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 : Nov 2017
Microfluidic Market Microfluidic devices enables the precise processing of micro liter (~0.01-10 µl) samples and allows to perform significant biological or chemical processing such as sampling, pre-processing and measuremen
Published Date : Nov 2017
Life Cell Imaging Market – A step towards improvement in drug discovery Cellular imaging refers to the techniques that allows the detection and analysis of various cellular organelles and macromolecules
Published Date : Apr 2018
Global Hemodynamics Monitoring Systems Market – Constant Eye on the Heart Hemodynamics monitoring systems refer to the observation units that assists in measurement of pressure, flow, and oxygenation of
Published Date : Nov 2017
Bone Grafts and Substitutes Market – A Major Step Towards Regenerative Medicines A bone graft repairs and rebuilds diseased bone and transplants bone tissues of the hips, knees, spine, and various other
Published Date : Nov 2017
Bone Replacement Products Market– Effective Solution for Bone Problems Bone replacement products are required to fill the gap or replace the entire section following an accident or after tumor removal,
Published Date : Nov 2017
U.S. Hospital Beds Market Driven By Increasing Chronic Diseases Needs Longer Hospital Stay Hospitals beds are used for proper patient care in various settings, such as elderly care facilities, home care setti
Published Date : Oct 2017
Medical Implants Sterile Packaging Market Medical Implants are devices that are sited inside or on the surface of the body and are being used in every organ of the human body. According to Food and Drug Admin
Published Date : Oct 2017
Intraoperative Imaging - Insights Intraoperative imaging (IOI) system is a real-time modality, which is used in operating room, enabling surgeons to view body parts more deeply during surgery. It has wide app
Published Date : Oct 2017
Hospital Beds – Take minimum help from caretaker Hospital beds are designed for hospitalized patients or for the patients who need healthcare services as well as for the convenience of their caretaker.
Published Date : Oct 2017
Multiplexed Diagnostic Market Driven By Innovation and Development of Technology Multiplexed diagnostics are used in investigation of biological samples, which are capable of completing a screening process wi
Published Date : Oct 2017
Medical MEMS – An innovative approach to medical care Micro-electro mechanical systems (MEMS) is an innovative technology used to make miniaturized mechanical and electro-mechanical elements that are em
Published Date : Oct 2017
Medical Robotic Systems – A Paradigm Shift in Patient Care Medical robotic systems are used in various medical application and differ depending on its usage. These include surgical robotic systems, spin
Published Date : May 2018
Extracorporeal Membrane Oxygenation (ECMO) System Market Insights Extracorporeal membrane oxygenation system is a life supporting system providing cardiac and respiratory support to the patients suffering fro
Published Date : Mar 2018
Intraoperative Neuromonitoring Market – To avoid Neural Hazards Intraoperative Neuromonitoring (IONM) also called as Intraoperative neurophysiological monitoring is a procedure that uses specialized equ
Published Date : Mar 2019
Global Medical Grade Silicone Market – A Novel Approach in Prosthetics and Orthopedics Medical grade silicone play a major role in advanced healthcare, as they are ideal choice for implantable and dispo
Published Date : Apr 2018
Rapid Medical Diagnostic Devices Market - Insights Rapid medical diagnostic devices provide test results within a minimum amount of time ranging from under a minute to up to a few minutes. Rapid medical diagn
Published Date : Sep 2017
Ocular Surgery Market Blindness is caused due to various factors such as cataract, glaucoma, birth defects, macular degeneration, and eye injuries. Diabetics are at heightened risk of blindness. The risk of c
Published Date : Dec 2017
Powered Surgical Instruments Market – A Boon for Surgeons Powered surgical instruments are surgical devices and accessories that are used to shape, fixate, cut, drill or dissect a bone. They are used to
To Be Published : Oct 2019
Laparotomy sponge also called as laparotomy pads or absorbent pads used for hemorrhage evacuation during the abdominal surgeries. Laparotomy sponges are used for absorbing viscera around the surgical site to obtain clear view of internal organs during surgery. Laparot
To Be Published : Oct 2019
Ostomy refers to a surgical procedure that allows the passage of bodily wastes through a surgically created stoma or aperture on the abdomen into a prosthetic such as a pouch or bag placed outside the body. Ostomy is performed on patients suffering from various medica
To Be Published : Oct 2019
Ventricular assist devices are external devices attached to a patient’s body, which helps to pump blood to whole body. It is principally used in case of patients with heart failure. It is a high-end device that mimics the function of the heart. Heart failure is
To Be Published : Oct 2019
Urolithiasis is referred to as kidney stone and is a condition that is characterized by presence of a calculi or a solid piece material in the urinary tract of an individual. These solid mass commonly known as kidney stone is typically formed in the renal area that is
To Be Published : Oct 2019
Transcatheter embolization and occlusion refers to passage or insertion of a synthetic embolus through a fine catheter in the blood vessel to obstruct the blood flow in particular area of the body. Transcatheter embolization is a minimally invasive procedure performed
To Be Published : Oct 2019
Needle-free injection system is an innovative way to introduce medication into a patient’s body. Unlike the conventional needle injection system, needle-free injection do not penetrate through the skin. Needle-free injection system is steadily emerging as an eff
To Be Published : Oct 2019
Durable medical equipment (DME) are non-disposable equipment used in hospitals, clinics, and home care settings. Examples of DME are wheelchairs, walkers or hospital beds. DME used at home care settings are paid under Medicare part A and part B plans. Coverage for DME
To Be Published : Oct 2019
Hernia refers to a medical condition that results in bulging of an organ through an abdominal opening. Hernia mesh devices refers to surgical meshes used to provide additional support to weak or damaged tissue. Majority of surgical mesh are made up of synthetic materi
To Be Published : Oct 2019
Medical devices are susceptible to various kind of microbial infection such as bacterial, viral, and fungal infection resulting into health care-associated infections in patients. Medical coating is considered as a covering applied on the medical devices including imp
To Be Published : Oct 2019
Dental braces are commonly used in orthodontic treatment to improve an individual’s orofacial appearance. Malocclusions (tooth overcrowding or crooked teeth), overbites, deep bites, cross bites, under bites, and incorrect jaw positions are some of the conditions
To Be Published : Oct 2019
Perfusion can be defined as a process of delivering oxygenated blood to the tissues of the body. Perfusion systems are majorly employed in organ transplant surgeries, as they help replace the function of the organ during the operation by pumping blood throughout the b
To Be Published : Oct 2019
Oxygen conserving device (OCD) is a pressure reducing device designed to control the flow of oxygen from the oxygen source to the patient. Oxygen conservation devices are used for the patients with severe lung diseases such as chronic obstructive pulmonary disease, di
To Be Published : Oct 2019
A biosensor is a device that measures biological or chemical reactions by generating signals proportional to the concentration of an analyte in the reaction. Biosensors are largely employed in applications such as disease monitoring, drug discovery, disease-causing mi
To Be Published : Oct 2019
Closed blood sampling system is a closed, needle free blood sampling system that reduces blood waste and minimizes the risk of transmission of infectious diseases. Closed blood sampling system aims to increase the efficiency of the blood sampling process, especially i
To Be Published : Oct 2019
Electrophysiology involves the study of electrical activity of heart to diagnose and monitor any arrhythmia. Depending on the results of electrophysiology studies, the course of treatment such as medication, implantable medical devices, cardiac ablation, and surgery c
To Be Published : Oct 2019
Anesthesia monitoring devices are type of patient monitoring devices used during surgery to track vital signs such as heart rate, blood pressure, and temperature of patients under sedation in the operation theater. Anesthesia monitoring devices play an important role
To Be Published : Oct 2019
Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of
To Be Published : Oct 2019
The medical supplies industry consists of companies engaged in the manufacturing and distribution of basic medical products such as surgical knives, forceps, gloves, syringes, bandages and dressings, medical laboratory equipment, stethoscopes, dental drills, x-ray fil
"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.