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 2018
Ureteral Stents Market – Insights Ureteral stents are small tubes inserted into the ureter to treat or prevent a blockage that prevents the flow of urine from the kidney to the bladder. Ureteral stents
Published Date : Sep 2018
Medical carts offer enhanced pharmaceutical storage and organization solutions for controlled medication safety, and the ability to mobilize patient medical information. Modern medication storage and organization requires an attractive, configurable medication cart de
Published Date : Sep 2018
Disposable Blood Bags Market – Insights Disposable blood bags are the biomedical devices used for collection, storage, transportation, and transfusion of blood and its components. In recent times, dispo
Published Date : Sep 2018
Emergency Medical Equipment Market – Insights Emergency Medical Services (EMS) is an important part of overall healthcare system, as it saves lives by providing care immediately. Global emergency medica
Published Date : Aug 2018
Optometry Equipment Market - Insights Optometry equipment are usually operated by optometrist or ophthalmologist to examine, diagnose, treat, and manage diseases and disorders of the visual system, the eye, a
Published Date : Aug 2018
Operating Table Market - Supporting Better Health Operating table is one of the essential operation theatre equipment that plays an important role in achieving better treatment outcomes. This is owing to vit
Published Date : Aug 2018
Combination Treatment in Aesthetics Market - Combining Best for Excellent Skin Combination treatment in aesthetics consists of multiple treatment approaches for improving aesthetic appearance for consumer. It
Published Date : Aug 2018
Specialty Medical Chairs Market - Global Industry Insights Specialty medical chairs are used for examination, treatment or rehabilitation purpose. Specialty medical chairs are designed according to the medica
Published Date : Aug 2018
Medical Pendant System Market - Insights Medical pendants are systems designed to support high load of instruments in areas such as operating theaters or intensive care units. These pendants are provided by highly maneuverable arms with
Published Date : Aug 2018
Coronary Stents Market Insights – Unblocking the Blocked Paths Stents are medical devices intended to use for the treatment of blocked vascular paths and the procedure used to reduce the blockages is kn
Published Date : Aug 2018
Cardiopulmonary Bypass Equipment Market – Insights Cardiopulmonary bypass equipment is a machine which takes over the function of heart and lungs to maintain the circulation of blood and the oxygen cont
Published Date : Aug 2018
Anesthesia Endotracheal Tubes Market Insights With the adoption of new technologies and advancement of health care facilities, surgery of vital organs such as lungs has become easy. During this surgeries, ane
Published Date : Jul 2018
Hyperpigmentation Treatment Devices Market – Creating Younger Prospects Hyperpigmentation is a skin condition in which patches of skin becomes darker than the surrounding skin. Hyperpigmentation is characterized by the age spots, b
Published Date : Jul 2018
Skin Rejuvenation Devices Market – Creating Younger Prospects Skin rejuvenation involves treating variety of skin disorder such as wrinkles, dark circles, facial lines, pigmentation, scars, stretch mark
Published Date : Jul 2018
Global Blood Banking Devices Market – Global Industry Insights Blood transfusion, a process that is used for various medical conditions, replaces the lost blood components and helps in improving the hea
Published Date : Jul 2018
Ambulance Equipment Market – Insights Ambulance equipment is a type of equipment used to aid patients at the time of medical emergencies, including accidents and surgeries, thus helping minimize persona
Published Date : Jul 2018
Petri Dish Market-Culturing Science and Medicine Petri dish also called as cell culture dishes is common glassware used in research and academic laboratories and hospital in order to hold, transfer, and incu
Published Date : Jul 2018
Portable Steam Autoclave Market Portable steam autoclaves are used routinely in the laboratory, hospitals, research facilities, and academic institutions in order to sterilize the various lab equipment
To Be Published : Oct 2018
The use of ultrasonic devices has drastically improved the practice of dental scaling and periodontal debridement. Debridement is performed with hand instruments or mechanical instruments, usually with ultrasonic scalers. Ultrasonic scalers have a vibrating tip, which
To Be Published : Oct 2018
Medical air refers to a clean supply of compressed air in hospitals and healthcare facilities. Sterilized medical air plays a vital role in preventing Hospital Acquired Infections (HAIs). Moreover, lack of medical air sterilization makes patients suscep
To Be Published : Oct 2018
Most neurosurgery procedures need rigid fixation of the head for successful operation. Skull clamps are indicated for such use in case of percutaneous craniotomies and spinal surgeries. They are placed on patient’s skull to hold their neck and head in proper pos
To Be Published : Oct 2018
Medical procedures such as pedical subtraction osteotomy and vertebral column resection allows surgeons to use tools and techniques to correct sagittal irregularity. Technological advances in medical field including posterior microsurgical instruments are expected to
To Be Published : Oct 2018
Binaural hearing helps in locating the sound source and in speech recognition in patients with impaired hearing. Cochlear implants are used in children and adults with sensorineural hearing loss, a condition that involves damage to tiny hair cells present in the cochl
To Be Published : Oct 2018
Arm/Leg rest is a feature that is found in wheelchairs, modern vehicles, aircrafts, and auditoriums where user can rest their arms or legs and able to balance their body. Placing the weight of arms on armrest reduces downward gravity acting on the spine and helps in i
To Be Published : Oct 2018
Transcatheter mitral valve repair and replacement methods are gaining significant traction due to advances in valve therapy. Transcatheter Mitral Valve Replacement (TMVR) can be used as an alternative to open-heart surgery and is used in treating mitral valve ste
To Be Published : Oct 2018
Autoclave is device majorly used for disinfection and sterilization process. Autoclave operates on physical method, which maintains temperature and pressure conditions for sterilization processes 0in less time. Autoclave has applications in healthcare for sterilizatio
To Be Published : Oct 2018
Blending of components play vital role in the manufacturing of pharmaceutical products where accuracy and consistency in the formulation are the key specifications. Blending ensures homogeneous mixture of Active Pharmaceutical Ingredient and excipients that are requir
To Be Published : Oct 2018
Inoculating turntables are small devices used for easy and even spreading of inoculum on the substrate, during culture media preparation and straining. Inoculating turntables turn around petri dish on a concentric point using ball bearings, which ensures smooth and ef
To Be Published : Oct 2018
Fluid management systems are intended for maintaining body fluid content and to avoid complications associated with undesirable levels of body fluids. Moreover, this system is used for the treatment of life-threatening medical conditions such as end stage renal failur
To Be Published : Oct 2018
In-situ hybridization is a laboratory procedure that allows researchers to locate the position of specific DNA/RNA sequences in chromosomes. Molecular hybridization is based on the ability of DNA helix to re-form or re-nature when provided with favorable conditions. I
To Be Published : Oct 2018
Injection pen has typically been used for frequent self-administration of preserved multi-dose drug formulations requiring weight-based dosing. It is available in two variants; reusable and disposable injection pens. Injection pens are ready to administer, as a prefil
To Be Published : Oct 2018
Uterine fibroid is the benign tumor of the woman’s uterus formed of smooth muscle that are found on the wall of the uterus i.e within the wall of uterine wall or can attach to the uterine wall. Uterine fibroid grow as a single tumor or in clusters and these uter
To Be Published : Oct 2018
Medical cyclotron is type of particle accelerator used in diagnosis and treatment of chronic disease such as cancer, cardiovascular disease, and others. Cyclotron comprises a magnet and high electrical voltage, which accelerates charged particles in a spiral motion. T
To Be Published : Oct 2018
Laboratory (lab) accessories refer to the tools used for conducting scientific research or experiments, and may also be used for teaching practical science. Lab accessories play a very crucial role in laboratories to provide reliable, accurate, and expeditious outcome
To Be Published : Oct 2018
Catheter stabilization devices are developed to lower the risk for phlebitis, catheter migration and dislodgement, and to reduce catheter-related complications. Use of catheter stabilization devices also reduces the chances and risk of needlestick injuries.
To Be Published : Oct 2018
Breathing machine helps the patient to breathe while they are suffering from chronic respiratory diseases or unable to breathe by themselves after anesthesia. Breathing machines are used during surgeries that require general anesthesia, as the medicines used to induce
"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.