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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 Adult And Pediatric Hemoconcentrators Market

Published Date : Feb 2019

Hemoconcentrators are medical devices used by healthcare professionals or perfusionist (health care professional who operates heart-lung bypass equipment), to concentrate red blood cells and remove excess fluid from the bloodstream during surgery. During surgery, the ... View more

Coherent Market Insights Bio Engineered Stent Market

Published Date : Feb 2019

Bio-engineered stents consist of short narrow metal or plastic tube, which is used to treat blocked arteries. It is used by patients who are suffering from different types of cardiovascular diseases such as coronary heart disease and ischemic heart disease. Different types of bio-engineered stent... View more

Coherent Market Insights Electrical Stimulation Devices Market

Published Date : Feb 2019

Electrical stimulation uses electrotherapy for treating spinal injuries and muscle weakness associated with neurological disorders. It has property to activate electrical impulse and transmit signal to electrodes of device, which causes depolarization and in turn redu... View more

Coherent Market Insights Bioresorbable Vascular Scaffold Market

Published Date : Jan 2019

Bioresorbable vascular scaffold (BVS) is a nonmetallic mesh tube, which is used to treat blocked arteries. It is similar to a stent but gradually dissolves once the blocked artery starts functioning naturally again, enabling the artery to return to its natural state. ... View more

Coherent Market Insights Sinus Dilation Devices Market

Published Date : Jan 2019

Sinusitis is an inflammation of sinus, which causes nose blockage and avoids mucus drainage. Sinus dilation devices are used in patients with nose drainage issues related to nasal sinusitis or sinuses to expand the sinus openings. Different types of sinus dilation dev... View more

Coherent Market Insights Laser Indirect Ophthalmoscope Market

Published Date : Jan 2019

Indirect ophthalmoscopes produce an inverted or reversed, direct image, which is two to five times magnified. An indirect ophthalmoscope has a stronger light source, a specially designed objective lens, and opportunity for stereoscopic inspection of the interior of th... View more

Coherent Market Insights Enteral Syringe Market

Published Date : Dec 2018

Enteral syringes are most commonly used for patients that are admitted in hospital, critical care unit, and NICU. Such patients are unable to ingest medicines and food, therefore, enteral syringes helps in administration of medicines and food. Moreover, Enteral syring... View more

Coherent Market Insights Electro Diagnostic Devices Market

Published Date : Dec 2018

Electro-diagnosis is a field of science that studies the human neurology with the help of electrophysiology. An electrical signal is applied to a nerve and the resultant evoked electrical signals are measured electro-diagnostic devices. Electromyography (EMG), Neurodi... View more

Coherent Market Insights Ophthalmic Devices Market

Published Date : Dec 2018

Ophthalmic devices include vision care products and surgery devices for the diagnosis and treatment of eye diseases. Risk of eye related diseases or retinal disorders such as vision defects (refraction), cataracts, and glaucoma, increase with age and can be chronic in... View more

Coherent Market Insights Pipettes And Accessories Market

Published Date : Nov 2018

Pipettes are regularly used in laboratories to transfer a measured volume of liquid. It is one of the most frequently used instruments in the laboratory. They are available in different designs for various purposes with several levels of precision and accuracy, includ... View more

Coherent Market Insights Portering Chair Market

Published Date : Nov 2018

Portering chairs help to transfer patients in and out of the hospital. It is mainly designed for patients with less or no mobility. It contains hooks for patient belongings and fittings to add IV poles/cylinder holders. Some portering chairs include adjustable back, o... View more

Coherent Market Insights Adaptive Strollers Market

Published Date : Nov 2018

Adaptive strollers or medical strollers allow patients with mobility issues to be supported and positioned comfortably. They are lighter and more portable than wheelchairs and can be easily loaded in and out of a vehicle. Adaptive strollers can help to optimize spinal... View more

Coherent Market Insights Aneurysm Clips Market

Published Date : Oct 2018

An aneurysm is the enlargement of an artery. It occurs when the walls of a blood vessel become weak, balloon out, and are more likely to rupture or leak potentially causing a stroke. The most significant aneurysms affect the arteries of the heart and the brain. Smokin... View more

Coherent Market Insights Operating Table Market

Published Date : Aug 2018

Operating table one of the most fundamental medical equipment in any operation theater set up and has various types based on method of its mobility(upward or downward).For instance, hydraulic operating table has foot pump for upward or downward adjustment of the table... View more

Coherent Market Insights Specialty Medical Chairs Market

Published Date : Aug 2018

The specialty medical chairs are available in both, manual and electric mode. Specialty medical chairs provide doctors easy access to a patient’s body to operate or examine. These chairs are also designed to enhance the comfort for patients during long treatment... View more

Coherent Market Insights Hyperpigmentation Treatment Devices Market

Published Date : Jul 2018

Hyperpigmentation is one of the most common skin problems, which requires non-invasive device-based treatment in severe conditions such as melasma and post-inflammatory hyperpigmentation. Device-based procedures are preferred when topical therapies fail to improve the... View more

Coherent Market Insights Custom Procedure Trays And Packs Market

Published Date : Jul 2018

Custom procedure trays and packs (CPTP) are selection of components ranging from sutures, surgical swabs, wound dressings, drapes, and surgical blades to cardiac catheters and implants, provi... View more

Coherent Market Insights Electroceutical Devices Market

Published Date : Jul 2018

Electroceuticals are the new category of therapeutic agents which act by targeting the neural circuits of organs. Moreover, electroceuticals involves mapping of neural circuitry and delivering neural impulses to the specific targets. This impulse is administered via a... View more

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