Medical Devices

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

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Coherent Market Insights Non Invasive Aesthetic Treatment Market

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Coherent Market Insights Global Sterilization Pouches Market

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Coherent Market Insights Global Medical Scrubs Market

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Coherent Market Insights Spine Surgery Robotn In Healthcare Market

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Coherent Market Insights Sphygmomanometer Market

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Coherent Market Insights Spine Surgery Robots Market

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Coherent Market Insights Stroke Diagnostics Market

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Coherent Market Insights Dental Dam Market

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Coherent Market Insights Electrosurgical Devices Market

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The global electrosurgical devices market is estimated to be valued at USD 6.58 BN in 2024 and is expected to exhibit a CAGR of 6.3% during the forecast period (2024-2031). The global electrosurgical devices market has been witnessing steady growth in the recent past ... View more

Coherent Market Insights Peripheral Vascular Devices Market

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Global peripheral vascular devices market is estimated to be valued at USD 12.68 BN in 2024, exhibiting a  CAGR of 6.3% during the forecast period (2024-2031). Global peripheral vascular devices market has been witnessing steady growth over the past few years owi... View more

Coherent Market Insights Varicose Vein Treatment Devices Market

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Coherent Market Insights Vagus Nerve Stimulators Market

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Coherent Market Insights Sutures Market

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The global sutures market is estimated to be valued at USD 4.26 BN in 2024 and is expected to exhibit a CAGR of 8.3% during the forecast period (2024-2031). The sutures market has witnessed significant growth in the recent years owing to a rising incidence of trauma c... View more

Coherent Market Insights Medical Carts Market

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The global medical carts market is estimated to be valued at USD 2.90 BN in 2024 and is expected to exhibit a CAGR of 9.7% during the forecast period (2024-2031). Medical carts are movable equipment that are used primarily in healthcare settings for the storage and tr... View more

Coherent Market Insights Remote Patient Monitoring Market

Published Date : Mar 2024

The global remote patient monitoring devices market is estimated to be valued at USD 12.37 Bn in 2024 and is expected to exhibit a CAGR of 15.7% during the forecast period (2024-2031). The remote patient monitoring devices market has witnessed significant growth in th... View more

Coherent Market Insights Reprocessed Medical Devices Market

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The global reprocessed medical devices market is estimated to be valued at USD 3.04 Bn in 2024 and is expected to exhibit a CAGR of 15.2% during the forecast period (2024-2031). The reprocessed medical devices market refers to the remanufacturing and reuse of medical ... View more

Coherent Market Insights Hearing Aids Market

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Coherent Market Insights Defibrillators Market

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Coherent Market Insights Dental Implants Market

Published Date : Mar 2024

Global dental implants market is estimated to be valued at USD 5.16 Bn in 2024 and is expected to exhibit a CAGR of 7.1% during the forecast period (2024-2031). Dental implants are bio-compatible synthetic structures surgically placed into the jawbone to support denta... View more

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