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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 Medical Oxygen Systems Market

Published Date : Jul 2019

Medical oxygen is required in various surgical recovery processes such as prevention of oxygen deficiency in body during surgery, major traumatic medical conditions such as accidents, heart attack, blood loss, hyperpyrexia, severe lung conditions as well as for treatm... View more

Coherent Market Insights Pharmaceutical Packaging Equipment Market

Published Date : Jul 2019

Pharmaceutical packaging is an economical means of providing presentation, protection, identification information, containment, convenience, and compliance for a product during storage, carriage, display, and until the product is consumed. Both primary and secondary p... View more

Coherent Market Insights Injectable Drug Delivery Market

Published Date : Jun 2019

Injectables offer maximum bioavailability of drugs towards the intended site of action and avoid the first pass metabolism. The injectable route is mostly preferred for the drugs which can’t be taken orally or have some stability problems. Unconscious patients o... View more

Coherent Market Insights Cell Counting Devices Market

Published Date : Jun 2019

Cell counting is a technique used for determining physical properties of cells such as concentration, density, and viability. Cell counting method is adopted by doctors also, so as to know the condition of the patient. They use this method for estimating the concentra... View more

Coherent Market Insights Amniocentesis Needles Market

Published Date : May 2019

Amniocentesis is a process in which amniotic fluid is sampled using a hollow needle inserted into the uterus, to screen for abnormalities in the developing fetus. Amniocentesis tests can also be used for paternity tests. The collected sample from the uterus contains g... View more

Coherent Market Insights Geriatric Care Services Market

Published Date : May 2019

Geriatric care services offer end to end solutions and assistance for the elderly population. Elderly individuals suffering from dementia, or chronic diseases such as diabetes, cardiac disorders, and others require consistent care and monitoring, which is offered by m... View more

Coherent Market Insights Suprapubic Catheter Market

Published Date : May 2019

Suprapubic catheter is a hollow flexible tube intended to create a passage between the urinary bladder and skin to drain urine from the bladder of the individual suffering from obstruction of normal urinary flow. Swelling of the prostate, traumatic disruption of ureth... View more

Coherent Market Insights Surgical Lasers Market

Published Date : May 2019

Lasers are used in surgeries such as vocal cord, cervical, lung, penile, skin, vaginal, and vulvar surgeries, as these are some of the difficult to treat location areas. Laser surgery is also used for palliative surgery in cancer patients, in order to help the patient... View more

Coherent Market Insights Programmable Infusion Pumps And Catheters Market

Published Date : Apr 2019

Infusion pumps are classified depending on the mode of their operation. For instance, in a syringe pump, fluid is held in the syringe reservoir and the fluid delivery is controlled by a moveable piston, whereas in an elastomeric pump, a stretchable balloon reservoir c... View more

Coherent Market Insights Medical Commode Market

Published Date : Mar 2019

Medical commodes, also known as toilet chairs, are important medical equipment, designed to allow people who are bedridden, disabled, or physically challenged to safely and conveniently go to the bathroom. Bedsides this toilets can be used completely independently or ... View more

Coherent Market Insights Surgical Lighting System Market

Published Date : Mar 2019

Surgical lights are mainly used during a surgical procedure to illuminate a local area or cavity of the patient during surgeries. Surgical lights are also referred as operating light or surgical light-head. These lighting systems ensure good visibility with minimal gl... View more

Coherent Market Insights Saliva Collection Devices Market

Published Date : Mar 2019

Saliva is the most favored sample of choice in diagnosis due to ease of collection. Salivary biomolecules have provided an aperture in surveying a person’s health and well-being. Saliva contains a myriad of salivary proteins, which could serve as biological mark... View more

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

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