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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 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

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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

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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

Coherent Market Insights Europe Needle Free Iv Connectors Market

Published Date : Oct 2020

Needle-free IV connectors are medical device that are used to avoid the risk of bacterial contamination, which is observed in patients using needle IV connectors. Needle free IV connectors are suitable for all peripheral, arterial, and central venous catheters for the... View more

Coherent Market Insights Iv Infusion Bottle Seals And Caps Market

Published Date : Oct 2020

IV infusion are used for administration of antipyretics, antibiotics, and analgesics, and can be used for longer period of time for frequent intake of drugs in hospital settings. The infusion therapies include antibiotic/antiviral therapy, anti-coagulation therapy, an... View more

Coherent Market Insights Medical Specialty Bags Market

Published Date : Sep 2020

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Coherent Market Insights Cell Culture Monitoring Biosensor Market

Published Date : Sep 2020

Cell culture is an important tool in molecular biology. Biosensors are used for monitoring several parameters (including cell growth, cell density, contamination, and others) and cellular behavior of cell culture. There are several types of biosensors such as electric... View more

Coherent Market Insights Interventional Cardiology Devices Market

Published Date : Sep 2020

Interventional cardiology is the branch of cardiology that specifically deals with catheter based treatment of heart diseases, such as congenital heart defect (CHD), coronary artery disease, and aneurysm. This involves insertion of the catheter into femoral artery or ... View more

Coherent Market Insights Implantable Drug Delivery Devices Market

Published Date : Sep 2020

Implantable drug delivery devices, also called as implantable drug eluting devices, allow targeted and localized drug delivery once the device is implanted in the body. There are various implantable drug delivery devices available such as vascular stents, electro stim... View more

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