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.
Wheelchairs Market Wheelchair is used for mobility purpose by the disabled person or a person who is unable to walk post injury or certain illness. Wheelchairs are available in two types, which are manual whe... Read more
Ultrasound Devices Market– Insights The trend of continuous technological innovations and developments in ultrasound devices provide new edge to diagnostic imaging. Imaging plays an important role in di... Read more
Needle-free IV Connectors Market – Insights The manufacturers of needle-free IV connectors are engaged in developing innovative products for the consumers. Manufacturers such as Becton, Dickinson and Co... Read more
Braces are orthopedic products designed to relieve pain in the upper and lower extremity of the body. These also help in recovering from injuries and improve daily life. There are various type of materials used to make braces such as metal, plastic, and fiber glass.... Read more
Hearing Aids Market – Insights Hearing aids are sound amplifying devices that are used to treat hearing impairment. It is an electronic device that comprises various components such as microphone, ampli... Read more
Arthroscopy Devices Market – Insights A procedure for diagnosing and treating internal body parts is known as arthroscopy, and the devices used for examination are known as arthroscopy devices. Arthrosc... Read more
Ambulatory Blood Pressure Monitors Market – Insights Ambulatory blood pressure monitors (ABPM) market is expected to witness increasing demand owing to the increasing demand for self-health monitoring d... Read more
Gamma Knife Market – Insights Gamma knife is a highly focused radiation therapy for brain or spinal cancer involving a single treatment high-dose radiation. Cyberknife treats cancer anywhere in the body... Read more
Enteral nutrition, also known as tube feeding, is a technique to deliver nutrients through a tube, if a patient cannot swallow. Depending on the entry point of the tube in the body, enteral nutrition is classified in the following ways: nasogastric tube and gastrostom... Read more
Light Therapy Market – Insights Light therapy is used for the treatment of seasonal affective disorder (SAD) and certain other conditions such as circadian rhythm sleep disorders and skin diseases by exposu... Read more
Digital Pathology Market – Insights Digital pathology, also known as ‘virtual microscopy’, is a dynamic, image-based environment that enables the acquisition, management, and interpretation of pat... Read more
Contraceptives can be used after sex to stop a pregnancy before it starts. There are two main types of emergency contraception: Emergency contraceptive pills (ECPs) and copper T intrauterine device (IUD). The global contraceptives ... Read more
Varicose Veins Treatment Market – Insights Varicose veins, also known as varicosities or varicoses, is a condition caused due to enlargement of veins. The veins appear blue or dark purple in color and are s... Read more
Bone Glue Market Insights Osteoporosis is a common cause for bone fractures and its prevalence gradually increases with age. For instance, according to the National Center for Biotechnology Information, the p... Read more
Reprocessed Medical Devices Market – Insights Increasing hospital expenditures on medical devices and high amount of medical wastage produced in day to day practices is a major burden globally. To add... Read more
Pressure Bandages Market – Life Savors Post Serious Injuries Pressure bandages is an important first-aid technique used in the medical settings after a serious injury to assist healing. The pressure ban... Read more
Respiratory Inhaler Market -- Insights Respiratory inhaler are used to inhale medicines that are important part of the treatment for chronic lung diseases. There are several products that deliver medicine directl... Read more
Hernia Repair Devices and Consumables Market Insights Hernia is bulging of an organ or tissue. It occurs when an organ or any other body part protrudes through the wall of tissue or muscle of organs. Symptoms... Read more