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 : Jan 2019
Global Central Venous Catheter Market – Easy Administration of Medications Central venous catheters play a major role in modern healthcare, as they allow easy administration of intravenous fluids, blood
Published Date : Dec 2018
Enteral Syringe Market Enteral syringes are majorly used for administering drugs and nutritional therapy through oral, rectal or sublingual route of administration. They are commonly used in hospitals, clinic
Published Date : Dec 2018
Osseointegration Implants Market – Insights Osseointegration is a process in which a bone anchorage is used on an implant surface which provides a basis to support a prosthesis till that part of the bod
Published Date : Dec 2018
Global Nuclear Imaging Equipment Market – Offering Earlier Disease Diagnosis Nuclear imaging involves examining various organs and tissue structures and functions. It involves use of small doses of radioactive materials called as
Published Date : Dec 2018
Biobanking Equipment Market – Insights Biobanking is referred to a structured collections of biological samples, and associated data, stored for research purpose in future. The biobanks typically
Published Date : Dec 2018
Cardiac Rhythm Management Devices Market – Insights Cardiac Rhythm Management (CRM) devices include pacemakers (PMs), implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therap
Published Date : Dec 2018
Electro-Diagnostic Devices Market – Insights Electro-diagnostic devices are used to diagnose the neurological diseases by recording the electrical activity of body parts or by measuring their response t
Published Date : Nov 2018
Pipettes and Accessories Market – Insights Pipettes are used in biotechnology, pharmaceutical, and chemical laboratories in order to transfer certain volume of liquids. Micropipettes are important in mo
Published Date : Nov 2018
Bone Sonometer Market - Supporting Better Health Bone sonometer is also called as bone densitometry equipment in which sound waves on interaction with bone tissue gives information about elastic and structur
Published Date : Nov 2018
Thrombectomy Devices Market – Insights Thrombectomy refers to physical removal of soft thrombus. A thrombectomy device is easy to use and consistently opens blood vessels. Use of thrombectomy devices ca
Published Date : Nov 2018
Adaptive Strollers Market – Insights Adaptive stroller is a special mobility equipment that is designed to offer smooth mobility and comfortable seating for patients with neurodegenerative disorders. It
Published Date : Nov 2018
Portering Chair Market – Insights Portering chairs are used to transfer patients in the hospital for therapeutic or diagnostic purposes or to specialized units of the hospital such as the Emergency Depa
Published Date : Oct 2018
Chemotherapy Devices Market – Insights Chemotherapy is administrated intravenously through a Venous Access Device (VAD). Various types of devices are available including cannula, catheters, and implante
Published Date : Oct 2018
Aneurysm Clips Market – Insights A brain aneurysm, also referred to as a cerebral aneurysm or Intracranial Aneurysm (IA) is a weak bulging spot on the wall of a brain artery like a thin balloon or weak
Published Date : Oct 2018
Collagen Meniscus Implant Market – Insights Collagen meniscus implant is designed to replace the irreparably damaged or missing portion of the meniscus in a meniscal injury. This implant is a biocompati
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
To Be Published : Jan 2019
Heart transport systems are devices used for maintenance and nourishment of heart while it is being transported from harvest in preparation for transplantation. Heart transportation is a highly critical process as the heart can only be preserved for around 4 hours in
To Be Published : Jan 2019
Stent is a small expandable tube used for the treatment of narrowed arteries. It is used to prevent bursting of arteries and improve blood flow of weak arteries. Soft gelatin is used for the preparation of gel stent. When gel stent is injected, it gets hydrated and dr
To Be Published : Jan 2019
Urethral stricture is a medical condition, which causes narrowing of the urethra due to presence of a scar tissue, tissue inflammation, infection or injury. This condition can cause obstructive dysfunction of urethra with potentially serious consequences for the entir
To Be Published : Jan 2019
Respiratory air conditioning devices artificially modifies air for its humidity content and temperature before it is inhaled by the patient. Respiratory humidifier serves the essential functions of respiratory gas conditioning required for the sensitive lungs. This de
To Be Published : Jan 2019
Optogenetics is the technique in which optically-activated proteins are used to control neuronal function. It is one of the recent development in neuroscience, which provides treatment options to incurable disease such as retinal diseases, Parkinson’s, and Alzhe
To Be Published : Jan 2019
Inhalational anesthetics, also termed as volatile anesthetic agents, are used for induction and maintenance of general anesthesia and sedation. They are delivered through inhalation, especially in patients where administration of anesthetics through intravenous route
To Be Published : Jan 2019
Embolization is a minimally invasive therapy in which an embolus is injected to stop bleeding or to cut off the supply of blood to a tumor in order to shrink it for preparation of its removal. Embolization is used in various interventional radiology procedures. In thi
To Be Published : Jan 2019
Wavefront aberrometers are diagnostic devices that measure aberrations of the eye from cornea to the retina. The device helps eye care practitioners to diagnose and cure eye ailments, and it is also used in laser eye surgery to ensure high accuracy. The light emitted
To Be Published : Jan 2019
Thromboelastography (TEG) is a viscoelastic hemostatic assay that measures the visco-elastic properties of blood clot formation. It is mainly used in surgery and anesthesiology. These tests are capable of measuring coagulation factor function. Some other tests for blo
To Be Published : Jan 2019
Sternal closure systems are used for closing the sternum or the breastbone after sternal reconstructive surgical procedures. The system is also used to fix and stabilize anterior chest wall and promote fusion. Sternal Closu
To Be Published : Jan 2019
Intraoperative monitoring electrodes offers useful, real-time ECG data during various mapping or monitoring procedures and are used to transfer energy of ionic currents into electrical current in the body. The currents passed into the body are amplified and used for d
To Be Published : Jan 2019
An implantable bioartificial kidney is similar to existing extracorporeal renal assist device (RAD), which is a bioartificial kidney that combines a membrane hemofilter and a bioreactor to function as a healthy kidney. However, to work as a natural kidney, the bioarti
To Be Published : Jan 2019
Artificial kidney is a state of art technology currently under development, which can replicate the work of real kidney and potentially eliminate the need for dialysis. An artificial kidney would deliver continuous blood filtration to the patients whose kidney is seve
To Be Published : Jan 2019
Dialysis therapy includes hemodialysis to purify the blood using an artificial kidney (dialyzer) and peritoneal dialysis to purify the blood through one's own peritonea. There are two types of dialysis which are hemodialysis and peritoneal dialysis. Hemodialysis invol
To Be Published : Jan 2019
Medical automation is a technology used to minimize medical errors, promote better management of chronic illness, and to enable healthcare professionals to anticipate prognosis. It controls the diagnostic, monitoring, and therapeutic machineries that serves the major
To Be Published : Jan 2019
Interspinous process decompression device also called as interspinous spacer are medical implants used for treatment of spinal stenosis. This devices are intended to reduce the spinal pain via positioning between the vertebrae through minimally invasive surgical proce
To Be Published : Jan 2019
Virtual rehabilitation and telerehabilitation system is an equipment used for treatment in numerous programs such as mental health, substance abuse, and educational services for patients in mental hospitals, care homes, and rehabilitation centers. Telerehabilitation s
To Be Published : Jan 2019
Test phantoms or imaging phantoms are specially developed objects used in the field of medical imaging for testing, evaluation, and calibration of various imaging devices. Medical test phantoms are artificial tissue-equivalent materials used as replacement for human t
"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.