Medical Devices

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.

Challenges

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.

Conclusion

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.

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Medical Devices Published Insights

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Coherent Market Insights Implant And Prosthesis Fastener Market

Published Date : Aug 2023

Medical implants are devices or tissues that are placed inside or on the surface of the body. Many implants are prosthetics intended to replace missing body parts. Other implants deliver medication, monitor body functions, or provide support to organs and tissues. Ski... View more

Coherent Market Insights Us Hearing Protection Devices Market

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Coherent Market Insights Spot Vision Screener Market

Published Date : Aug 2023

A spot vision screener is a handheld, portable device designed to help users quickly and easily detect vision issues on patients from 6 months of age through adult. Spot screens both eyes at once from a non-threatening 3-foot distance. The touch-screen display allows ... View more

Coherent Market Insights Dental Air Polishing Unit Market

Published Date : Aug 2023

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Coherent Market Insights Disposable Gloves Market

Published Date : Aug 2023

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Coherent Market Insights Restorative Dentistry Market

Published Date : Jul 2023

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Coherent Market Insights Surgical Instrument Tracking Market

Published Date : Jul 2023

Surgical instrument tracking system helps healthcare providers worldwide gain access to surgical equipment or instruments and leads to reliable and time-saving procedures. The system also helps enhance tool governance to decrease the need for instant steam sterilizati... View more

Coherent Market Insights Rfid In Healthcare Market

Published Date : Jul 2023

Radio-frequency identification (RFID) also referred to as RFID transponder is a technology used for automated identification of objects, animals, vehicles, people, and other materials. RFID is a system based on wireless technology (non-contact system) used for automat... View more

Coherent Market Insights Latin America Oncology Device Market

Published Date : Jul 2023

Oncology devices are a wide range of medical devices used in the treatment of cancer. Oncology devices are in-vitro diagnosis and combination device products used in screening, diagnosing, treating, and monitoring premalignant and malignant conditions in patients. Dia... View more

Coherent Market Insights Eeg Disposable Medical Electrodes Market

Published Date : Jul 2023

EEG refers to an electroencephalogram (EEG), which is a test that measures electrical activity in the brain using small, metal discs (electrodes) attached to the scalp. Brain cells communicate via electrical impulses and are active all the time, even while asleep. EEG... View more

Coherent Market Insights Us Implantable Medical Devices Market

Published Date : Jul 2023

The U.S. implantable medical devices market is a vital component of the healthcare industry, encompassing a wide range of devices that are designed to be implanted in the human body for therapeutic or diagnostic purposes. These devices play a crucial role in improving... View more

Coherent Market Insights Medical Laser Systems Market

Published Date : Jul 2023

Medical Laser Systems are used in cosmetic surgery, refractive eye surgery, dental procedures, and general surgery such as tumor removal, cataract removal, breast surgery, plastic surgery, and most other surgical procedures. Increasing prevalence of ophthalmic disorde... View more

Coherent Market Insights Pulmonary Drug Delivery Systems Market

Published Date : Jul 2023

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Coherent Market Insights Traditional Wound Management Market

Published Date : Jul 2023

Traditional wound care involves the use of gauze, lint, and cotton dressings. The use of traditional wound dressing materials can be traced back to ancient Egypt, where they were extensively used, materials can be traced back to ancient Egypt, where they wer... View more

Coherent Market Insights Surgical Equipment Market

Published Date : Jul 2023

Surgical equipment are handheld instruments that are used by clinicians for performing various surgical tasks. There are various types of surgical equipment used in a surgical procedure such as scalpels, forceps, scissors, retractors, clamps, and others. These equipme... View more

Coherent Market Insights Pain Management Devices Market

Published Date : Jul 2023

Pain management devices include those for cancer pain, nociceptive pain, musculoskeletal pain, and others. There are many different kinds of pain treatment equipment on the market, including ablation devices, transcutaneous electrical nerve stimulators, analgesic infu... View more

Coherent Market Insights Metal Non Covered Biliary Stent Market

Published Date : Jul 2023

A biliary stent is a metal or plastic tube that is inserted into a duct or lumen to keep the passage open. The metal biliary stent is a flexible metallic tube that is designed to hold the blocked bile duct open. These stents have numerous applications such as leaking ... View more

Coherent Market Insights Medical Device Connectivity Market

Published Date : Jul 2023

Medical device connectivity refers to linking medical devices to electronic medical records (EMRs) to facilitate the exchange of data, while medical device integration involves integrating medical devices into a hospital's existing technology infrastructure. There are... View more

Coherent Market Insights Gcc Medical Gloves Market

Published Date : Jul 2023

Medical gloves are used to lessen the danger of infection of health-care employees fingers with blood and different frame fluids and to lessen the danger of germ dissemination to the surroundings and transmission from the health-care employee to the patient. Medical g... View more

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