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Medical Devices

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.

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Medical Devices Published Insights

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Coherent Market Insights Artificial Intelligence In Mri Market

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Artificial intelligence (AI) in medical imaging is increasingly becoming popular in the healthcare industry. AI helps in automating diagnosis and allowing physicians to spend more time treating patients. AI-based solutions in MRI aim to provide accurate diagnosis by a... View more

Coherent Market Insights Blood Clot Retrieval Devices Market

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The global blood clot retrieval devices market has been witnessing a significant growth in the recent years. Blood clot retrieval devices are medical retrieval devices used by interventional radiologists and vascular neurologists to remove blood clots from arteries in... View more

Coherent Market Insights Surgical Drapes And Gowns Market

Published Date : Jul 2024

The global surgical drapes and gowns market has witnessed significant growth in the last few years owing to the rising number of surgical procedures across the world. Surgical drapes and gowns play an important role in maintaining surgical site infections and sterilit... View more

Coherent Market Insights Bioresorbable Implants Market

Published Date : Jul 2024

Bioresorbable implants are medical devices that are designed to remain in the body temporarily and undergo biodegradation after serving their intended purpose. Made from polymers such as polylactic acid (PLLA) and polyglycolic acid (PGA), bioresorbable implants degrad... View more

Coherent Market Insights Ultrasonic Aspirator Market

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Global ultrasonic aspirator market growth is driven by increasing prevalence of neurological disorders and spine-related conditions that require surgical treatment. An ultrasonic aspirator is a surgical device that uses ultrasonic vibrations to fragment tissues during... View more

Coherent Market Insights Healthcare Distribution Market

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Coherent Market Insights Brain Health Devices Market

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Coherent Market Insights Healthcare Informatics Market

Published Date : Jul 2024

Healthcare informatics refers to the application of information technology to the field of medicine to improve efficiency and accuracy of patient care. It involves the collection, storage, retrieval and use of healthcare data for clinical, research and administrative ... View more

Coherent Market Insights Kidney Dialysis Equipment Market

Published Date : Jul 2024

Kidney dialysis equipment are medical devices that filter and clean blood of patients whose kidneys are unable to perform these functions naturally due to kidney failure or renal disease. Factors such as rising prevalence of end-stage renal disease (ESRD), increasing ... View more

Coherent Market Insights Cryoablation Devices Market

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Cryoablation is a minimally invasive procedure that uses extreme cold temperatures to destroy diseased or damaged tissue. Cryoablation devices use argon gas or liquid nitrogen to precisely target unwanted tissue and protect surrounding healthy anatomy. With rising inc... View more

Coherent Market Insights Elderly And Disabled Assistive Devices Market

Published Date : Jul 2024

Due to rapidly aging population worldwide, there has been huge demand for devices that help senior citizens and people with disabilities to live independently. Assistive devices range from daily living aids to complex medical equipment. Mobility aids like walkers, whe... View more

Coherent Market Insights Medical Tricorder Market

Published Date : Jul 2024

Global medical tricorder market growth is driven by increasing advancements in portable medical diagnosis devices. Medical tricorder is a portable, wireless device that allows a medical professional to electronically monitor and diagnose a patient's health without exp... View more

Coherent Market Insights Intranasal Drug Delivery Devices Market

Published Date : Jul 2024

Global intranasal drug delivery devices market growth is driven by factor like advantages associated with intranasal drug delivery such as avoidance of first-pass hepatic metabolism, rapid drug absorption into systemic circulation, and direct nose-to-brain delivery. I... View more

Coherent Market Insights Microfluidic Market

Published Date : Jul 2024

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Coherent Market Insights Biosensors Market

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The global biosensors market has garnered substantial momentum in recent years owing to its widespread applications across diverse industries. Biosensors have emerged as an effective analytical tool for detecting analytes that are biologically significant. They provid... View more

Coherent Market Insights External Fixators Market

Published Date : Jul 2024

The global external fixators market size was valued at USD 2.10 Bn in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030. External fixators are orthopedic devices used to stabilize and hold bones and joints in place during... View more

Coherent Market Insights Medical Thermometer Market

Published Date : Jul 2024

The global medical thermometer market has been witnessing steady growth in the recent years. Medical thermometers are devices used for measuring body temperature, which is one of the key vital signs of the human body. Temperature monitoring helps in detecting conditio... View more

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