The convergence of information technology with medical devices is transforming the landscape of patient care. Integration of medical devices with mobile applications for monitoring and diagnosis of disease conditions can reduce 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 cost and time required for tests. Growth of the medical devices market has been influenced by technological innovations and patient focused care.
One of the challenges faced by medical devices companies is integrating rapidly evolving technologies with existing products in order to maintain a competitive advantage in the market. 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 were planning to spend over 6% of their revenue on R&D till 2017. Moreover, new regulatory requirements and fierce competition are posing a challenge for companies operating in this sector. The new Unique Device Identification (UDI) guidelines introduced in 2014 will help stakeholders save costs.
Home Healthcare Devices to Fuel Market Growth
Self-medication practices are also driving demand for home healthcare devices. The launch of glucose monitors, insulin delivery devices, oxygen concentrators, and nebulizers has improved access to healthcare in emerging countries. The increasing awareness about lifestyle disorders among the populace, in addition to advent of new technology has led consumers to adopt more sophisticated devices to self-monitor their health conditions. Furthermore, these devices are convenient to use, and save time and healthcare costs. However, app-based devices are facing challenges with respect to obtaining approvals from regulatory authorities such as the FDA.
Growth in Emerging Economies
North America dominates the global medical devices market, however Asia Pacific and Latin America regions are projected to exhibit significant growth in the forthcoming years. Factors such as rapidly expanding patient pool, rising healthcare spending, and increasing health awareness in these regions are expected to create opportunities for manufacturers of medical devices to expand their operations to these markets. However, market players may need to adopt distribution, manufacturing and business strategies tailored to these regions to ensure a successful foray. Strategic mergers and acquisitions with regional and local players is likely to help companies operating on a global scale to strengthen their product portfolio and market presence.
The way healthcare is delivered, accessed and perceived is changing due to introduction of novel medical devices. As regulatory requirements change and evolve, medical device manufacturers need to understand the implications and be operationally and technologically equipped. Companies also need to ensure that they have the right competencies to keep up with increasing competition and regulations, and assess their impact. Key players operating in this market are 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.
Global Scoliosis Management Market – Global Industry Insights Scoliosis is a medical condition that causes an abnormal curve of the backbone or spine. It is mostly diagnosed in early adolescence or in c... Read more
Asia Pacific Breast Implants Market – Insights Breast implants are medical devices that are used to augment the size of the breasts, either for cosmetic or reconstruction purposes, following mastectomy or t... Read more
Cardiac Pacemaker Market – Insights Cardiac pacemaker is a medical device placed in the chest to control abnormal heart rhythm of the patient by using electrical pulses, which prompt the heart to contra... Read more
Liquid Handling Systems Market – Insights Liquid handling systems range from simple volumetric pipettes to robotic assisted liquid handling workstations integrated with cloud-based software, which are s... Read more
Cervical Total Disc Replacement Devices Market Insights Degenerative disc disease worsens with increasing age and reduces the moving ability of the human body. Increasing prevalence of degenerative disc dis... Read more
Alcohol Breathalyzer and Drug Testing Equipment Market – Insights Alcohol and drug testing equipment are used to test the level of intoxication caused by alcohol and drug in the body. Some of the equipment us... Read more
Electric Wheelchair Market Insights Increasing prevalence of physical disability is expected to increase demand for mobility solutions such as wheelchairs, which in turn would contribute to growth of the elec... Read more
Global Bioelectric Medicine Market– Insights Bioelectric medicine has different treatment therapy that is based on electrical pulse instead of drug trigger therapy. Bioelectric medicine develops nerve s... Read more
Single-use Bioprocessing Systems Market – Insights Single-use bioprocessing system is a disposable bioprocessing process in which the systems such as disposable bioreactor, single-use bags, and disposab... Read more
Life Science Microscopy Devices Market – Insights In the field of drug development and research, use of microscopy devices for studies have become important to avoid failures and repetitions. Moreover, ... Read more
Market Insights-Endoscopes Market Endoscopes are medical devices used in endoscopy procedure to observe and treat the internal organs. Endoscopy is minimal invasive procedure in which endoscope is placed insi... Read more
Non-Invasive Biosensor Market - Insights Biosensors are electronic devices, which uses biological molecules such as enzymes, proteins, or antibodies for the detection and measurement of any substance or chemi... Read more
Surgical Navigation System Market – Insights Surgical navigation is a method to guide surgery with the help of medical images as the guidance map. Surgical navigation system aims at maximization of the ... Read more
Veterinary Infusion Pump Market - Global Industry Insights Controlled analgesia veterinary infusion pumps are commonly used in healthcare settings and are widely used to transfer medications, nutrients, and f... Read more
Pressure ulcer is a localized injury of the skin and/or underlying tissue resulting from an external mechanical load by the body, applied to soft biological tissues. Body pressure has been recognized as the most important extrinsic factor involved in the development o... Read more
EEG Devices Market – Insights Electroencephalography (EEG) is a neurological test that is used to measure and record electrical activities in the brain. The test is used in the diagnosis of various neurologic... Read more
Global Implantable Cardiac Pacemaker Market – Global Industry Insights Since the evolution of implantable cardiac pacemakers, cardiac pacing devices are extensively used to treat bradycardia (delayed or... Read more
Global Personal Mobility Devices Market – An Aid for Disabled People Personal mobility devices play a major role in advanced healthcare, as it aid in mobility of the disabled people and enhance the independent living. The devices ... Read more