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.
To Be Published : May 2018
Blood pressure monitors are used to measure blood pressure of patients in hospitals, who are critically ill or are going to be operated of any surgical procedure. Blood pressure monitors are present in operating room, intensive care units, surgical recovery rooms, eme
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Hospital stretcher is an apparatus used for moving patients who require medical care. Hospital stretcher have evolved in healthcare industry as a multipurpose device. These are still transforming to provide better comfort to patients and convenience and ease for careg
To Be Published : May 2018
Hyperbaric oxygen therapy (HBOT) devices are used to deliver 100% pure oxygen to tissues in the body under high atmospheric pressure. During HBOT, the pressure is increased to three times the normal atmospheric pressure, creating high amount of partial pressure of oxy
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Teleradiology is a method used to transmit medical radiological images such as x-rays, CTs, and MRIs, from one location to another location. The purpose of this transmission of medical images is to enable easy viewing and interpretation for diagnostic or consultation
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Wound care market has witnessed various technological advancements and emerged as a standard solution to treat acute and chronic wounds. Conventional measures of wound care management are being rapidly replaced with advanced wound measure products due to the effective
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Nebulizers are drug delivery devices that are used to administer medicines in the form of a mist inhaled into the lungs. This drug delivery method helps in the administration of drugs such as corticosteroids, bronchodilators and anti-inflammatory medications. Ne
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Compression therapy involves the use of specifically designed stockings that are used to increase the blood flow activity in the limbs or other parts of the body by strengthening vein support. Compression garments provides a certain amount of graduated pressure that h
To Be Published : May 2018
Cosmetic Implants are substances placed under the skin or over the body to modify the beauty and physical appearance of an individual. Cosmetic implants are the specially designed medical devices which help individuals regain their appearance and aesthetically replace
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Cannula is a thin tube which is inserted in to the human body veins or body cavity to introduce medication, removal off fluid or to insert the surgical instrument. Cannula is usually surrounded by the trocar needle with inner and outer surface, which allows puncturing
To Be Published : May 2018
Breath analyzers are medical devices that are used to detect various compounds from exhaled breath of an individual. Breath analyzer mostly used to detect the blood alcohol content though it can also be used to detect the drugs, tuberculosis, asthma, and other disease
To Be Published : May 2018
Blood gas analyzers and electrolyte analyzers are sued to measure parameters of combinations of pH, blood gas, electrolytes, and metabolites from whole blood samples. The pH value of blood and plasma or serum is an indicator of the balance between the renal (kidney),
To Be Published : May 2018
Anesthesia is a state in which a person has temporary induced loss of sensation or awareness provided by the anesthesia devices. Anesthesia device provide accurate and continuous supply of medical gases mixed with an accurate concentration of anesthetic vapor. Anesthe
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Apheresis is a procedure of blood purification and blood component separation by using centrifugation or membrane filtration technology. This procedure is performed for blood donation component or for the treatment of disease. In this procedure, the blood is extracted
To Be Published : May 2018
Biological safety cabinet is an enclosed and ventilated laboratory workspace for laboratory operators to safely work with contaminated or biohazard materials. Biological safety cabinets can be classified on the basis of air flow pattern, velocities, construction, and
To Be Published : May 2018
Extracorporeal shock wave lithotripsy is a non-invasive treatment for kidney stone and biliary calculi, using an acoustic pulse and are also used for salivary stones and pancreatic stones. The lithotripter supplies a high intensity acoustic pulse to crush the stone ca
To Be Published : May 2018
Medical gloves are hand gloves worn by surgeons during surgical procedures. These medical gloves help to avoid contamination, infection and entry of microorganisms and bacteria during surgical procedure, chemotherapy and during medical examinations. They are made from
To Be Published : May 2018
Fluoroscopy is an imaging technique that uses X-Ray technology for taking real-time images of the body, allowing physicians to visualize internal organs, muscles, and bones. This provides doctors with critical insights about the target body part, imperative to ensure
To Be Published : May 2018
Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. This bags are most probably used in hospitals for the maintenance of ste
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