closeButton

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.

Read More

Medical Devices Published Insights

Coherent Market Insights

Sample Preparation Market, by Product Type (Reagents & Kits, Instruments), By Application (Research Application, Diagnosis), by End User (Pharmaceuticals and Biotechnology Companies, Pathology & Diagnostic Laboratories, Academics & Research Laboratories), and Geography - Global Trends, and Forecast to 2025 ...

Published Date :May 2018

Sample Preparation Market – Insights Increasing interest in developing quick, cost-effective, and environmentally friendly sample preparation techniques, lead to develop new methods which will eventuall... Read more

Coherent Market Insights

Hemostasis & Tissue Sealing Agents Market, by Product Type (Topical Hemostats & Adhesives & Tissue Sealing Agents), by End User (Hospitals, Ambulatory Surgical Centers & Home Care Settings) and by Region - Global Industry Insights and Forecast to 2025 ...

Published Date :May 2018

Global Hemostasis & Tissue Sealing Agents Market – Save Blood, Save Life Hemostasis is a physiological processes, which maintains fluidity of blood by preventing blood loss from body. Hemostasis is ... Read more

Coherent Market Insights

Polymerase Chain Reaction Market, by Product Type (Instrument (Real Time PCR, Digital PCR, Others) Reagents and Consumables)), by End User (Clinical Diagnostics, Academic and Research Laboratories, Forensic Laboratories, Others) - Global Industry Insights, and Forecast to 2025 ...

Published Date :Apr 2018

Polymerase Chain Reaction Market – Insights Polymerase chain reaction (PCR) is extensively used for DNA amplification technique. It generates thousands to millions of copies of a particular DNA sequence... Read more

Coherent Market Insights

Patient Positioning Devices Market, by Product Type (Table, Accessories, and Others), by Application (Surgeries, Therapeutics, and Diagnostics), by End User (Hospital, Diagnostic Laboratories, Ambulatory Surgical Centers, and Others) and by Region - Global Trends, and Forecast to 2025 ...

Published Date :Feb 2018

Patient Positioning Devices Market – Offer Patient Comfort and Streamline Workflows Patient positioning devices are used in various surgical and diagnostics procedures for patient's safety and surgeon's... Read more

Coherent Market Insights

Non-vascular Stents Market, by Product Type (Urological Stents, Gastrointestinal Stents, Pulmonary Or Airway Stents, Others) and by Region - Global Trends, and Forecast to 2025 ...

Published Date :Feb 2018

Non-vascular Stents Market – Minimally Invasive Management of a Wide Variety of Circulatory Disorders Non-vascular stents are a family of devices used for a variety of applications, including esophagea... Read more

Coherent Market Insights

Vascular Closure Device Market, by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral, and Radial), By Hole Size (Small Hole, and Large Hole) By End User (Hospital, Ambulatory Surgical Centers, and Others) and by Region - Global Trends, and Forecast to 2025 ...

Published Date :Feb 2018

Vascular Closure Devices Market Insights Vascular Closure Devices (VCDs) are medical devices used to achieve vascular hemostasis after the puncture of femoral artery during diagnostic angiography procedures o... Read more

Coherent Market Insights

Disposable IV Therapy Products Market, by Product Type (Intravenous Sets, Infusion Pumps, Needleless Connectors, Other Products), by End User (Hospital, Clinics, Home Healthcare) and by Region - Global Trends, and Forecast till 2025 ...

Published Date :Feb 2018

Disposable IV Therapy Products Market – Drug Administration Devices Intravenous (IV) therapy products are essential for most of the medical procedure. These supplies allow the convenient and safe admini... Read more