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.
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.
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.
North America and Europe Artificial Pancreas Systems Market – Insights Artificial pancreas system is a diabetes management system that is designed to continuously monitor glucose levels and manage insulin d... Read more
Recreational Oxygen Equipment Market Insights Recreational oxygen Equipment such as oxygen concentrator separates oxygen from nitrogen in the air, and allows the person to receive purified oxygen. Recreatio... Read more
Wheelchair and Components Market – Insights A wheelchair is used to overcome the difficulty or impossibility of walking due to illness, injury, or disability. There are two types of wheelchairs: manual wheel... Read more
Ostomy Care Accessories Market – Insights Ostomy is a surgical procedure to create an opening from the urinary tract or intestines as a way for waste products to leave the body. There are three type of osto... Read more
Latin America Capnography Equipment Market – Insights Capnography is the monitoring of the concentration or partial pressure of carbon dioxide in the respiratory gases. It offers a graphic picture of the pa... Read more
Fall Detection Systems Market – Insights A fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse co... Read more
The peripheral intravenous catheter (PIVC) is a small flexible tube. This is inserted into a peripheral vein for the delivery of medicines and nutritional supplements. It is widely used in the collection of blood samples for diagnostic purpose. The peripheral intraven... Read more
Ophthalmic Diagnostic Equipment Market – Insights Ophthalmic diagnostic equipment is used in the diagnosis of ocular deformities and deficiencies of the eyes such as haloes, distorted vision, eyelid abnormali... Read more
Neuro-intervention uses minimally-invasive, catheter-based approaches to treat specific diseases of the blood vessels of the head, neck and spine. The most common conditions treated with the neuro-interventional devices include strokes, brain aneurysms, fistula, and v... Read more
Facial Rejuvenation Market – Insights Facial rejuvenation is a combination of cosmetic procedures that are used to restore youthful appearance to the human face. Surgical and/or non-surgical methods are used ... Read more
Beauty Dermabrasion Equipment Market – An Innovative Tool in Dermatology Sector The beauty dermabrasion equipment is the first choice among people as it offers deep removal of acne scars wrinkles For in... Read more
I.V. dressing is basically transparent dressing used to protect I.V. sites or catheters to the insertion point and can also be used as secondary dressings. I.V. dressing allow the excess moisture while maintaining a moist wound healing environment which is necessary f... Read more
Cardiac Rhythm Management Devices Batteries Market – Insights Implantable biomedical devices batteries are used in cardiac rhythm management (CRM) devices. CRM devices are used in the treatment of cardiovascu... Read more
Contrast Media Injectors Market – Insights Contrast media injectors are devices used to administer or insert contrast media into the patient’s body to enhance visibility of tissues prior to medical imag... Read more
China Scar Treatment Market – Insights Scars are marks created on the top layer of skin during healing of damaged tissues or due to wounds. Topical products and various procedures are used for the treatment o... Read more
Automated Suturing Devices Market – Insights An automated suturing device used in suturing procedures. Suturing is a process that holds body tissues together after an injury or surgery. These devices are used... Read more
Arthroscopy Procedures and Products Market – Insights Arthroscopy is a minimally invasive procedure that is used for diagnosis and treatment of diseases and conditions such as arthritis, frozen shoulder, carp... Read more
Elastomeric Infusion Pumps Market – Insights Elastomeric infusion pumps, also known as disposable balloon pumps, are used to administer IV drugs such as local anesthetics, antibiotics, and anti-neoplastics. Th... Read more