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
Pharmacy automation is a mechanical process where handling and distribution of medications takes place in hospital pharmacy or at retail pharmacy. It includes any pharmacy task that involves counting of small objects such as tablets or capsules, measuring and mixing o
To Be Published : May 2018
Stairlifts are the mechanical devices that is use to lift people up and down over the staircase which runs along a rail or track in home care settings or healthcare facilities. Stairlifts are also known variously as chair lifts or stair gliders. Stairlifts are motoriz
To Be Published : May 2018
When a coronary artery is narrowed by the accumulation of fatty acids, also known as plaque, the blood flow to heart is reduced which result in the chest pain and if the blockage increases the blood flow to the heart is further reduced and might lead to cardiac arrest
To Be Published : May 2018
Carbon nanotubes (CNTs) are cylindrically shaped structures with diameter of one-billionth of a meter, which is 100 times stronger and just one-sixth as heavy as steel. The high strength and low weight combined with physical flexibility is the most noteworthy property
To Be Published : May 2018
Fundus camera is a specialized device with low power microscope, with an attached camera used to observe the fundus part. Its optical design is based on the indirect ophthalmoscope. Fundus camera involves capturing photographs of the back of the eye, which is called a
To Be Published : May 2018
Pulse oximeter is a noninvasive device used for monitoring a person’s oxygen saturation (SO2). In its most common application mode, a sensor device is placed on thin part of the patient body, which is usually a fingertip or earlobe in adults and in ca
To Be Published : May 2018
Fetal monitoring devices are used to monitor the heart rate and movement of the fetus and maternal contractions. In medical terms, fetal monitoring is imperative to constantly monitor health of the unborn baby and ensure a safe birth. Fetal monitoring measures the hea
To Be Published : May 2018
Pulmonary artery catheterization, also called Swan-Ganz catheterization, is the procedure which involves insertion of catheter into the right side of the heart and to the arteries that lead to the lungs. It is used in the diagnosis of problems such as to determine the
To Be Published : May 2018
Walking assist device are designed for people suffering from leg injury, also for the people who are unable to walk by their own due to weak leg muscles. These devices are also used by people who face problem of body balance during walking due to nervous system diseas
To Be Published : May 2018
An excimer laser, or exciplex laser, is an ultraviolet form of laser. Excimer laser devices find application in eye surgery, production of microelectronic equipment, micromachining, and manufacturing of semiconductor based integrated circuits or chips. An excimer lase
To Be Published : May 2018
Air abrasion is the use of abrasive particles like aluminum oxide at a very high pressure to abrade and occasionally remove the dentin and enamel. Air abrasion is an expertise that was invigorated in the early 1990. Throughout its restoration, it was profoundly promot
To Be Published : May 2018
Knee implantation is a surgical procedure involving the replacement of the damaged bone and cartilage of the knee with artificial implants to recreate the surface of the joint. Knee implant components are generally made up of ceramic materials, metal alloys, or strong
To Be Published : May 2018
Lithotripsy is a procedure that uses ultrasound shock wave to break stones in the kidney and in other organs such as gallbladder, liver, and urethra. Kidney stones occur when substances such as urine crystallize in kidney forming stones or solid mass, which does not a
To Be Published : May 2018
Shock wave therapy also called extracorporeal shock wave therapy (ESWT) is a non-invasive treatment that is used in wide areas of medical field that includes physical therapy, orthopedics, cardiology, and urology. Shock wave therapy is an alternative treatment for ort
To Be Published : May 2018
Medical suction devices are important part of procedure followed in healthcare industry. It is essential for clinicians to have the reliable, accurate and safe medical suction devices in the hand. The accurate medical suction devices provide controllable suction level
To Be Published : May 2018
Sterilization devices are of a significant value as they ensure the absolute destruction and elimination of all forms of microbes. Autoclave is a majorly used sterilization device as it uses high temperature steam to sterilize a variety of solids and liquids. It is an
To Be Published : May 2018
Magnetic resonance Imaging (MRI) is an advanced medical imaging technique employed to image the anatomy and physiological processes in the body of an individual. These images are formed by MRI scanners using high power magnets, strong magnetic fields, radio waves and
To Be Published : May 2018
Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. These devices are used to examine unusual symptoms and to perform surgery. Such as device comprises a flexible tube with an attached camera, which allow
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