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 : Sep 2019
Smoke Evacuation System Market - Insights Smoke evacuation systems are used to release smoke produced during surgery at surgical site. These system uses high-flow vacuum to remove smok
Published Date : Sep 2019
Electrotherapy System Market - Insights Electrotherapy system includes medical devices, which are used in management of chronic pain, wound healing, neuromuscular disorders, musculoskeletal disorders, and oth
Published Date : Sep 2019
Laboratory Glassware & Plasticware Market The laboratory requires inert, heat resistant, and customizable quality equipment, which is provided by glassware, whereas some laboratories prefer plasticware fo
Published Date : Aug 2019
Zinc Paste Bandage Market – Insights Zinc Paste Bandage is an open woven bandage that is infused with zinc oxide, which is commonly used for treatment of venous leg ulcers and varicose eczema. This medi
Published Date : Aug 2019
Nutrition Testing In Women and Children Market Insights Nutrients play a major role in the health of pregnant women, infants, and children. Women require higher amount of certain nutri
Published Date : Aug 2019
Latin America Continuous Glucose Monitoring Device - Market Insights Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events, an outcome of
Published Date : Aug 2019
Pharmaceutical Lab Equipment Market - Market Insights Pharmaceutical lab equipment are of various sizes, shapes, and styles and are used for various purposes. There are various apparatus or equipment such as Vortex
Published Date : Jul 2019
Global Subcutaneous Drug Delivery Market – Market Insights Subcutaneous drug delivery route has emerged as a promising and viable alternative to intravenous administration. The demand for subcutaneous d
Published Date : Jul 2019
Global Chemotherapy Chairs Market – Insights Chemotherapy chairs are used for multiple purposes such as cancer treatment, autoimmune disease treatment during the infusion process of drugs. There a
Published Date : Jul 2019
Global Single Use Disposable Patient Positioning Products Market– Insights Single use disposable patient positioning products are extensively used in various surgical and diagnostics procedures for pati
Published Date : Jul 2019
Global ECG Sensor Patch Market – Breakthrough for Cardiac Patients ECG sensor patch play a major role in advanced healthcare, as it aids in detection of early asymptomatic atrial fibrillation (AFib). Th
Published Date : Jul 2019
Surgical Drapes and Gowns Market – Insights Surgical drapes and gowns are used mainly in operating room as a preventive measure. It reduces the risk of contamination of surgical wounds and infections th
Published Date : Jul 2019
Global PTA Balloon Catheter Market PTA stands for ‘percutaneous transluminal angioplasty’. PTA balloon catheter has an inflatable ‘balloon’ at its tip, which is used during a minimall
Published Date : Jul 2019
Global Pharmaceutical Packaging Equipment Market – Industry Insights Pharmaceutical packaging and labeling is one of the vital requisite in the pharmaceutical industry to fulfill the need of safe deliv
Published Date : Jun 2019
Global Injectable Drug Delivery Market – Market Insights Injectable drug delivery is considered as the most effective route of administration for the effective delivery of drugs to the targeted site, wh
Published Date : Aug 2019
Prosthetic Liners Market – Insights Prosthetic liner manufacturers are focused on developing different prosthetic liners depending on the lifestyle of amputee. The major focus of manufacturers of prosth
Published Date : Jun 2019
Tracheal Tube and Airway Products Market – Insights Airway is a pathway from where air reaches to lungs. This pathway includes nose, throat, windpipe, mouth, and lungs. The airway management is a series
Published Date : Jun 2019
Global Breastfeeding Supplies Market Breastfeeding supplies are the apparatus used for taking out the milk from the breast. Breastfeeding supplies are used to pump and store the milk for later use. These bre
To Be Published : Oct 2019
Overview Specimen retrieval bags are used in the laparoscopic (abdomen and pelvic) surgical procedures. These bags temporarily contain biological materials such as adnexal cysts and masses and facilitate its remova
To Be Published : Oct 2019
Otitis media is a group of inflammatory diseases of the middle ear. Two types of otitis media are acute otitis media (AOM) and otitis media with effusion (OME). To cure such ear infections, tympanostomy tube are used. This small tube is inserted into the eardrum to ke
To Be Published : Oct 2019
Asthma is a chronic disease condition, in which the airways in lungs get swelled and narrowed due to production of extra mucus, which results in difficulty in breathing. Spacers are tube like devices, which are attached to inhalers and used for administering aerosoliz
To Be Published : Oct 2019
Vaginal slings are used to manage urinary incontinence, an undiagnosed condition where an involuntary leakage of urine happens due to losing control of the bladder. Laughing, coughing, sneezing, lifting of heavy things, and exercising are some of the activities that c
To Be Published : Oct 2019
Motion preservation devices are used to treat spinal disorders such as spinal stenosis, which is very common and occur in both men and women. These devices are also used to restore and maintain the alignment of spine as per normal. Motion preservation devices follow u
To Be Published : Oct 2019
Plastic bandages are used as adhesive strips for minor cuts, abrasions, and puncture wounds. These bandages protect the wound from bacteria, dirt, and friction. Healing process gets slow in body at the time of injury. Therefore, such dressings, which have antisep
To Be Published : Oct 2019
Urinary Incontinence means losing control of bladder, due to which there is an involuntary leakage of urine. In this condition, control over the urinary sphincter is weakened or completely lost and due to this, a person urinates even when they don’t want to. Thi
To Be Published : Oct 2019
Ear tube devices are flexible tubes and are like tiny cylinders, usually made up of metal or plastic material. These tubes are inserted in eardrums through a tiny surgical incision. These devices allow inward flow of air to maintain the ear pressure similar on both si
To Be Published : Oct 2019
Medical Dynamometers are devices that measure the strength of different muscle groups along with bones and neurons. It is a medical device that is used for measuring patient’s hand strength to evaluate the patient trauma or hand dysfunction as well as to determi
To Be Published : Oct 2019
A bladder scanner is a medical device that utilizes ultrasound to noninvasively measure the amount of urine in the bladder, or to determine how much urine remains in the bladder after urination as a way to measure the residual levels. The scanner provides quick and re
To Be Published : Oct 2019
Capnography is a measurement of partial pressure of CO2 in an airway management and the device used for the measurement is called as capnometer. It records the end tidal CO2 (maximum partial pressure of CO2 during exhalation) and displays it in the form of graph (call
To Be Published : Oct 2019
Interspinous spacers, also known as interspinous process decompression systems, are devices implanted between vertebral spinous processes. These spacers are made up of a very strong but lightweight metal (titanium), which is biocompatible in the human body. Lumbar spi
To Be Published : Oct 2019
Foley catheters are the most commonly used devices for managing urinary incontinence. The design of Foley catheters has not fundamentally changed over the time, although device manufacturers have introduced several modification to lessen the risk of trauma and infecti
To Be Published : Oct 2019
Dental loupe is an important tool for dentists for complex dental surgical and treatment needs. Dental loupes provide detailed view of the treatment area as it helps the dentist to look even minute area of operation site, which is not visible by naked eye. Dental loup
To Be Published : Oct 2019
Crutch is an assistive aid which transfers the weight from legs to the upper body. Canes are similar to crutches, and used as walking aids which redistribute the weight in the body, improve stability, and helps the user maintain balance. Canes have four components &nd
To Be Published : Oct 2019
Continuous positive airway pressure (CPAP) is a therapy given to a person to prevent the collapsing of airway. A CPAP machine usually comprises of a mask, tube, and a ventilator. The ventilator sends the mild air pressure to the mask through tubing. The mask acts as a
To Be Published : Oct 2019
Medical lifting sling, also known as patient lift or sling lift, is a device used as a support for patients, which are unable to perform daily activities requiring movement. It is used for transferring the patients from one place to another. It allows to lift heavy pa
To Be Published : Oct 2019
Vein finder is a device used for detecting vein in patients without causing any discomfort. The hemoglobin present in the blood absorbs the light rays emitted by the device and the vein appears visibly different than its surrounding tissues. Vein finder device help he
"How Can I Help You" ?
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
U.S. Office :
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154- US : +1-206-701-6702 UK : +44-020 8133 4027
Coherent Market Insights Benefits
Custom Research Solution
Talk to our research consultant to design an exclusive report as per your research needs.
Customer Fulfilment
We aim to fulfil client's research demands with tailored research solutions.
Quick Turnaround Time Reports
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
360-degree Approach
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
Assured Quality
We strive to provide most accurate and reliable research findings in our research reports.