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 : Jun 2017
Generic Sterile Injectable – Paving the Way for Cost-effective Medication The generic sterile injectable refers to biologics that are used for the treatment of various drugs and has same active ingredie
Published Date : Jun 2017
Balloon Catheters – Blowing Out the Flame of Coronary Artery Disease Balloon catheter is a flexible device with a balloon at its tip, which may be inflated or deflated when the catheter is in place to c
Published Date : Jun 2017
Hearing Aids – Technologically Advanced and Customizable Hearing Aids Fuel the Growth of Hearing Aids Market Hearing aids are sound-amplifying devices that are used to treat hearing impairment. It is an
Published Date : Jun 2017
Arthroscopy Devices – Increasing Geriatric Population Provides a Sea of Opportunities The examination of inside structures of the body is known as arthroscopy and the devices used for examination are k
Published Date : Jun 2017
Gamma Knife – Targeted Brain Tumor Treatment Gamma knife is an outpatient procedure that allows the patient to travel back home the same day of treatment. Gamma knife is a highly focused radiation thera
Published Date : May 2017
Contraceptive Drugs and Devices – Choice to Conceive, Not Concede As per stats released by Guttmacher Institute, there were around 61 million women in the U.S. in the childbearing age group (15-44 years
Published Date : May 2017
Forensic Technologies and Services: Revolutionizing Crime Solving Advanced technologies in forensics science have been of substantial importance in recent years. Few examples of such advancements include enha
Published Date : May 2017
Contraceptive Drugs and Devices – Choice to Conceive, Not Concede Contraceptive drugs and devices that aid to control birth rate and unintended pregnancies are subject to unique regulatory challenges ac
Published Date : May 2017
Bone Glue: Cementing the Path to Effective Bone Healing Osteoporosis is a common cause for bone fractures and its prevalence gradually increases with age. For instance, the prevalence ratio of osteoporosis in
Published Date : Apr 2017
Respiratory Inhalers – Getting the Wind Back in Your Lungs Respiratory diseases such as bronchitis, asthma, allergic rhinitis, pneumonia and sinusitis can significantly curtail the physical activities o
Published Date : Apr 2017
Increasing Chronic Kidney diseases to underpin rise of Kidney Dialysis Equipment market in the near future Chronic kidney disease (CKD) is a chronic condition that seriously affects the quality of life of the
Published Date : Apr 2017
Cell Culture Monitoring Biosensors – Monitor the Cell Culture at Ease Personalized medicine is at cusp of making rapid strides in the global pharmaceuticals market. This novel treatment method would po
Published Date : May 2017
Clinical Trial Management Systems – Increasing Number of Clinical Trials Leading To the Growth of Clinical Trial Management Systems Market The Clinical Trial Management System (clinical trial management
Published Date : May 2017
Personalized Cell Therapy – Personalizing Treatment for Improved Outcomes Individualized treatment for various diseases such as cancer and autoimmune diseases by injecting living cells into a patient&rs
Published Date : Apr 2017
Sterile Injectables: Opportunities Galore for Generics Manufacturers Increasing use of biologics in healthcare industry, with the gaining prominence, the emergence of antibody-drug conjugates (ADCs) and monoc
Published Date : Apr 2017
Erectile Dysfunction: A Prominent Age Related Disorder Erectile dysfunction is known as the medical condition of penis, a recurrent inability of a man to reach and/or to maintain a penile erection sufficient
Published Date : Apr 2017
Hearing Protection Devices: Provide Secure Health at workplace One in 10 people in the U.S. suffer from hearing impairment, which later troubles an individual’s ability to recognize and understand the n
Published Date : Apr 2017
Oxygen Concentrators – A Breath of Fresh Air Until recently, oxygen cylinders was the gold standard method for oxygen delivery to patients with chronic respiratory disorders or hypoxia. In the last few
Published Date : Apr 2017
Electronic Medical Records – Digital Transformation in Managing Patient’s Records The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area o
Published Date : Mar 2017
In-vitro Diagnostics (IVD) Market Diagnostic tools account for considerable share of global healthcare revenue. Its reach ranges from hospitals and clinics to that in research centers. As such, In Vitro Diagn
To Be Published : Jul 2017
Cancer is the uncontrolled and abnormal growth of cells that results in formation of a mass called tumor. This tumor can be cancerous or benign. Head and neck cancer is the terminology used to define a number of different malignant tumors that develop in or around the
To Be Published : Jul 2017
Plasma fractionation is a process of separating various components of plasma, which in turn is a component of blood obtained through blood fractionation. Plasma is separated and can be used for many different medical applications. Plasma is taken from donors when whol
To Be Published : Jul 2017
Leukemia is a cancer of blood cells and therefore, are occasionally referred to as ‘blood cancer’. Most blood cells are formed in the bone marrow. In leukemia, undeveloped blood cells become cancer. Leukemia can be either acute or chronic. Acute leukemia i
To Be Published : Jul 2017
A bleeding disorder is a state in which the normal clotting function of blood is adversely affected. On an injury to the body, blood normally starts to clot to prevent major loss of blood. Occasionally, certain situations prevent blood from clotting properly, which ca
To Be Published : Jul 2017
Wilson's disease is characterized by a disproportionate amount of copper in the body. The disease is genetic and it is a rare autosomal recessive disorder, with copper build up in the liver and the brain. If not diagnosed early, Wilson’s disease can be fatal. Sy
To Be Published : Jul 2017
Immunotherapy is the management of a disease by enhancing, suppressing, or inducing an immune response. Some immunotherapies are designed to magnify or elicit an immune response. They are known as activation immunotherapies. However, some immunotherapies that suppress
To Be Published : Jul 2017
General anesthesia is a therapeutically induced condition of unconsciousness; that is, loss of protective reflexes, which results from the use of one or multiple general anesthetic agents. The drug is administered to allow performing the medical procedures which are u
To Be Published : Jul 2017
Autologous stem-cell transplantation (also known as autogeneic, autogenic, or autogenous stem-cell transplantation or auto-SCT) is the autologous transplantation of stem cells—which is, transplantation in which the undifferentiated cells or stem cells (cells fro
To Be Published : Jul 2017
Antibiotics are used for a variety of purposes in the husbandry of livestock, including therapeutic (treatment when ill), curing a batch of animals when a minimum of one among the group is diagnosed ill (metaphylaxis, it is similar to the method bacterial meningitis i
To Be Published : Jul 2017
Apheresis is a procedure of blood purification and blood component separation by using centrifugation or membrane filtration technology. This procedure is performed for blood donation component or for the treatment of disease. In this procedure, the blood is extracted
To Be Published : Jul 2017
Biological safety cabinet is an enclosed and ventilated laboratory workspace for laboratory operators to safely work with contaminated or biohazard materials. Biological safety cabinets can be classified on the basis of air flow pattern, velocities, construction, and
To Be Published : Jul 2017
A lab-on-a-chip (LOC) is a device that incorporates one or several laboratory functions on a single integrated circuit whose size varies from few millimeters to limited square centimeters to achieve automation and throughput screening process. Lab-on-a-chip devices ca
To Be Published : Jul 2017
Dilated cardiomyopathy (DCM) is a condition in which the heart gets enlarged and is not able to efficiently pump blood. The reduced heart function can affect the functioning of other organs such as lungs, liver, and kidney. The heart muscles begin to dilate (stretches
To Be Published : Jul 2017
Extracorporeal shock wave lithotripsy is a non-invasive treatment for kidney stone and biliary calculi, using an acoustic pulse and are also used for salivary stones and pancreatic stones. The lithotripter supplies a high intensity acoustic pulse to crush the stone ca
To Be Published : Jul 2017
Medical gloves are hand gloves worn by surgeons during surgical procedures. These medical gloves help to avoid contamination, infection and entry of microorganisms and bacteria during surgical procedure, chemotherapy and during medical examinations. They are made from
To Be Published : Jul 2017
Digital microscope is an advanced microscope fitted with an LED screen instead of an eyepiece. The structural images of bacteria can be seen directly on the monitor without an eyepiece. The advantage of digital microscope is image of the bacteria or small microscopic
To Be Published : Jul 2017
Fluoroscopy is an imaging technique that uses X-Ray technology for taking real-time images of the body, allowing physicians to visualize internal organs, muscles, and bones. This provides doctors with critical insights about the target body part, imperative to ensure
To Be Published : Jul 2017
Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. This bags are most probably used in hospitals for the maintenance of ste
To Be Published : Jul 2017
Resuscitation is a process of correcting physiological disorders such as lack of breathing or when no pulse in detected in an acutely unwell patient. Resuscitation masks are pliable, dome shaped breathing device that fit over the nose and mouth, which can be of partic
To Be Published : Jul 2017
Intraosseous infusion is a procedure of injecting medicine or solutions into the human bone marrow to provide a continuous entry point in the systemic circulation. The technique is used when intravenous access is not available or when they are not possible and this is
"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- +1-206-701-6702
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.