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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 Dermatology Devices Market

Published Date : Sep 2020

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Coherent Market Insights Organ Preservation Market

Published Date : Sep 2020

Organ preservation involves removal of organs from the bodies, which are then stored for transplantation. Organ preservation systems are exclusively prepared and maintained according to the biological environment (temperature and oxygen) needed to store particular org... View more

Coherent Market Insights Biopreservation Market

Published Date : Sep 2020

Biopreservation is the technique that aids in the preservation of bio specimens such as saliva, plasma, and purified DNA. This technique primarily increases the shelf life and ensures stability and purity of the bio specimens. Bio-preservation is used for the storage ... View more

Coherent Market Insights Nephrology And Urology Devices Market

Published Date : Sep 2020

Nephrology and urology devices are used in the treatment of urinary systems such as chronic kidney disease, kidney stone, urinary incontinence, and end-stage renal disease. According to the Global Burden Disease study, which was conducted in 2015, chronic kidney disea... View more

Coherent Market Insights Dental Consumables Market

Published Date : Sep 2020

Dental consumables are used in almost all dental procedures along with major dental surgical procedures. Many organic and inorganic materials are used in the manufacturing of surgery related dental consumables. For instance, ceramics, compacted golds, glass ionomers, ... View more

Coherent Market Insights Ingestible Smart Pills Market

Published Date : Aug 2020

Smart pills are small embedded electronic devices, which include sensors, cameras, patches and trackers. These pills are capable of providing complete diagnostic evaluation of the gastrointestinal tract when swallowed. There are several advantages of smart pills such ... View more

Coherent Market Insights Uveitis Treatment Market

Published Date : Aug 2020

Uveitis refers to inflammation caused in the uvea of the eye. A uvea is the middle layer of the eye that consists of three components namely iris, cilliary body, and the choroid. Uveitis is caused by various factors such as inflammatory diseases, injuries in the eye, ... View more

Coherent Market Insights Global And Us Medical Disposables Market

Published Date : Aug 2020

Medical disposables are products that are used in hospitals or in various medical fields for prevention of infections and for safety measures to meet the medical standards. The medical disposables are important to lower the risk of cross-contamination and infections t... View more

Coherent Market Insights Automated Endoscope Reprocessors Market

Published Date : Jul 2020

Endoscope reprocessing devices are used in the healthcare settings for the reprocessing procedures of the endoscopes. The endoscope reprocessing devices are used to decontaminate the instruments and devices such as duodenoscopes, endoscope accessories, and others. End... View more

Coherent Market Insights Asia Pacific Endoscopy Devices Market

Published Date : Jul 2020

Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. These devices are used to examine unusual symptoms and to perform surgery. Such as device comprises a flexible tube with an attached camera, which allow... View more

Coherent Market Insights Mercury Free Dental Implant Materials Market

Published Date : Jun 2020

Mercury-free dental implants are tooth root replacements, capped with a ceramic dental crown. The crown (replacement tooth) is connected to the implant with an abutment. Zirconia implants are new implants in the dental implant field. In the U.S., dentists have been us... View more

Coherent Market Insights Ophthalmology Diagnostics And Surgical Devices Market

Published Date : Jun 2020

Factors such as increasing number of approvals and launches of novel optometry devices and rising prevalence of ophthalmic diseases are expected to fuel growth of the market. Rising prevalence of ophthalmic disease is expected to support growth of the market over the ... View more

Coherent Market Insights Fetal And Neonatal Care Equipment Market

Published Date : Jun 2020

Fetal and neonatal monitoring is a very crucial part during and after delivery of the child. During this monitoring procedure the vital physiological parameters of the child and mother are checked continuously even during delivery of the child. Heart rate, oxygen cont... View more

Coherent Market Insights Neurosurgical Products Market

Published Date : Jun 2020

Neurosurgical Products used in the treatment of neurological disorders such hydrocephalus, aneurysms, arteriovenous malformations, and pituitary and intracranial tumors. Approval and launch of new produ... View more

Coherent Market Insights Latex Probe Cover Market

Published Date : May 2020

Probe covers are consistently used for diagnosis of various diseases such as cardiovascular diseases, urinary tract infection, and others. These probe covers fit tightly over the probe tip and are extended over the entire wand-like projection of the probe. Endocavitar... View more

Coherent Market Insights Surgical Cushions Market

Published Date : May 2020

Surgical cushions are designed to provide comport for patients and reduce the risk of developing patient injuries. Surgical cushions are made of various materials such as foam, gas, and vacuum. The use of surgical cushions is to support the neck, shoulders, and head b... View more

Coherent Market Insights Multiplexed Diagnostic Market

Published Date : Apr 2020

The multiplexed diagnostic assay is used to identify multiple analytes in a single run cycle. Multiplex assay is used in the detection of defects such as mutation in functional biomolecules (DNA, mRNA, and protein) with the help of DNA microarray, multiplex PCR, and n... View more

Coherent Market Insights Medical Micro Electro Mechanical Systems Market

Published Date : Mar 2020

The medical micro electro-mechanical systems (MEMS) improves the efficiency of medical devices, primarily used in patient monitoring. It helps improve the treatment of cardiac diseases and the efficiency of drug delivery systems. The medical MEMS market has gained tra... View more

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