Medical Devices
The convergence of information technology with medical devices is transforming the landscape of patient care. Medical devices integrated with mobile applications for monitoring and diagnosis of disease conditions reduces 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 costs and time for tests. Be it diagnostics, surgery, monitoring or treatment, medical devices provide convenience and help increase access to health services. Growth in this industry is typically derived from innovation and focused patient care.
Challenges
Integrating rapidly evolving technologies inexisting products in order to maintain competitive advantage in the market is a constant challenge faced by medical device companies. 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 are planning to spend over 6% of revenue on R&D till 2017. At the same time, increasing cost pressure is posing a challenge for companies to launch new technologies at low costs. Moreover, new regulatory requirements and fierce competition are creating new complexities and challenges for companies operating in this sector. The new Unique Device Identification (UDI) guidelinesintroduced in 2014will aid the stakeholders in saving costs; however also involves implementation cost for the medical device manufacturers.
Home Healthcare Devices to Fuel Market Growth
Increasing self-medication practices is in turn driving demand for home healthcare devices. The launch of glucose monitors, insulin delivery devices, oxygen concentrators and nebulizers have contributed to increased access to healthcare system in developing countries. Driven by an increasing awareness of lifestyle disorders and increasing awareness about new technologies, consumers are likely to adopt more sophisticated devices to self-monitor their health conditions. For consumers, this could mean convenience in time and travel and reduced healthcare costs.For doctors on the other hand it could mean more efficient and effective healthcare, driven by patients who take greater responsibility for their own health. However, app-based devices are facing challenges with respect to the FDA approval.
Growth in Emerging Economies
Although North America dominates the global medical devices market, significant growth is projected to be observed in the Asia Pacific and Latin America regions. Inadequate access to healthcare system would open up large opportunities for medical devices. Rapidly expanding patient pool, rise in healthcare spending, and increasing health awareness in these markets are expected to be supportive factors for companies to invest in these regions. However, the price points need to be low compared to that in western markets. Also, the distribution, manufacturing and business models need to be changed to make a successful foray in these markets. Mergers and acquisitions are projected to continue in these regions in order to help companies strengthen their product portfolios and increase their market reach.
Conclusion
The way healthcare is delivered, accessed and perceived is changing mainly driving by introduction of novel medical devices. As regulatory requirements change and evolve, medical device manufacturers need to understand the implications and accordingly, need to be operationally and technologically equipped. Companies also need to ensure they have the right competencies to keep up with increasing competition and regulations, and assess their impact. Major global players in this market include 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 : Aug 2019
Pharmaceutical Lab Equipment Market- Market Insights Pharmaceutical lab equipment are of various sizes, shapes, and styles and are used for various purposes. There are various apparatus or equipment such as Vortex mixture, dasym
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Global Ocular Implant Market Insights Ocular implants are medical devices designed to replace a damaged or missing visual organ to restore vision or to improve visual appearance. Ocular implants such as ocula
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To Be Published : Aug 2019
Vaginal slings are used to manage urinary incontinence, an undiagnosed condition where an involuntary leakage of urine happens due to losing control of the bladder. Laughing, coughing, sneezing, lifting of heavy things, and exercising are some of the activities that c
To Be Published : Aug 2019
Motion preservation devices are used to treat spinal disorders such as spinal stenosis, which is very common and occur in both men and women. These devices are also used to restore and maintain the alignment of spine as per normal. Motion preservation devices follow u
To Be Published : Aug 2019
Plastic bandages are used as adhesive strips for minor cuts, abrasions, and puncture wounds. These bandages protect the wound from bacteria, dirt, and friction. Healing process gets slow in body at the time of injury. Therefore, such dressings, which have antisep
To Be Published : Aug 2019
Urinary Incontinence means losing control of bladder, due to which there is an involuntary leakage of urine. In this condition, control over the urinary sphincter is weakened or completely lost and due to this, a person urinates even when they don’t want to. Thi
To Be Published : Aug 2019
Ear tube devices are flexible tubes and are like tiny cylinders, usually made up of metal or plastic material. These tubes are inserted in eardrums through a tiny surgical incision. These devices allow inward flow of air to maintain the ear pressure similar on both si
To Be Published : Aug 2019
Medical Dynamometers are devices that measure the strength of different muscle groups along with bones and neurons. It is a medical device that is used for measuring patient’s hand strength to evaluate the patient trauma or hand dysfunction as well as to determi
To Be Published : Aug 2019
A bladder scanner is a medical device that utilizes ultrasound to noninvasively measure the amount of urine in the bladder, or to determine how much urine remains in the bladder after urination as a way to measure the residual levels. The scanner provides quick and re
To Be Published : Aug 2019
Capnography is a measurement of partial pressure of CO2 in an airway management and the device used for the measurement is called as capnometer. It records the end tidal CO2 (maximum partial pressure of CO2 during exhalation) and displays it in the form of graph (call
To Be Published : Aug 2019
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To Be Published : Aug 2019
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To Be Published : Aug 2019
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To Be Published : Aug 2019
Crutch is an assistive aid which transfers the weight from legs to the upper body. Canes are similar to crutches, and used as walking aids which redistribute the weight in the body, improve stability, and helps the user maintain balance. Canes have four components &nd
To Be Published : Aug 2019
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To Be Published : Aug 2019
Medical lifting sling, also known as patient lift or sling lift, is a device used as a support for patients, which are unable to perform daily activities requiring movement. It is used for transferring the patients from one place to another. It allows to lift heavy pa
To Be Published : Aug 2019
Vein finder is a device used for detecting vein in patients without causing any discomfort. The hemoglobin present in the blood absorbs the light rays emitted by the device and the vein appears visibly different than its surrounding tissues. Vein finder device help he
To Be Published : Aug 2019
Antimicrobial catheters are designed to protect patients from hospital acquired urinary tract infections (UTIs). Hospital-acquired or nosocomial urinary tract infections are initiated by using urinary catheters, which are inserted in urinary tract during the treatment
To Be Published : Aug 2019
A vital sign monitoring device is used to measure heart rate, blood pressure, respiration rate, body temperature, and fluid intake and output. Furthermore, it can be used to monitor pain and urinary continence. The monitoring devices provide and record clinically rele
To Be Published : Aug 2019
Foot and ankle devices are used for the treatment of injuries including diabetic foot, arthritis with the help of surgical procedures, etc. Ankle disorders can cause damage to bone, muscle, and soft tissues. Common disorders associated with the ankle disorder are spra
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