US.: +1-650-918-5898
UK.: +44-020-8133-4027
AUS.: +61-2-4786-0457
INDIA: +91-848-285-0837
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.
Published Date : Nov 2019
Hearing loss is the inability to hear any kind of sounds, whereas deafness is the inability to know and understand speech heard even after the sound is amplified. Intense deafness means an individual cannot hear at all, characterized by the inability to detect or iden... View more
Published Date : Sep 2019
High incidence of trauma wounds, injuries, burns, and chronic wounds such as diabetic foot ulcers results in constant demand for wound dressing. Furthermore, wound dressing is important post-surgery in order... View more
Published Date : Sep 2019
Smoke evacuation systems are used to arrest smoke from the surgical site and eliminates out of the surgery room. These systems include products such as smoke evacuators, filters, smoke evacuation tubes, and others. Smoke evacuation devices are used in various su... View more
Published Date : Sep 2019
Gynecological devices include devices such as diagnostic imaging devices, surgical devices, sterilization and other devices for diagnosis and treatment of various disease among women. Most of the women worldwide are oblivious to the high risk of dread... View more
Published Date : Sep 2019
Laboratory glassware and plasticware are used for research purposes and includes instruments such as test tubes, beakers, funnels, condensers, flasks, burettes, pipettes, and bottles. The glassware ... View more
Published Date : Sep 2019
Various types of vacuum pumps such as dry claw vacuum system, oil-sealed liquid ring, and water-sealed liquid ring are available in the market. These systems are used in operation theaters, intensive cares, emergency units, and respirology units. Medical vacuum system... View more
Published Date : Sep 2019
Digital radiography is a similar technique to conventional radiography, with the only difference being the former using a phosphor image plate instead of a conventional film. Currently, based on various detector and readout technologies, the medical devices and equipm... View more
Published Date : Aug 2019
3D printing is revolutionizing the healthcare industry by providing improved therapy outcomes and affordable medical devices. This technology is enabling manufacturers to produce small and delicate parts of an organ or medical device with a high accuracy, which is a v... View more
Published Date : Aug 2019
Zinc paste bandages are medical products that allow compression, and provide moistness to the skin. The zinc paste bandages is widely utilized by orthopedists, phlebologists, dermatologists, physiotherapists, sports medicine practitioners, general practitioners, and p... View more
Published Date : Aug 2019
Burn wounds are extremely painful, highly traumatic, and can lead to permanent scarring, disfigurement or even death. The management of these wounds is based on the injured area and severity and depth of burn. Burn care market has witnessed various technological advan... View more
Published Date : Aug 2019
Nutrition plays an important role in prenatal care. Nutritional health during pregnancy affects health of both mother and the fetus. According to the World Health Organization, American Paediatric Association (ADA), and American Congress of Obstetricians and Gynecolog... View more
Published Date : Aug 2019
Prosthetic liner is a protective cover developed from a flexible material, which is fitted on a residual limb, and connects the prosthetic socket. It helps to reduce friction between the residual limb and prosthetic socket, and provides better comfort to patients who ... View more
Published Date : Aug 2019
Pharmaceutical lab equipment are found in different sizes and shapes and include microscopes, crucibles, analytical balance, burners, and others. Safety equipment used in a pharmaceutical lab for safety purposes include gloves and goggles. Pipettes, droppers, tongs, b... View more
Published Date : Jul 2019
Chemotherapy Chairs are extensively used for day care therapy as well outpatient clinic (OPD), of certain drugs to treat solid tumor cancers and hematological (blood) cancers through the systemic delivery of agents that have anti-tumor effects. Chemotherapy chairs are... View more
Published Date : Jul 2019
Scoliosis is a condition of occurring side-to-side spinal curves characterized by complex lateral and rotational curvature and deformity of the spine. It is typically classified as congenital (caused by vertebral anomalies present at birth), idiopathic (sub-classified... View more
Published Date : Jul 2019
Ostomy procedures are necessary for people suffering from certain birth defects, cancer, inflammatory bowel disease, diverticulitis, incontinence, and other cases of severe abdominal or pelvic trauma resulting from accidents or from injuries. Thereby facilitating mark... View more
Published Date : Jul 2019
A personal mobility device is designed for a single person. Mobility aids are devices designed to help people who have problems moving around enjoy greater freedom an... View more
Published Date : Jul 2019
Single use disposable patient positioning products are extensively used in hospitals, specialty care, and homecare setting. Products such as single use knee pads, arm cradles, and heel protectors are in demand among patients, as they can be used in home care settings.... View more