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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 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

Coherent Market Insights Bone Tumor Ablation Devices Market

Published Date : Dec 2020

Tumor ablation is a minimally invasive procedure to remove the tumor cells or tissue from the body. Tumor ablation devices consist of a catheter, which is introduced into the tumor under imaging guidance. The use of microwave ablation magnetic image-guiding systems ha... View more

Coherent Market Insights Automated Patch Clamp System Market

Published Date : Dec 2020

The techniques available for automated patch clamping are divided into three categories: the automated glass pipette-based patch clamp, the micro-fabricated planar electrode-based patch clamp, and automated TEVC on Xenopus oocytes. The use of automated patch clamp sys... View more

Coherent Market Insights Pakistan Clear Aligners Market

Published Date : Dec 2020

Clear aligners are used to straighten teeth or for appropriate positioning of teeth. Clear aligners are the best substitute for old and conventional braces, and are designed to guide teeth into their proper position. Aligners take less time to complete the treatment p... View more

Coherent Market Insights Australia And New Zealand Sterile Surgical Gloves Market

Published Date : Nov 2020

Sterile surgical gloves have high standard and have more precise size, and high sensitivity. Surgical gloves are only available in sterile form and are made from synthetic and natural sources. The natural source is latex and synthetic source for making surgical gloves... View more

Coherent Market Insights Eastern Europe Surgical Drapes And Gowns Market

Published Date : Nov 2020

Surgical drapes are used during surgery to maintain sterility in the surgical environment, equipment, and the patient’s surroundings. There are several procedures (almost all types of invasive procedures), where surgical drapes are required. These procedures inc... View more

Coherent Market Insights Australia And New Zealand Custom Procedure Trays And Packs Market

Published Date : Nov 2020

Custom procedure trays and packs contain disposables and are designed to meet procedure requirements, layout, and even the wrap style of hospitals. Custom procedure packs can also reduce the amount of waste (clinical waste bags used for packaging the disposables and o... View more

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