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 : Feb 2017
Dermatology Devices – Regaining Grace without Leaving a Trace Most invasive surgical procedures often leave behind scars and vascular lesions. Aging results in loss of hair, wrinkles, and skin deteriora
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Cryoablation Devices – Rising Demand for Complex Procedures Many of the primary hepatic cancers are classified as hepatocellular carcinoma. When a cells resembling the hepatocytes aggregates and forms t
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Dental Implants Dental implants are witnessing steady growth in demand, owing to rise in geriatric population and higher inclination of the populace towards maintaining aesthetic looks. Post the invention of
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Geriatric Care Services – Ageless Care Aging increases the risk of chronic diseases such as diabetes, cardiac disorders, arthritis, and respiratory disorders that require continuous monitoring. Also, ag
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Deep Brain Stimulation Devices Deep brain stimulation (DBS) device, often described as brain pacemaker, aids in alleviating symptoms of Parkinson’s disease (PD). The device is implanted at one of the th
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Blood Processing Devices and Consumables – One Pint Saves Three Lives Blood collected from donors can be stored and transfused in an unmodified state, referred to as whole blood
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Breast Pumps – A Perfect Solution for Nursing Mothers Breast pumps are a boon for working women who cannot constantly nurse their babies due to work commitments. Commercially available types of breast p
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3D Printing – Revolutionizing the Healthcare Industry 3D printing is a rapidly emerging cost-effective technology with significant potential to transform healthcare delivery and clinical activities. This technology can be used in
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Continuous Glucose Monitoring – Live an Uninterrupted Life Diabetes is a major global concern that, as per International Diabetes Federation (IDF) data, affected around 415 million people in 2015. Effec
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Interventional Neurology – Improving outcome of neurovascular therapy Tissue plasminogen activators (tPAs) are used for treatment of stroke, aneurysms, stenosis, and vascular malformations. A stu
To Be Published : Jan 2019
A retractable needle safety syringe is a type of safety syringe that comes along with integrated safety mechanism. It is designed in such a way that protruding needle is withdrawn into the barrel of syringe after the delivery of medication/dose. After medication is ex
To Be Published : Jan 2019
Phototherapy, also known as light therapy, involves exposing the skin to ultraviolet light under medical supervision. Narrow-band UVB (NBUVB), Ultraviolet A (UVA)/NBUVB (in combination), and PUVA (psoralen + UVA) are the common types of phototherapy used. The choice o
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Cardiac implants are designed to monitor irregular heartbeats for people suffering from heart rhythm disorders. These abnormalities are caused by problems with the heart’s electrical system, which signals the heart to contract and pump blood throughout the body.
To Be Published : Jan 2019
Brachytherapy is a type of radiotherapy that is used in the treatment of various kinds of cancer. It is also known as internal radiotherapy or seed therapy. Unlike external beam radiotherapy, which delivers radiation from outside the body, brachytherapy works by preci
To Be Published : Jan 2019
Casts and splints are designed to protect and support injured or fractured joints and bones. They help to immobilize broken bones or dislocated joints in place, until fully healed. A cast is the treatment of choice in fractures where a minimal amount of swel
To Be Published : Jan 2019
Breastfeeding accessories manufacturers offer products to aid lactating mothers store breast milk to feed the baby later. Breastfeeding accessories such as breast pumps are mainly used by mothers who have irregular milk flow. Major factors contributing to growth of th
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Laboratory equipment includes important aspects in healthcare, medical and pharmaceutical research study. These equipment are getting smaller and smaller as new technologies are eliminating these equipment like series of pumps and valves which are required to store sa
To Be Published : Jan 2019
Dental prosthetics or prosthodontics is a field of dentistry concerned with diagnosing and executing dental restorative and cosmetic treatments. It deals with reconstruction of damaged teeth or replacement of missing teeth, providing complete and partial dentures, den
To Be Published : Jan 2019
Blood collection devices plays a crucial role in the patient treatment. For the treatment, blood samples are collected to measure the basic metabolism components such as blood urea nitrogen, sodium, potassium, creatinine, magnesium, chloride, and also used to measure
To Be Published : Jan 2019
Diabetes insulin pens are advanced forms of prefilled insulin syringes and pen needles that are used to inject insulin in the body of patients suffering from type-1 diabetes. These pens usually consist of an insulin cartridge that acts as an insulin reservoir and a di
To Be Published : Jan 2019
Orthopedic prosthetic devices are defined as external medical devices that substitute a missing skeletal part. Orthopedic prosthetics are a vital components for rehabilitation of injured or harmed skeletal system, associated musculature and joints. These devices are m
To Be Published : Jan 2019
Mannequins are replica or dummy models used as virtual patients in the hospital and medical education. Mannequin is a technique for medical simulation, which aims to train medical specialist and professionals to reduce the risk of adverse accidents during general prac
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Heat and cold therapy is a non-invasive and non-addictive pain relief therapy used for muscle relaxation, improving blood circulation, and reducing swelling. Heat and cold therapy is the most effective, inexpensive, and rapid relief treatment therapy. Different types
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To Be Published : Jan 2019
Endometrial ablation is process that facilitates the destruction of endometrium or thin layer of the uterine wall, in context to treat abnormal heavy uterine bleeding if not controlled with any means of medication. Endometrial ablation is not recommended in women with
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X-ray equipment in healthcare is mainly used for imaging of bone structures, tumors, and breast cancer during surgeries, for detecting fractures in bones and teeth, as well as detecting pneumonia. Increasing prevalence of fractures due to osteoporosis, orthopedic diso
To Be Published : Jan 2019
Hypodermic needles are hollow needles that are attached with hypodermic syringes for injecting saline solution or solution containing liquid medicines and drugs. These needles are also useful in extraction of fluids such as blood from the body. Hypodermic needles can
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Optogenetics is an emerging medical technique, which involves the use of light to control cells in living tissues, especially neurons to help study the characteristics of normal and abnormal brain function. Optogenetics is an emerging field of biotechnology trending a
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