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.

Insights are not available.
Coherent Market Insights
Angioplasty Balloons Market - Global Industry Insights, Trends, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Angioplasty balloon is a medical device that is used for surgical widening or unblocking of a blood vessel, especially a coronary artery. A noticeable increase in health conditions have been is observed due to some factors that cause heart related diseases such as obe

Coherent Market Insights
Neurorehabilitation Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Neurorehabilitation is a well-elaborated therapist-supervised medical procedure, which aims at recovering a nervous system injury resulting from non-functional to functional nervous system and improving the well-being of a person. World health organization (WHO) surve

Coherent Market Insights
Knee Cartilage Repair Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Cartilage is a tough and elastic material, which acts as a connective tissue present in various parts of the body. Knee cartilage is a fine, elastic cushion-like tissue holding together the bones of knee joints. The knee cartilage is integral to the body as it he

Coherent Market Insights
Surgical Microscopes Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

A surgical microscope is an electrically or mechanically operated optical microscope designed for use in surgical settings for performing microsurgeries. The combination of lenses provide stereoscopic vision, magnification ranging from 4x–40x, and illuminated im

Coherent Market Insights
Drug for Abuse Testing Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Drugs for abuse testing device offer testing methods to detect drugs present in the human body by analyzing saliva, blood, urine, and sweat. The drug for abuse testing devices market comprises kits and devices, which help in measuring drug intake. Tests can be conduct

Coherent Market Insights
Dental Compressor Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Dental compressors are devices that pressurize atmospheric air for use in various dental procedures. The quality of compressed air depends upon the inlet air and the air quality inside the compressor. Mostly dental compressors deploy a dryer to eliminate moisture. Den

Coherent Market Insights
Contact Lens Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

A contact lens is a medical device used for cosmetic and therapeutic reasons, primarily for vision correction. Contact lens provides enhanced peripheral vision as it does not accumulate moisture from the atmosphere. The vast variety and affordability of contact lens m

Coherent Market Insights
Radiofrequency Ablation Device Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Radiofrequency ablation device is an electrical conduction system that utilizes high frequency alternating current to convert electromagnetic energy into heat energy. Radiofrequency ablation is a minimally invasive technique to treat medical conditions like cancer tum

Coherent Market Insights
Patient Handling Equipment Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Patient handling equipment is an assistive devices allowing the hospitalized patients to transfer to other places who lack the strength to control the body movements. Patient handling equipment’s are specially designed in helping the patients in hospitals, nursi

Coherent Market Insights
Interventional Cardiology Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2026 – 2026

To Be Published : Aug 2018

Interventional cardiology is the branch of cardiology that specifically deals with catheter based treatment of heart diseases, such as congenital heart defect (CHD), coronary artery disease, and aneurysm. This involves insertion of the catheter into femoral artery or

Coherent Market Insights
Medical Disposables Market — Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Medical disposables are products that are used in hospitals or in various medical fields for prevention of infections and for safety measures to meet the medical standards. The medical disposables are important to lower the risk of cross-contamination and infections t

Coherent Market Insights
Ophthalmic Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Ophthalmology refers to a branch of medical sciences that deals with the structural and functional defects of the eye. Ophthalmic devices are medical devices used in the treatment and identification of certain ocular deformities and deficiencies of the eyes. The globa

Coherent Market Insights
Urine Collection Bags Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Urinary collection bag is a medical product that helps in collecting urinary output, which is required for long term medical care or urinalysis, which includes detection of urinary tract infection. Urinary collection bags are required when a patient is admitted to hos

Coherent Market Insights
Cyber Knife Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Cyber knife is a non-invasive, painless robotic radiosurgery system used in the treatment of brain tumors such as malignant, and non-malignant tumors. It is also considered to be a radiosurgery device that do not require frame for targeting. It is also known as the sy

Coherent Market Insights
Guidewires Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Guidewires are flexible and thin tubes that guide a catheter for placement in the diseased organ. Guidewires are used to open the target vessels, cross lesions and provide definitive interventional therapy to patients. Guidewires are the crucial components of vascular

Coherent Market Insights
Medical Bionic Implants Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Medical bionic implants are special type of devices made with the help of biological methods and systems found in nature the best known example is cochlear implant, a device for deaf people that is implanted in the human body. Medical bionic implants function same as

Coherent Market Insights
Non-invasive Prenatal Testing (NIPT) Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Non-invasive prenatal testing is a DNA test on maternal blood to screen pregnancies for the most common fetal chromosome anomalies such as trisomy 21 that is Down syndrome, trisomy 18 Edwards syndrome and trisomy 13 Patau syndrome. Whereas NIPT can also determine the

Coherent Market Insights
Medical Sensors Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

To Be Published : Aug 2018

Medical sensors that measure the physical functions of the body and convert it into an electrical or optical signal. These devices play a major role in the monitoring of chronic diseases such as cancer, cardiovascular and respiratory diseases to measure the physical f

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

Coherent Market Insights Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.