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 : Apr 2018
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Patient Positioning Devices Market – Offer Patient Comfort and Streamline Workflows Patient positioning devices are used in various surgical and diagnostics procedures for patient's safety and surgeon's
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Disposable IV Therapy Products Market – Drug Administration Devices Intravenous (IV) therapy products are essential for most of the medical procedure. These supplies allow the convenient and safe admini
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ENT Disorder Treatment Market – Hear Better, Breathe Better, Live Better ENT also known as otolaryngology is a stream of medical science that deals with disorders associated with ear, nose, and throat.
Published Date : Feb 2018
Atherectomy Devices Market Insights Atherectomy devices are indicated for removing plaque and thrombus from diseased arteries. Atherectomy devices are used in effective treatment of both coronary and peripher
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Low Temperature Sterilization Equipment Market – Advancing Sterilization Solutions Low temperature sterilization is an effective means to exercise heat and moisture sensitive surgical instrumentation, g
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Global Fetal and Neonatal Care Equipment Market - Insights Fetal and neonatal care products are used for assessment and treatment of newborn babies. Fetal care equipment include devices, which help in monitor
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Surgical Staplers Market – A Rapid Wound Closure Device Surgical staplers are used as a substitute to sutures for closing wounds post-surgery, as they are typically faster to apply than suturing. Moreov
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Breast Implants Market – Insights Breast implants are artificial surgery prosthesis made of either silicone gel, silica or saline solutions. The procedure for breast implantation, also known as breast a
To Be Published : May 2018
Colposcopy is a diagnostic method useful for the diagnosis and evaluation of cervical intraepithelial neoplasia and preclinical invasive cancer. It allows magnified visualization of the site where cervical carcinogenesis occurs. Colposcope is a magnifying instrument u
To Be Published : May 2018
Cast removal devices are designed to cut cast material such as fiberglass, plastic or plaster and bandage that are used for rehabilitation of the fractured bones or ruptured tendons. It is mainly used by orthopedic surgeons in hospitals and clinics to cure musculoskel
To Be Published : May 2018
The lipid analysis devices are used for measuring elevated plasma cholesterol or triglycerides or low level of high-density lipoprotein (HDL). The determination of blood lipid levels is important for monitoring the risk of cardiovascular disease. Lipid analysis device
To Be Published : May 2018
Computer assisted surgical systems are used for pre-operative planning, surgical navigation, and to assist surgery procedure. Computer assisted surgeries commonly uses surgical robots that mimics human arm and carry out surgical procedures by series of small incisions
To Be Published : May 2018
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To Be Published : May 2018
The proportion of water, protein, mineral, and fat, in the human body, aids in determining the health of an individual. To measure these, devices such as body composition analyzers are used in fitness centres and hospitals, for weight control. This equipment can be us
To Be Published : May 2018
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To Be Published : May 2018
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To Be Published : May 2018
Non-invasive blood glucose monitoring devices measures blood glucose levels in patients suffering from diabetes, without puncturing the skin, or causing pain or trauma. The frequent change in blood glucose levels in diabetic patients has to be tracked by the glucose m
To Be Published : May 2018
ECG management system is a web-based electronic medical record that offers better workflow efficiency by processing, storing, and distributing the cardiovascular information between doctors and patients. Winchester Medical Center, in 1991, initiated conversion of ECG
To Be Published : May 2018
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To Be Published : May 2018
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Electric dental handpieces are devices by dentist to perform various procedures such as cavity preparation, crown preparation, decay removal, and endodontics. Electric dental handpieces utilizes electric motor, which is attached to a shaft with gears and these gears a
To Be Published : May 2018
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To Be Published : May 2018
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To Be Published : May 2018
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To Be Published : May 2018
Nasal packing device are intranasal devices that exert constant local pressure to the nasal septum, indicated for epistaxis, also known as nosebleed. Epistaxis occurs due to rupturing of a small blood vessel in the nose lining. Interior of the nose is delicate and hig
To Be Published : May 2018
Micro-hospitals are small scale inpatient facilities with eight to 15 beds and in an area of 15,000 to 60,000 square feet on an average. Micro-hospitals operate in metropolitan area, within range of 20–25 miles of large scale hospitals. They have large operation
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