wounds that are too big and/or complex to close with traditional... View more

Coherent Market Insights Ophthalmic Diagnostics Equipment Market

Published Date : Sep 2022

Ophthalmic diagnostic equipment is used for diagnosis of eye disorders such as refractive errors, cataract, and others. Ophthalmic diagnostic equipment constitute of devices such as retinoscopes, visual field analyzers, fundus cameras, ophthalmoscopes, specular micros... View more

Coherent Market Insights Fall Detection Systems Market

Published Date : Sep 2022

A fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse consequences of a fall. Accelerometers, a class of low power radio wave technology sensor, are used by ... View more

Coherent Market Insights Single Use System In Biopharma Manufacturing Market

Published Date : Sep 2022

Single use systems (SUS) refers to biopharmaceutical manufacturing equipment designed to be used once and then discarded. These systems are being increasingly used as an alternative to stainless-steel equipment for biopharma manufacturing. Single-use technologies offe... View more

Coherent Market Insights Mammography Biopsy Chair Market

Published Date : Sep 2022

Mammography is specialized medical imaging technique in which a low-dose x-ray system utilized to view within the breasts. A mammogram, also known as a mammography examination, helps women with the early detection and diagnosis of breast disorders. Doctors use x-ray e... View more

Coherent Market Insights Tumor Ablation Devices Market

Published Date : Sep 2022

The efficiency of this new method in curing cancer based on two things the size of the tumor and its convenience to the probes. Generally, for cancers 3 cm or less and easily used percutaneously the focus is to totally kill the malignancy. The larger the cancer the mo... View more

Coherent Market Insights Tracheal Tube And Airway Products Market

Published Date : Sep 2022

Airway management refers to maintaining of consistent airflow and prevention of collapsing of airway. It is used when anesthesia is given to the patient and also in case of obstructive sleep apnea, chronic obstructive pulmonary diseases, and other respiratory disorder... View more

Coherent Market Insights Latin America Continuous Glucose Monitoring Cgm Device Market

Published Date : Sep 2022

Continuous glucose monitoring devices are considered as significant systems for improving diabetes management by providing better and pain-free blood glucose measurement. Continuous glucose monitoring devices marked a remarkable change in diabetes care, as these devic... View more

Coherent Market Insights Pta Balloon Catheter Market

Published Date : Sep 2022

A catheter is a tubular, flexible instrument, passed through body channels for withdrawals of fluid (or introduction of fluids) from body cavity. PTA balloon catheter is an innovative medical device, which is inserted in the femoral artery in the leg or sometimes into... View more

Coherent Market Insights Breastfeeding Supplies Market

Published Date : Sep 2022

Breastfeeding supplies are the apparatus used for removing breast milk from breast for the newborn babies. They are used for taking out the milk from breast. Breastfeeding supplies include breast pumps, feeding bottles, and accessories. These supplies are useful for w... View more

Coherent Market Insights Medical Pediatric Bed Market

Published Date : Sep 2022

A medical bed is a bed that has been specifically designed for hospitalized patients or other people who require care. These beds have unique features that benefit both the patient's comfort and the convenience of caregivers. Pedia... View more

Coherent Market Insights Dental Extraction Forceps Market

Published Date : Sep 2022

The removal of a tooth from the mouth is known as dental extraction (exodontia). The most frequent oral surgery technique is exodontia, and young dentists frequently execute it as their first surgical procedure. Teeth are extracted using elevators and extraction force... View more

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

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