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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 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 Orthopedic Devices Market

Published Date : Jun 2020

Orthopedic Devices are used restore skeletal structure and joint movement after fractures, abnormal growth of bones, soft tissue damage or other deformities. Joint implants are generally used for treating deformities in knee, pectoral and pelvic girdle. Increasing pre... 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

Coherent Market Insights Custom Lasik Surgery Market

Published Date : Mar 2020

The LASIK surgery procedure is carried out for treatment of patients suffering from myopia. Increasing demand for minimally invasive therapies, along with rising prevalence of refractive disorders are expected to boost demand for LASIK surgery procedures over the fore... View more

Coherent Market Insights Huber Needles Market

Published Date : Mar 2020

Huber Needles (CVIS) are used for repetitive access to veins for blood withdrawal and infusion of medication, blood products, dialysis, chemotherapy, and nutritional infusion. These needles are designed to pierce the port without dislodging it. Huber needles are widel... View more

Coherent Market Insights Holter Monitor Market

Published Date : Mar 2020

A Holter monitor is a battery-operated portable device, used to monitor heart activity continuously for 24 hrs to 48 hrs depending on patient condition. Holter Monitoring is also known as ambulatory electrocardiography. Increasing preference for preventive care is exp... View more

Coherent Market Insights Distraction Osteogenesis Devices Market

Published Date : Mar 2020

Distraction osteogenesis devices are classified as internal and external distractors based on the placement of the device. The external distractor allows bone distraction in three planes and aids surgeon to alter the direction or vector of the distraction process. Mor... View more

Coherent Market Insights Combination Treatment In Aesthetics Market

Published Date : Mar 2020

Aesthetic combination therapy constitutes of both surgical and nonsurgical procedures. New and advanced techniques have been introduced to offer non-surgical aesthetics enhancement procedures. Botulinum toxin and fillers are a widely used combination therapy with Inte... View more

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