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.
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Electrocardiograph machines are used to measure the electrical activity of a patient’s heart. The electrical activity of the heart is recorded with the help of 12-lead ECGs and 10 electrodes placed on patient’s limbs and surface of the chest. Furthermore,
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Nurse call system allows patients in health care settings to alert a nurse or any other health care staff, in case assistance is required. Some nurse care systems allow patients to speak directly to the staffer, some buzz at the station, while others simply beep, requ
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HbA1c test is used to screen and diagnose for diabetes and prediabetes in patients. Hemoglobin molecule from the blood cell sticks to the glucose that gives rise to glycosylated hemoglobin molecule termed as hemoglobin A1C (HbA1C). Patients with high glucose level hav
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Immunoassay Instruments are bioanalytical devices used to perform automated biochemical tests for the detection of various substances or specific proteins in the samples. The immunoassay instruments, also known as analyzers are used in hospitals and clinical laborator
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Intracranial pressure is the pressure inside the skull that might increase due to rise in pressure of cerebrospinal fluid or it may be due to rise in pressure within the brain. Intracranial pressure might arise due to a brain tumor, fluid around the brain or bleeding
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Holter monitor is a battery-operated portable device that measures and records cardiac activity for 24 to 48 hours. Holter monitors device are used to detect and analyze cardiac arrhythmia, atrial fibrillation, and bradycardia. The device has silver dollar-sized elect
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In recent years, management of chronic pain by intrathecal delivery is gaining importance. Intrathecal pumps allow precisely controlled and sustained release of medication in the human body to get rid of various chronic conditions namely cancer pain and multiple scler
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Dermatology is the branch of science, which deals with skin and its appendages such as nails, hairs, sweet glands, and among others. Primary skin care and skin hygiene is the major concern of urbanization. Polluted environment leads to number of skin allergies and tri
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Snoring is the vibration of respiratory structures which results in sound while sleeping. It is a sleeping disorder caused due to monotonous narrowing and collapsing of the upper airway. Snoring have various adverse effects on health include coronary artery disease, s
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Rehabilitation robotics and assistive technologies allow for use of robotic devices for rehabilitation of patients suffering from mobility issues. Robotic rehabilitation and assistive technologies allow for application of robotics in therapeutic procedures to help wit
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Transcatheter aortic valve implantation (TAVI), also referred as transcatheter aortic valve replacement, or percutaneous valve replacement is a minimally invasive procedure that repairs the functionality of the old and damaged valve. The aortic valve allows the blood
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Syringes are medical devices used to inject fluid or withdraw fluid from the body. A medical syringe consists of a needle attached to a hollow cylinder that is fitted with a sliding plunger. They are mainly made from plastic and disposables and are majorly u
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3D printing, also known as additive manufacturing, refers to addition of successive layers of raw material to produce objects forming three-dimensional file. In medical terms, 3D printed medical implants allow surgeons in surgery by implantation of biological objects,
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Wearable sensors are the devices that collect information about biological and physical properties of body and environment by the sensors present in wearable devices. This information is utilized further to measure the output information of body. Sensors are implement
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Vaccines are biological substance that protect humans from infections caused by bacteria and viruses. The different types of vaccines include live/attenuated vaccine, inactivated/killed vaccine, toxoid vaccine, and conjugate vaccine. Vaccines are administered through
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Cardiac ablation catheterization is a minimally invasive procedure for the diagnosis and treatment of congenital heart defects. Catheter ablation is a process employed to selectively destroy the areas of heart causing heart rhythm problems. Flexible thin wires called
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Bioabsorbable stents are the new advancements in the stents technology also termed as bioresorbable stents or biodegradable stents. It is the device which is inserted into the blood vessel or internal duct to expand the blood vessel preventing its blockage. Traditiona
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Medical catheters are thin tubes made from medical grade materials. They can be inserted into a body cavity mainly to allow the administration of fluids, medications, gases, and to drain out fluids or urine from the body. Catheters can be used to treat neurologi
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