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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

Ophthalmic Refractometer Market, by Product Type (Automatic (Portable/Handheld and Non Portable) and Semi–Automatic), by End User (Optometric Centers, Hospitals/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 :Oct 2020

Ophthalmic refractometer is an equipment which is used for measuring lens strength and power, in order to provide patients with proper eyeglasses for correcting their vision. Common types of vision impairments in patients are myopia, hyperopia and astigmatism among ot... Read more

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IV Infusion Bottle Seals & Caps Market, by Product Type (Polypropylene Caps ( Euro Pull Ring Caps, Double Fold Caps, and Foil Caps) and Rubber Seals), by Neck Size (Up to 20 mm, 21 to 28 mm, 29 to 32 mm, and Above 32 mm), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Oct 2020

Seals and caps are used as the closure for the packaging of pharmaceutical liquids, syrup, parenteral formulations, and others. The main function of such seals and caps is to prevent the contamination and keep the content intact. T... Read more

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ESR Tubes Market, by Material Type (Plastic and Glass), By End User (Hospitals, Speciality 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 :Oct 2020

The increasing number of infections leading to various health hazards will contribute to rising number of Erythrocyte sedimentation rate (ESR) tests, which in turn will drive the global ESR tubes market growth. According to the World Health Organization, in 2018, heal... Read more

Coherent Market Insights

Disposable Tweezers Market, by Product Type (Plastic and Stainless Steel), by Application (Dental, Surgical, Forensics, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Oct 2020

Disposable tweezers are small tools used for mainly picking up objects during surgical procedures, dental procedures, and cosmetic procedures. Disposable tweezers are generally made up of different materials such as stainless steel and plastics (high density poly ethy... Read more

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Array Market (Life Science and Biotechnology Instruments), By Type (DNA Array, Protein Array, Tissue Array, Cell Array), By End User (Biopharmaceutical and Pharmaceutical, Diagnostic Laboratories, Research Laboratories, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Oct 2020

A DNA microarray or chip is a semiconductor surface on which sequences of many varied genes are bonded to probes. DNA microarrays are used to quantify expression levels of numbers of genes simultaneously or to genotype multiple regions of a genome. The approach finds ... Read more

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Australia Reprocessed Medical Devices Market, By Device (Gastroenterology Devices, Cardiology Devices, Laparoscopy Devices, Orthopedic/ Arthroscopic Devices, ENT Devices, Others), By Classification (Critical, Semi - Critical, Non - Critical), By End User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Oct 2020

Reprocessed medical devices are products that undergo reprocessing procedures and are used again. Reprocessing is a validated process used for a medical device that has been either used or is contaminated.  Reprocessing of a single used device or reusable device ... Read more

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Phased Array Ultrasonic Transducer Market, by Type (Linear Array, Annular Array, and Circular Array), by Application (Cardiovascular, Neurological, Renal, Gynecology, and Others), by End User (Hospitals, Specialty Clinics, and Academic and Research Institutes, 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 :Oct 2020

Phased array ultrasonic transducers play a major role in modern healthcare, as phase array ultrasonic transducers are an advanced method of ultrasonic testing, which are prominently used in medical imaging and industrial non-destructive testing. Phased array ultrasoni... Read more

Coherent Market Insights

Myopia And Presbyopia Treatment Market, by Disease Type (Myopia and Presbyopia), by Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication, 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 :Sep 2020

Myopia (nearsighted) is the most common cause of impaired vision in people under age 40 while presbyopia is the normal loss of near focusing ability that occurs with age. The symptoms of myopia and presbyopia include squinting, eye strain, and headaches. The condition... Read more

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Dental Air Polishing Unit Market, By Product Type (Table Top Air Polishing Unit and Hand Held Air Polishing Unit (Cord and Cordless), By Application (Periodontitis, Whitening, Cleaning, 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 :Sep 2020

Dental air polishing unit is an alternate method for rubber cup polishing, which is used for removing stains from the surface of the teeth. Dental air polishers clean teeth by spraying air polishing powder’s slurry such as sodium bicarbonate, glycine, calcium so... Read more

Coherent Market Insights

Spot Vision Screener Market, by Indication Type (Myopia, Hyperopia, Astigmatism, Anisometropia, Strabismus, and Anisocoria), By End User (Hospitals, Speciality 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 :Sep 2020

Increasing importance and awareness about vision screening in the society through various eye test programs conducted at schools, colleges, organizations, and charity hospitals expected to drive growth of global spot vision screener market. The demand for vision scree... Read more

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U.S. Hearing Protection Devices Market,  by End User (Construction, Forestry, Military, Mining, Manufacturing, Healthcare, Shooting, Recreational Activities/Events, and Others) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Sep 2020

Hearing protection devices are devices worn in or over the ears to prevent noise-induced hearing loss. There are several types of hearing protection devices such as earmuffs, earplugs, hearing bands, and others. Earmuffs are devices worn over the ears to provide heari... Read more

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Implant & Prosthesis Fastener Market, By Type (Stainless Steel, Titanium, Bioabsorbable, and Others), By Application (Dental, Spinal, Orthopedic, and Facial), By End User (Hospitals, Clinics, 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 :Sep 2020

Devices or tissues which are placed inside or on the surface of the body are called medical implants. Implants which are intended to replace missing body parts such as legs or arms are called prosthetics. Implants are made from plastic, ceramic, metal or other materia... Read more

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RFID in Healthcare Market, By Product Type (Tags (Passive, Active), Readers, Middleware), and By Region (North America, Latin America, Europe) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Sep 2020

RFID is a system based on wireless technology (non-contact system) which utilizes radio-frequency electromagnetic fields for transferring data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID enables id... Read more

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Blood Transfusion Devices Market, by Product Type (Apheresis Systems, Infusion Devices, Blood Warmers, Venous Access Devices, Filters, and Others), by End User (Hospital, 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 :Sep 2020

Blood transfusion is process of transfusion of blood and blood components to the patient’s body to replace the lost components of the blood. The most commonly performed surgeries that require blood transfusion include cardiov... Read more