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 2018
Specialty Medical Chairs Market - Global Industry Insights Specialty medical chairs are used for examination, treatment or rehabilitation purpose. Specialty medical chairs are designed according to the medica
Published Date : Aug 2018
Medical Pendant System Market - Insights Medical pendants are systems designed to support high load of instruments in areas such as operating theaters or intensive care units. These pendants are provided by highly maneuverable arms with
Published Date : Aug 2018
Coronary Stents Market Insights – Unblocking the Blocked Paths Stents are medical devices intended to use for the treatment of blocked vascular paths and the procedure used to reduce the blockages is kn
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Hyperpigmentation Treatment Devices Market – Creating Younger Prospects Hyperpigmentation is a skin condition in which patches of skin becomes darker than the surrounding skin. Hyperpigmentation is characterized by the age spots, b
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Global Blood Banking Devices Market – Global Industry Insights Blood transfusion, a process that is used for various medical conditions, replaces the lost blood components and helps in improving the hea
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Petri Dish Market-Culturing Science and Medicine Petri dish also called as cell culture dishes is common glassware used in research and academic laboratories and hospital in order to hold, transfer, and incu
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Portable Steam Autoclave Market Portable steam autoclaves are used routinely in the laboratory, hospitals, research facilities, and academic institutions in order to sterilize the various lab equipment
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Custom Procedure Trays and Packs Market – Insights Custom procedure trays and pac
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Global Electroceutical Devices Market – Global Industry Insights Electroceuticals
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Nasal Drug Delivery Systems Market Insights – An Effective Needle-free Solution for Drug Delivery
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Anesthesia Video Laryngoscope Market Video laryngoscopy-assisted tracheal intubation devices have become substitutes to conventional laryngoscopes since recent past. These systems provide a clear image of the
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Dosimeters Market - Insights Dosimeters devices are used for radiation detec
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Biodegradable Stents Market Insights – Say No to Infinite Stay of Foreign Material
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Automated Endoscopy Reprocessor Market– Automatically Disinfecting Reprocessed Endoscopes Automated Endoscopy Reprocessors (AERs) are extensively us
To Be Published : Aug 2018
In-situ hybridization is a laboratory procedure that allows researchers to locate the position of specific DNA/RNA sequences in chromosomes. Molecular hybridization is based on the ability of DNA helix to re-form or re-nature when provided with favorable conditions. I
To Be Published : Aug 2018
Injection pen has typically been used for frequent self-administration of preserved multi-dose drug formulations requiring weight-based dosing. It is available in two variants; reusable and disposable injection pens. Injection pens are ready to administer, as a prefil
To Be Published : Aug 2018
Uterine fibroid is the benign tumor of the woman’s uterus formed of smooth muscle that are found on the wall of the uterus i.e within the wall of uterine wall or can attach to the uterine wall. Uterine fibroid grow as a single tumor or in clusters and these uter
To Be Published : Aug 2018
Medical cyclotron is type of particle accelerator used in diagnosis and treatment of chronic disease such as cancer, cardiovascular disease, and others. Cyclotron comprises a magnet and high electrical voltage, which accelerates charged particles in a spiral motion. T
To Be Published : Aug 2018
Laboratory (lab) accessories refer to the tools used for conducting scientific research or experiments, and may also be used for teaching practical science. Lab accessories play a very crucial role in laboratories to provide reliable, accurate, and expeditious outcome
To Be Published : Aug 2018
Catheter stabilization devices are developed to lower the risk for phlebitis, catheter migration and dislodgement, and to reduce catheter-related complications. Use of catheter stabilization devices also reduces the chances and risk of needlestick injuries.
To Be Published : Aug 2018
Breathing machine helps the patient to breathe while they are suffering from chronic respiratory diseases or unable to breathe by themselves after anesthesia. Breathing machines are used during surgeries that require general anesthesia, as the medicines used to induce
To Be Published : Aug 2018
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To Be Published : Aug 2018
Automated liquid handling systems are multipurpose tools designed to perform multiple tasks in laboratories that include sampling, mixing, and combining of liquid samples automatically. The automated liquid handling system facilitates elimination of sample conta
To Be Published : Aug 2018
Prefilled safety devices refer to the development of technology in the conventional form of syringes, wherein the needles are developed with safety mechanism to prevent needle stick or any other needle-associated injuries. These needles are designed and manufactured i
To Be Published : Aug 2018
Otoscope is a diagnostic device intended to examine ear canal and tympanic membrane. Otoscope provides illuminated magnification due to which internal ear structures can be efficiently examined for proper diagnosis. Otoscopes are generally used by audiologists, ENT sp
To Be Published : Aug 2018
Axillary crutches are the mobility aids used by individuals suffering from walking disability, factures, paralysis, and leg injuries. Axillary crutches transfer the weight from legs to the arms/shoulders and support the movement of individuals who are unable to walk d
To Be Published : Aug 2018
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To Be Published : Aug 2018
Medical plastics are extensively used in thin tubes, disposable syringes, intravenous blood bags, or in huge casing of an open MRI system. The use of plastics for the manufacturing of various disposable medical devices have made health care simpler and less painful. O
To Be Published : Aug 2018
Micro injection molding process aims to reduce the size of medical devices in the range of few micron or sub-micron range. Products manufactured using this techniques are ultra-precise to produce repetitively and consistently large numbers of micro components with complex shape and better quality
To Be Published : Aug 2018
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To Be Published : Aug 2018
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Brachytherapy is type of radiotherapy in which a closed radiation source is positioned directly into or next to area that requires treatment. It is used to cure cancer tissues at specific sites and is frequently used as an effective treatme
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