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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

Coherent Market Insights

Lumbar Disc Replacement Device Market, by Material (Metal-on-metal and Metal-on-biopolymer), by End User (Hospitals and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

Increasing incidence of spinal disorders and increasing awareness among patients about disc replacement are expected to drive growth of the lumbar disc replacement device market. Continuous improvement in surgical procedure and advantages of minimally invasive surgery... Read more

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Medical Metal Tubing Market, By Material (Stainless Steel, Titanium and Nitinol (NiTi)), By Application (Dialysis or Intravenous Tubing, Catheters & Cannulas, Drug Delivery Systems, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Medical metal tubes are intrinsic components of various medical devices and used extensively in the manufacture of catheters and cannulas, drug delivery systems, dialysis, and intravenous tubing. Medical metal tubes are usually small tubes which are inserted into the ... Read more

Coherent Market Insights

Peripherally Inserted Central Catheters Market, By Product Type (Single Lumen, Double Lumen, Multiple Lumen), By End User (Hospitals, Ambulatory Surgical Centers, Catheterization Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Peripherally inserted central catheters are the catheters used to gain central access through peripheral veins, which ultimately leads the tip of the catheter near to the distal end of superior vena cava or cavoatrial junction. ... Read more

Coherent Market Insights

Automated Endoscope Reprocessors Market, By Product Type (Single Basin AER, Dual Basin AER), By Modality (Standalone AER, Bench top AER), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Computerized/Automated Endoscope Reprocessors are important medical devices broadly utilized as a healthcare setting to reprocess endoscopes, for example, duodenoscopes, and endoscope accessories, to sterilize them while reprocessing. Automated endoscope reprocessors ... Read more

Coherent Market Insights

Respiratory Disease Testing Market, By Test Type (Imaging Test, Spirometry, Peak Flow Test, Blood Gas Test, Lung Volume Test, Others), By End User (Hospitals, Physician Offices, Clinical Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Respiratory disease is a medical condition that affects the structure and organs associated with respiration or breathing. Based on anatomical features, the respiratory system has been segmented into upper respiratory tract and lower respiratory tract. The upper respi... Read more

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ECG Monitoring Systems Market, By Equipment Type (ECG Monitoring Equipment, Holter Monitoring Systems, ECG Stress Testing Systems, Event Monitoring Systems), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

An electrocardiogram (ECG or EKG) records the electrical signal from the heart to check for different heart conditions. It is the most important test for interpretation of the cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormali... Read more

Coherent Market Insights

Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type (ECG Monitoring Device, Holter Monitoring Device, ECG Stress Testing, Event Monitoring Devices), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Cardiac monitoring generally refers to continuous or intermittent monitoring of heart activity, generally by electrocardiography, with assessment of the patient's condition relative to their cardiac rhythm. ECG monitoring devices, Holter monitoring devices, ECG stress... Read more

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Dental Rapid Prototyping Systems Market, by Product Type (Rapid Prototyping 3D Printer and Rapid Prototyping Software), by Application (Veterinary Clinic, Hospital, Dental Clinic, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Technological advancements in the field of dentistry has revolutionized the way dental procedures are performed. Rapid dental prototyping is a type of computer aided manufacturing, which makes physical objects from computer generated data. The technological advancemen... Read more

Coherent Market Insights

Global and China Catheter Market, By Product Type (Cardiovascular Catheter, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, Specialty Catheters), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, China, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

A catheter is a soft hollow tube, which is passed into the bladder to drain urine. Angioplasty, angiography, balloon septostomy, balloon sinuplasty, cardiac electrophysiology testing, and catheter ablation are some of the common procedures that require a catheter.... Read more

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China Thermometers Market, By Product Type (Mercury, Mercury Free (Digital Thermometer, LCD Thermometer, Infrared Thermometer, Others)) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

A thermometer is a device that measures temperature or a temperature gradient. It has two important elements: a temperature sensor and a visible scale or a digital readout. Thermometers find application in nanothermometry, cryometer, medical, food and food safety, env... Read more

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Dental Cameras Market, by Product Type (Intraoral Dental Camera, Dental Endoscope Camera, and Extraoral Dental Cameras), by Application (Orthodontics, Endodontics, Dental Diagnosis, and Others), by End User (Hospitals, Dental Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Lesion detection and intraoral imaging is one of the most popular diagnostic fields in dentistry where dental cameras play a crucial role. Manufacturers are continuously engaged in development of innovative dental imaging systems to improve dental diagnosis and evalua... Read more

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Medical Imaging Equipment Market, By Equipment (X-Ray Devices, MRI Equipment, Ultrasound Devices, CT Scanners, Nuclear Imaging Equipment), By End User (Hospitals, Imaging Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Medical imaging equipment are used in the diagnosis of various critical diseases and disorders of vital organs such as liver, lungs, heart, and brain. These equipment produce either 2D or 3D images of anatomical structures, which are then interpreted by physicians to ... Read more

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Microkeratome Market, by Product (Reusable and Disposable), by End User (Hospitals, Ophthalmic Centers, and Others), by Treatment (Retinal Detachment, Diabetic Retinopathy, Epiretinal membrane, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Key players are engaged in offering new and effective products in the field of refractive surgery, which is creating an opportunity for market expansion. Companies are focusing on targeting untapped markets in emerging economies such as China, Africa, and India, where... Read more

Coherent Market Insights

Intravenous Stopcock Market, by Type (Four-way Stopcock and Three-way Stopcock), by Application (Pressure Monitoring and Infusion Therapy), by End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Intravenous stopcocks are being used for decades to deliver infusion therapy in patients. This device is used to direct the fluid flow through an infusion system while allowing multiple fluids to be connected. The device is featured with three important components, na... Read more