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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 Asia Pacific Metal Trauma Implant Market

Published Date : Sep 2021

Trauma implants are medical devices, which are used for repairing fractured or broken bones and also in surgical treatment of tumor diseases of bones such as shoulders, arms, legs, and skull, among others. Trauma fixation implants take over some of the load-sharing fr... View more

Coherent Market Insights Deep Brain Stimulation Devices Market For Parkinsons Disease

Published Date : Sep 2021

Deep Brain Stimulation (DBS) is a treatment for Parkinson’s disease. It is a minimally invasive medical procedure which involves implanting thin copper electrodes into the cerebral cortex, which deliver electric impulses which either obstruct or alter the abnorm... View more

Coherent Market Insights Latin America Smart Insulin Pen Market

Published Date : Sep 2021

A smart insulin pen is an insulin delivery tool that offers some of the features of an insulin pump but without the always-connected experience required with pumps. A smart insulin pen can calculate each dose based on current blood sugar level, carbohydrate amounts, m... View more

Coherent Market Insights Blood Pressure Monitoring Testing Market

Published Date : Sep 2021

Regular blood pressure measurement is very important as it offers information to assess your health condition accurately. Non-invasive blood pressure monitoring helps you keep track of your health conditions by giving you vital information about your blood pressure. I... View more

Coherent Market Insights Patient Lift Pendant Market

Published Date : Sep 2021

Patient lifts are designed to lift and transfer patients from one place to another (e.g., from bed to other rooms, chair to stretcher). These medical devices provide several benefits, including reduced risk of injury to patients and caregivers when properly used. Pati... View more

Coherent Market Insights Asia Pacific Reprocessed Medical Devices Market

Published Date : Sep 2021

Many hospitals, long involved in providing healthcare services for a wide range of patients, are now beginning to explore the idea of using medical devices that are developed from previously used or reprocessed medical devices. Such an approach is becoming increasingl... View more

Coherent Market Insights Medical Ultrasonic Probe Covers Market

Published Date : Sep 2021

An ultrasonic probe cover is a physical barrier which is used during ultrasound procedure to avoid cross contamination. Some of the ultrasound procedures which involve the use of ultrasonic probe covers include endocavity exam, general purpose exam, and surgical-intra... View more

Coherent Market Insights Corneal Pachymetry Market

Published Date : Aug 2021

Pachymetry is a quick and painless test that determines the thickness of the cornea. Corneal thickness, as measured by pachymetry, is important in the field of eye care for a number of reasons. Corneal thickness is critical in refractive surgery procedures such as LAS... View more

Coherent Market Insights Transient Elastography Devices Market

Published Date : Jul 2021

Elastography is a medical imaging modality that maps the elastic properties and stiffness of soft tissues such as liver. Elastography is also known as liver elastography. It is a type of imaging test that checks the liver for fibrosis. Fibrosis is a condition that red... View more

Coherent Market Insights Mesh Nozzle Plates Market

Published Date : Jul 2021

A nozzle is a device used to control the flow of a gas or liquid as it exits an enclosed chamber or pipe. Mesh nozzle plates are used in medical devices such as mesh nebulizers and ventilators for aerosol drug delivery in the treatment of respiratory disorders such as... View more

Coherent Market Insights Recombinant Human Egf Market

Published Date : Jul 2021

Recombinant Human EGF (Epidermal Growth Factor) is a peptide that binds to the membrane receptor called EGF receptor in humans to promote cell proliferation and cell differentiation. EGF acts by initiating number of cell signaling cascade pathways such as activating g... View more

Coherent Market Insights North America Visual Impairment Products And Services Market

Published Date : Jun 2021

Visual impairment is the loss of vision that cannot be corrected by refraction (glasses). There are number of eye disorders that can lead to visual impairments. Visual impairment can also be caused by trauma, and brain and nerve disorders. Visual impairments affect pe... View more

Coherent Market Insights Gas Separation Membrane Market

Published Date : Jun 2021

Recent advancements in the petrochemical industries has led to an increased use of membranes for gas separation. The membranes act as a permeable medium through which gas molecules can pass on the basis of their size and solubility in the medium. Gas separation membra... View more

Coherent Market Insights Us Elastomeric Infusion Pump Market

Published Date : Jun 2021

The U.S. elastomeric infusion pumps market includes various products such as variable rate elastomeric pumps and continuous rate elastomeric pumps which are used for the treatment of various indication such as oncology, post- operative care, general medicine, and othe... View more

Coherent Market Insights Uk Drug For Abuse Testing Devices Market

Published Date : May 2021

Drug for abuse are illegal drugs consumed for the non-medication purpose for longer period of time. Drugs of abuse testing is performed both for medical purposes and legal causes such as workplace drug testing. The test for drug for abuse include immunoassay to screen... View more

Coherent Market Insights Preclinical Isolated Organ Perfusion System Market

Published Date : Dec 2020

Isolated organ perfusion is an excellent tool for investigating the physiology and function of a variety of individual organs. It enables exploration of organs and their pharmacologic reactions. Isolated perfusion helps to understand the hemodynamics, effects of vario... View more

Coherent Market Insights India Orthopedic Braces And Support Casting And Splints Market

Published Date : Dec 2020

Orthopedic braces and supports are widely used for ankle sprains and knee ligament injuries in sports & other injuries. They provide compression, support, and joint stability and often help alleviate joint pain in sports injuries and chronic conditions such as art... View more

Coherent Market Insights Hypoxia Chamber Market

Published Date : Dec 2020

A hypoxia chamber is a self-contained and sealed chamber that senses the ambient condition of the local area and has the ability to distort the oxygen profile, thus simulating altitude. The major advantage is to increase the red blood cells which allow oxygen and nutr... View more

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