Medical Devices

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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

U.S. & Asia Pacific Portable Medical Oxygen Concentrators Market, by Technology (Pulse Flow, Continuous Flow), by Application (Chronic obstructive pulmonary disease (COPD), Asthma, Respiratory Distress Syndrome, Others), by End User (Hospitals, Homecare Settings, Ambulatory Surgical Centers, Others), and by Region/country (U.S. and Asia Pacific)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published Date : Nov 2022

Portable oxygen concentrators is a device that provides oxygen therapy to patients at substantially higher concentrations than that of ambient air and keeps the level of oxygen in their blood stable. They are specialized to provide oxygen to patients ... View more

Coherent Market Insights

Ventilator Breathing Circuit Market , by Product Type (Open type, Semi-open type, Semi-closed type, Closed type), by Application (Anesthesia, Respiratory dysfunction), by Patient Type (Adult, Pediatric) , by Distribution Channel (Hospitals, Ambulatory Surgical Centers, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published Date : Nov 2022

A breathing circuit consists of one or two pieces of plastic tubing and a bag that connects a fresh gas flow (wall oxygen or ventilator) to the patient's airway, such as a face mask, laryngeal mask airway (LMA), or endotracheal tube (ETT). The breathing circuit has tw... View more

Coherent Market Insights

Disinfectant Robot Market, Product Type (UV-C, HPV and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published Date : Nov 2022

The global disinfectant robot market size was valued at USD 701.2 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 35.0% from 2022 to 2028. The Disinfectant Robot market is witnessing high growth. Key factors drivi... View more

Coherent Market Insights

Ophthalmology PACS Market, by Type (Integrated PACS and Standalone PACS), by Delivery Model (Cloud-Based Model and On-Premise Model), by End User (Hospitals and Speciality Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published Date : Oct 2022

A picture archiving and communication system (PACS) is a therapeutic imaging technology that provides storage and useful access to images in numerous manner. Ophthalmology PACS is used to transfer or communicate electrical images and reports at different places. This ... View more

Coherent Market Insights

India Surgical Gloves Market, by Type (Latex, Neoprene, Polyisoprene and Nitrile), by Usage (Disposable Gloves and Reusable Gloves), and by End User (Hospitals, Clinics, Ambulatory Surgical Center and Others) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published Date : Sep 2022

The main function of surgical gloves is to act as a barrier for protection to stop any potential disease transmission between medical personnel and patients during surgical procedures. In order to prevent the spread of infection or disease during medical operations an... View more

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