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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 Masks Market

Published Date : Jul 2022

A surgical mask, or medical face mask, is often used by healthcare professionals as it serves as a physical barrier between the nose and mouth of the wearer and potential contaminants in the immediate environment. Surgical masks often used during a surgical/medical pr... View more

Coherent Market Insights Wound Closure Market

Published Date : Jul 2022

Wound closure is the final step of surgical intervention. The primary function in the wound treatment is characterized by wound closure procedure. Surgical wounds can be left to heal by themselves (secondary intention healing) or they can be closed surgically. Surgica... View more

Coherent Market Insights Spinal Fusion Devices Market

Published Date : Jul 2022

Spinal fusion devices are used to provide stability to spinal structure, which has lost stability due to a fracture, degenerative disorders of the spine, trauma, tumors, and deformity. Spinal cord injuries majorly happen due to various reasons such as a blocked blood ... View more

Coherent Market Insights Extracorporeal Membrane Oxygenation Market

Published Date : Jul 2022

Extracorporeal membrane oxygenation (ECMO) assists cardiopulmonary functions outside the body. Based on the location of drainage and reinfusion there are three different types of extracorporeal membrane oxygenation system which are arteriovenous, venoarterial, and ven... View more

Coherent Market Insights Uae Dental Devices Market

Published Date : Jun 2022

Dental devices are medical devices used by dental professionals to examine, manipulate, treat, restore, and remove teeth and surrounding oral structures. A dental drill or handpiece is a hand-held, instrument used to perform a variety of common dental procedures, incl... View more

Coherent Market Insights Respiratory Disposables Market

Published Date : Jun 2022

Respiratory disposables are medical devices used in conjunction with the respiratory devices, such as oxygen therapy devices, nebulizers, and ventilators, to treat respiratory disorders such as asthma, COPD, sleep apnea, etc. A wide range of respirator types and model... View more

Coherent Market Insights Cleanroom Gloves Market

Published Date : Jun 2022

Cleanroom gloves are mainly intended to be used in cleanrooms and controlled environments. Cleanroom gloves are used to protect products and therapeutics from contamination. Cleanroom gloves are developed to prevent particulate contamination, meet stringent industry s... View more

Coherent Market Insights Nasal Drug Delivery Mode Market

Published Date : Jun 2022

Drug delivery refers to the technology utilized to present the drug to the desired body site for drug release and absorption. Intranasal drug delivery offers a rapid onset of therapeutic effects (local or systemic). Nasal applications of topical decongestants or anti-... View more

Coherent Market Insights Canada Insulin Delivery Devices Market

Published Date : Jun 2022

Insulin, a glucose directing hormone, is an essential part of the treatment plan for people with type 1 diabetes mellitus and advanced type 2 diabetes mellitus. Insulin helps control the body's blood sugar level. Insulin helps the body to use sugar for the energy it n... View more

Coherent Market Insights Interventional Neurology Market

Published Date : Jun 2022

Interventional neurology is a branch of neurosurgery that focuses on the use of endovascular procedures to treat nervous system disorders... View more

Coherent Market Insights Cardiac Implants Market

Published Date : Jun 2022

An implantable cardiac devices is used to regulate and detect irregular heartbeat. The implantable cardiac device includes biventricular pacemakers, ... View more

Coherent Market Insights Condition Monitoring Device Market

Published Date : Jun 2022

Condition monitoring in healthcare refers to leveraging real-time data for diagnosing an individual’s health or monitoring environmental conditions essential for the transportation of pharmaceutical products such as biologics. There are several condition monitor... View more

Coherent Market Insights Respiratory Trainer Market

Published Date : Jun 2022

Respiratory Muscle Training (RMT) can be defined as a technique that aims to improve the function of the respiratory muscles through specific exercises. RMT is indicated for people who have respiratory conditions such as asthma, bronchitis, emphysema and Chronic Obstr... View more

Coherent Market Insights Cardiovascular Ultrasound Market

Published Date : Jun 2022

A cardiovascular ultrasound is a type of ultrasound that focuses on heart and blood vessels. In echocardiogram tests, this type of imaging can be used to assess the function of various parts of cardiovascular system. An echocardiogram (echo) is a visual representation... View more

Coherent Market Insights Urea Breath Test Market

Published Date : Jun 2022

The urea breath test is used to detect helicobacter pylori (H. pylori), a type of bacteria that may infect the stomach and is a main cause of ulcers in both the stomach and duodenum (the first part of the small intestine). The incr... View more

Coherent Market Insights Europe Cleanroom Consumables Market

Published Date : May 2022

The primary function of cleanroom consumables is to protect products and processes from contamination caused by humans and their personal garments. The requirements for cleanroom garments and gloves and other consumables vary from location to location. A cleanroom is ... View more

Coherent Market Insights Anterior Cruciate Ligament And Posterior Cruciate Ligament Reconstruction Devices Market

Published Date : May 2022

Anterior cruciate ligament and posterior cruciate ligaments connect bones that form the knee and stabilize joint movement. Both ligaments are important as they prevent femur from sliding against the tibia and vice versa. ACL injuries occurs due to excessive use, physi... View more

Coherent Market Insights Scalp Microneedling Market

Published Date : May 2022

Microneedling is a minimally invasive therapy that involves superficial micro puncturing of the epidermis using a dermapen or a roller embedded with thin, tiny metal or silicon needles, according to the American Academy of Dermatology Association. The technique's main... View more

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