Contact Us Register

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 Pet Diabetes Care Devices Market

Published Date : Aug 2024

The global pet diabetes care devices market has been witnessing significant growth in the recent times. Rising pet obesity levels and increasing pet humanization have resulted in greater awareness about pet health, preventive care, and treatment of pet diseases. Pet o... View more

Coherent Market Insights Hospital Supplies Market

Published Date : Aug 2024

The global hospital supplies market is witnessing steady growth over the years driven by increasing healthcare expenditure worldwide and growing adoption of minimally invasive surgeries. Hospitals globally are procuring various medical supplies required for patient ca... View more

Coherent Market Insights Blood Flow Measurement Devices Market

Published Date : Aug 2024

The global blood flow measurement devices market has been gaining significant traction over the past couple of years owing to growing prevalence of cardiovascular diseases worldwide. Rising number of patients suffering from heart conditions like heart failure, coronar... View more

Coherent Market Insights Cardiac Rhythm Management Devices Market

Published Date : Aug 2024

Cardiac rhythm management includes diagnosis, treatment, and prevention of fast, slow, or irregular heartbeats. Rising prevalence of cardiovascular diseases and growing geriatric population worldwide can boost demand for cardiac rhythm management devices. Technologica... View more

Coherent Market Insights Active Implantable Medical Devices Market

Published Date : Aug 2024

Global active implantable medical devices market growth is driven by rising aging population and increasing prevalence of chronic diseases worldwide. Active implantable medical devices are battery-powered medical devices that are implanted inside the human body to tre... View more

Coherent Market Insights Surgical Navigation System Market

Published Date : Aug 2024

Global surgical navigation system market growth is driven by rising incidence of chronic diseases and growing geriatric population worldwide. Surgical navigation systems are computer-assisted surgical approaches that utilize advanced imaging techniques to guide surgeo... View more

Coherent Market Insights Global Ir Spectroscopy Market

Published Date : Aug 2024

Infrared spectroscopy (IR spectroscopy) is a technique used to identify chemicals and molecular structures. IR spectroscopy uses infrared light that interacts with molecular vibrations of atoms in a compound. Molecules absorb specific wavelengths in the infrared regio... View more

Coherent Market Insights Sleep Apnea Implants Market

Published Date : Aug 2024

Sleep apnea is a serious sleep disorder that causes breathing disruptions during sleep. It is largely underdiagnosed as many people are unaware that they have it. Sleep apnea implants are medical devices used to treat sleep apnea and help improve quality of life. Impl... View more

Coherent Market Insights Coronary Artery Bypass Grafting Market

Published Date : Aug 2024

Coronary artery bypass grafting (CABG) is a type of surgery that improves blood flow to the heart. It is used to treat people with severe coronary artery disease that has not responded well to other treatments. The main purpose of the surgery is to bypass narrow or bl... View more

Coherent Market Insights Lateral Flow Assay Market

Published Date : Aug 2024

Lateral flow assays are immunoassay technology used for point-of-care testing to detect the presence or absence of target analytes in samples like urine, blood and saliva. It enables quick diagnosis with results available in minutes. Rising cases of infectious disease... View more

Coherent Market Insights Protein Chip Market

Published Date : Aug 2024

Protein chips are miniaturized devices that have the ability to detect and analyze thousands of protein interactions simultaneously. They work on the principle of microarray technology where known proteins, antibodies, or DNA are spotted onto a solid surface to create... View more

Coherent Market Insights Ovulation Test Kit Market

Published Date : Aug 2024

An ovulation test kit, also called an ovulation predictor kit, allows women to determine the most fertile days of their menstrual cycle. It works by detecting luteinizing hormone (LH) levels, which surge around 24-36 hours before ovulation occurs. As the popularity of... View more

Coherent Market Insights Healthcare Cmo Market

Published Date : Jul 2024

Global healthcare CMO market growth is driven by rising demand for high-quality pharmaceutical products across the world. Various pharmaceutical and biotechnology companies are increasingly outsourcing their manufacturing operations to contract manufacturing organizat... View more

Coherent Market Insights Global Urine Collection Devices Market

Published Date : Jul 2024

Global urine collection devices market growth is driven by rising prevalence of urinary incontinence and increasing geriatric population. Urine collection devices are primarily used for the collection and disposal of urine that is discharge or drained into the urine b... View more

Coherent Market Insights Respiratory Inhalers Market

Published Date : Jul 2024

Respiratory inhalers are medical devices used for administration of drugs to treat respiratory diseases like asthma and COPD. These help to deliver the required dosage of medication directly to the airways through inhalation. Rising prevalence of respiratory diseases ... View more

Coherent Market Insights Radiopharmaceuticals Market

Published Date : Jul 2024

Radiopharmaceuticals are radioactive drugs used in nuclear medicine for both diagnostics and therapeutics purposes. These play a crucial role in medical imaging techniques through emission of nuclear radiation such as gamma rays from radioactive tracers introduced int... View more

Coherent Market Insights Global Ileostomy Market

Published Date : Jul 2024

Ileostomy refers to the diversion of the small intestine or ileum through an opening in the abdomen called a stoma. This is typically done for patients suffering from severe cases of ulcerative colitis or Crohn's disease where the diseased portion of the intestine is ... View more

Coherent Market Insights Vitreous Tamponades Market

Published Date : Jul 2024

Vitreous tamponades are substances injected into the vitreous cavity of the eye during retinal detachment surgery to stabilize the retina. These help flatten the retina against the inside surface of the eye. Some commonly used vitreous tamponades include silicone oils... View more

LogoCredibility and Certifications

Trusted Insights, Certified Excellence! Coherent Market Insights is a certified data advisory and business consulting firm recognized by global institutes.

Reliability and Reputation

860519526
Reliability and Reputation
ISO 9001:2015

9001:2015
ISO 27001:2022

27001:2022
Reliability and Reputation
Reliability and Reputation
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.