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
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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
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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
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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
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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
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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
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
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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
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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
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To Be Published : Oct 2018
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To Be Published : Oct 2018
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To Be Published : Oct 2018
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To Be Published : Oct 2018
Prefilled safety devices refer to the development of technology in the conventional form of syringes, wherein the needles are developed with safety mechanism to prevent needle stick or any other needle-associated injuries. These needles are designed and manufactured i
To Be Published : Oct 2018
Otoscope is a diagnostic device intended to examine ear canal and tympanic membrane. Otoscope provides illuminated magnification due to which internal ear structures can be efficiently examined for proper diagnosis. Otoscopes are generally used by audiologists, ENT sp
To Be Published : Oct 2018
Axillary crutches are the mobility aids used by individuals suffering from walking disability, factures, paralysis, and leg injuries. Axillary crutches transfer the weight from legs to the arms/shoulders and support the movement of individuals who are unable to walk d
To Be Published : Oct 2018
Sterile lancets are single-use disposable needles that are used for blood sampling by puncturing the skin. Sterile lancets can be used independently as safety lancet or they can be used along with the lancing device, which holds the lancet while pricking the skin. Ski
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