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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 Automated Endoscopy Reprocessor Market

Published Date : Jul 2018

Automated Endoscopy Reprocessor (AER) can enhance consistency, efficiency, and reliability of endoscope reprocessing by automating and standardizing various important reprocess... View more

Coherent Market Insights Dosimeters Market

Published Date : Jul 2018

Dosimeters are the devices used to measure the radiation of an individual who is working under a radiation exposure. There are different type of dosimeters, such as film badge dosimeter and personal electro... View more

Coherent Market Insights Orthopedic Splints And Casts Market

Published Date : Jul 2018

Orthopedic splints and casts are majorly available in fiberglass and plastic materials, which are applied over the injured area after being dipped in water. Fiberglass cast and... View more

Coherent Market Insights Intracranial Stents Market

Published Date : Jun 2018

Intracranial stents are used for intracranial stenosis and brain aneurysms to open the blocked arteries. This procedure is relatively new for these conditions and long-term enhanced results for placement of these stents alone is still under investigation. However, var... View more

Coherent Market Insights Life Science Microscopy Devices Market

Published Date : Jun 2018

Technological advancements to enhance the quality of microscopes have become common over the past years. Rising demand for microscopy devices by researchers and academic institutes have encouraged manufacturers to develop new products with novel technologies to invest... View more

Coherent Market Insights Endoscopes Market

Published Date : Jun 2018

Endoscope is a kind of telescope used by operator (Physician) in order to observe the insights of body cavities. Endoscopes consist of flexible tubes such as light tube and image receiver tube, which transmits the interior view on display system. Endoscopes are increasingly used to perform small ... View more

Coherent Market Insights Non Invasive Biosensors Market

Published Date : May 2018

Non-invasive biosensors are novel diagnosis devices, which do not require any invasive procedure for detection of any substance or disease. This technology uses sweat, tears, or saliva for diagnostic purpose. Glucose monitoring and blood analytes monitor have become available in the market, which... View more

Coherent Market Insights Veterinary Infusion Pump Market

Published Date : May 2018

Veterinary infusion pump delivers medications and nutrients to patients who cannot administer the drugs orally. These devices has wide application in hospitals to administer drugs in a controlled rate as programmed by the healthcare professional. These pumps offer var... View more

Coherent Market Insights Implantable Cardiac Pacemaker Market

Published Date : May 2018

Implantable cardiac pacemaker is a small device implanted in the chest or abdomen for the treatment of abnormal heart rhythms, arrhythmia, heart block, and atrial fibrillation. Implantable cardiac pacemaker is evolved from battery-powered transistorized wearable pacem... View more

Coherent Market Insights Orthopedic Trauma Devices Market

Published Date : May 2018

Orthopedic trauma devices are commonly used in fractures of skeletal system. These devices include internal fixator, which are placed surgically at the location of fracture, and includes screw and plates system, nails, implants, and cables and wires. Plates comes with... View more

Coherent Market Insights Clostridium Difficile Diagnostics And Treatment Market

Published Date : Apr 2018

Clostridium difficile infection (CDI) is diagnosed with the help of conventional laboratory testing methods, however, rapid point-of-care diagnostic tests are also available, which can save time and costs significantly. Diagnostic assays used for detection of CDI incl... View more

Coherent Market Insights Intraoperative Neuro Monitoring Market

Published Date : Mar 2018

Intraoperative neuromonitoring also called as intraoperative neurophysiological monitoring (IOM), is an integral part of surgical procedures that use electrophysiological techniques such as electromyography (EMG), Electroencephalography (EEG), and evoked potentials to... View more

Coherent Market Insights Operating Room Equipment And Supplies Market

Published Date : Mar 2018

An operating room includes necessary as well as supportive equipment required during surgical interventions such as surgical table and surgical table accessories, digital integration systems, disposables and consumables, sterilization and cleaning equipment, stretcher... View more

Coherent Market Insights Insulin Delivery Devices Market

Published Date : Feb 2018

Direct subcutaneous insulin injection are the most common form of drug delivery, using a needle and syringe. There are different types of insulin delivery devices available including, syringes, pens, jet injectors, and insulin pumps. Insulin can be packaged in vials (... View more

Coherent Market Insights Patient Positioning Devices Market

Published Date : Feb 2018

Patient positioning helps to provide easier access to the area being operated. Positioning of the patient can have significant effects on surgery results. A minor changes in positioning can have negative effects, including dips or spikes in blood pressure, breathing p... View more

Coherent Market Insights Non Vascular Stents Market

Published Date : Feb 2018

Non-vascular stents are mainly shielded with a polymeric film or membrane to avoid ingrowth of adjacent tissues through stent mesh. Drugs for suppression of hyperplastic malignant or benign tissues can be integrated into polymeric materials. Materials widely used in s... View more

Coherent Market Insights Disposable Iv Therapy Products Market

Published Date : Feb 2018

Intravenous (IV) therapy products are used to treat a variety of conditions including dehydration and nutrient-absorption disorders. It is increasingly given at homecare and clinics to help patients feel better without clogging emergency departments. IV therapy is als... View more

Coherent Market Insights Low Temperature Sterilization Equipment Market

Published Date : Feb 2018

Low temperature sterilization is one of the most commonly used technique for disinfection and sterilization of equipment that are incapable to withstand high pressures and temperature in conventional sterilization techniques such as autoclave and hot air sterilization... View more

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