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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

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Coherent Market Insights Medical Device Outsourcing Market

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Coherent Market Insights Intraoral Cameras Market

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Coherent Market Insights Medical Ozone Generator Market

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Coherent Market Insights Ocular Surgery Market

Published Date : Feb 2022

Ocular surgery or eye surgery is performed on the eye or its adnexa, typically by an ophthalmologist. Ocular surgery can be used to treat different types of eyes problems such as cataracts, retinal tears, detached retinas, diabetic retinopathy, refractive error, glauc... View more

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Published Date : Feb 2022

Medical diagnostic testing performed at or near the point of care and at the time and place of patient care is known as point-of-care testing (POCT or bedside testing). POCT (point-of-care testing) is required to offer a quick diagnostic result for on-the spot diagnos... View more

Coherent Market Insights Us Europe And Asia Pacific Molecular Diagnostics Market

Published Date : Feb 2022

For detecting the disturbance between specific sequences in DNA or RNA, molecular diagnostics tests are used, which may be associated with disease. The other factors which lead to various diseases are disturbance between single nucleotide polymorphism, rearrangements,... View more

Coherent Market Insights Medical Cyclotrons Market

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Published Date : Feb 2022

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Coherent Market Insights North America Respiratory Trainer Market

Published Date : Feb 2022

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Published Date : Feb 2022

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Coherent Market Insights Reprocessing And Reuse Of Single Use Medical Devices Market

Published Date : Feb 2022

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Published Date : Feb 2022

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Coherent Market Insights Brazil Injectable Drugs Market For Hospitals And Ambulatory Settings

Published Date : Jan 2022

Injectable drug delivery is considered as the most effective route of administration for the effective delivery of drugs to the targeted site. Injectable delivery facilitates rapid absorption of drug from various route of administration such as subcutaneous, intraveno... View more

Coherent Market Insights Brazil Cardiac Pacemakers Market

Published Date : Jan 2022

Cardiac pacemaker are medical device that supply impulses to the conduction system to originate contraction. The first cardiac pacemaker was introduced (Alee and Bernstein, 2001) in 1958, since then cardiac pacing has become a well-established therapeutic tool. Most c... View more

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