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.

Read More

Latest Published Insights

Coherent Market Insights

India Static Compression Therapy Market, By Product Type (Compression Bandages, Compression Garments (Upper Garments, Lower Garments (Compression Stockings, Diabetic Socks))), By Distribution Channel (Retail Pharmacies, Online Pharmacies) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 ...

Published Date :Feb 2020

India Static Compression Therapy Market – Insights Compression therapy is a form of wound care in which specifically designed stockings are worn to gently apply pressure to the ankles and legs. Static compr... Read more

Coherent Market Insights

North America Vision Care Market, By Product Type (Rx-Lenses, Frames, Contact Lenses, Non Rx-Sunglasses, Reading Glasses, Contact Lenses Solutions), By Distribution Channel (Retail Stores, E-Commerce, Clinics Hospitals), and By Country (U.S., Canada) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 ...

Published Date :Feb 2020

North America Vision Care Market – Insights Vision care deals with preventing or minimizing the threat to eyes or visual integrity. North America vision care market provides a comprehensive analysis of the ... Read more

Coherent Market Insights

India Hemostat Market, By Product Form (Mechanical, Flowable), By Product Base (Gelatin, Cellulose), By Application (Surgeries, Trauma Cases), By End User (Hospitals, Ambulatory Surgical Centers, Clinics) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 ...

Published Date :Feb 2020

India Hemostat Market – Insights Hemostat an instrument for preventing the flow of blood from an open blood vessel by compression of the vessel. It is available in various sizes, materials, and compositions an... Read more

Coherent Market Insights

India Coronary Stents Market, By Product Type (Drug Eluting Stents, Bare Metal Stents, Bioresorbable Vascular Scaffold), By Material (Cobalt Chromium, Stainless Steel, Platinum Chromium, Nickel Titanium, Polymer), By End User (Hospitals, Ambulatory Surgical Centers, Cardiac Catheterization Laboratories) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 ...

Published Date :Feb 2020

India Coronary Stents Market – Insights Coronary stents are small interventional devices used for opening blocked arteries. These stents are also used to prevent re-narrowing of the arteries. The procedure used to reduce blockages is k... Read more

Coherent Market Insights

Digital Breast Tomosynthesis Equipment Market, By Product Type (Equipment, Upgradation), By End User (Hospitals, Diagnostic Centres), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 ...

Published Date :Feb 2020

Digital Breast Tomosynthesis (DBT) Equipment Market – Insights Digital breast tomosynthesis (DBT), also called breast tomosynthesis or three-dimensional (3-D) mammography, is an advanced form of breast imag... Read more