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.
Published Date : Feb 2018
Atherectomy Devices Market Insights Atherectomy devices are indicated for removing plaque and thrombus from diseased arteries. Atherectomy devices are used in effective treatment of both coronary and peripher
Published Date : Feb 2018
Low Temperature Sterilization Equipment Market – Advancing Sterilization Solutions Low temperature sterilization is an effective means to exercise heat and moisture sensitive surgical instrumentation, g
Published Date : Feb 2018
Radiotherapy Market – Insights Radiotherapy, also known as radiation therapy, uses ionizing radiations that deliver targeted beams of radiation to kill and destroy cancer cells. The advanced technology
Published Date : Feb 2018
Global Fetal and Neonatal Care Equipment Market - Insights Fetal and neonatal care products are used for assessment and treatment of newborn babies. Fetal care equipment include devices, which help in monitor
Published Date : Feb 2018
Surgical Staplers Market – A Rapid Wound Closure Device Surgical staplers are used as a substitute to sutures for closing wounds post-surgery, as they are typically faster to apply than suturing. Moreov
Published Date : Feb 2018
Breast Implants Market – Insights Breast implants are artificial surgery prosthesis made of either silicone gel, silica or saline solutions. The procedure for breast implantation, also known as breast a
Published Date : Feb 2018
Respiratory Devices Market – Breathing Life into Critically ill Patients Respiratory devices are used to mechanically supply respiratory gas or oxygen to the patients with impaired respiratory function
Published Date : Feb 2018
Diabetes Monitoring Devices Market – Pledging Towards a Diabetic Free World Diabetes is referred as group of metabolic diseases wherein patient suffers from varying levels of glucose either due to inade
Published Date : Feb 2018
Global Tumor Ablation Devices Market - Insights With the robust development of imaging devices and modalities during past two decades, image guided techniques like tumor ablation has become a powerful tool fo
Published Date : Jan 2018
Medical Ceramics Market - Insights Medical ceramics are products that aid in repairing or replace musculoskeletal hard connective tissues. These are primarily used in dental and orthopedic applications, mainl
Published Date : Jan 2018
Digital Pregnancy Test Kits Market - Insights Pregnancy test kits quantify hormones such as human chorionic gonadotropin (hCG), present in our blood or urine samples, to determine whether a woman is pregnant
Published Date : Jan 2018
Global Coagulation Analyzers Market - Insights Coagulation analyzer is a system used to measure coagulation studies such as APTT (Activated Partial Thromboplastin Time), PT (Prothrombin Time), TT (Thrombin Ti
Published Date : Mar 2018
Spinal Fusion Devices Market - Insights Spinal fusion devices are used to provide stability to spinal structure, which has lost stability due to a fracture, degenerative disorders of the spine, trauma, tumors
Published Date : Jan 2018
Wound Closure Market Driven by Technological advancements and Strategic Collaborations among the Key Players Wound is circumscribed injury caused by an external force, which involves injury to any tissue or
Published Date : Jan 2018
Benign Prostatic Hyperplasia Surgical Devices Market Insights Benign prostate hyperplasia (BPH) refers to the non-cancerous enlargement of prostate. The treatment option depends on various factors such as age
Published Date : Jan 2018
Battery systems consists of one or more storage batteries and battery chargers, and includes inverters, converters, and associated electrical equipment. As instruments are increasingly becoming computerized and mobile, systems’ performance and reliability depend
Published Date : May 2018
Distraction Osteogenesis Devices Market – Lengthen Your Bones Distraction osteogenesis (DO), also called callus distraction, callotasis, osteodistraction, and distraction histogenesis is a surgical proc
Published Date : Dec 2017
Orthopedic Power Tools– A boon for orthopedic surgeons Orthopedics is the branch of science that deals with fractures, injuries, and disorders related to the skeletal system of the body. It also include
To Be Published : May 2018
Ureteroscope is a device, which is used for examining upper urinary tract and the technique is called ureteroscopy. Ureteroscope works similar to a cytoscope, however, it is longer and thinner than cytoscope, and is passed through the urethra to the bladder and then i
To Be Published : May 2018
Autoclaves are closed chambers used for sterilizing surgical equipment and other surgical instruments. Steam sterilization is a non-toxic and inexpensive way to eliminate microbes and spores. Steam sterilization is based on four parameters, which are steam, pressure,
To Be Published : May 2018
Hemostats, also referred to as hemostatic clamp, arterial forceps or pean are surgical tools used in surgical procedures to control bleeding. The hemostats were designed to clamp blood vessels of small size to manage blood flow in hemorrhagic cases. These devices are
To Be Published : May 2018
Bioreactor is an engineered or manufactured vessel that is used in the production of wide range of biological products. Industrial bioreactor is a vessel in which biochemical process is carried out using microbes and animal cells or biologically active compounds that
To Be Published : May 2018
Gamma probe device enables surgeons to identify radio-labelled tissue during pre-operation and intra-operation for radio guided diagnosis and surgery. Surgeons often find it difficult to locate tissues, such as tumors, parathyroid glands, and lymph nodes, within the h
To Be Published : May 2018
Continuous passive motion (CPM) devices are mechanical motorized devices that help move legs, shoulders, hands, and hips in arc motions for a specific period of time with adjusted speed. These devices assist faster recovery and are recommended to be used within 48 hou
To Be Published : May 2018
Abdominal Aortic Aneurysm (AAA) refers to the enlargement in part of the aorta, the main blood vessel that delivers blood to the body, which passes through the abdomen. AAA usually affects people over 50 years and is more common in men as compared to women. Others ris
To Be Published : May 2018
Structural heart diseases refer to cardiac defects, which are congenital (by birth) in nature and also includes the abnormalities developed in valves and vessels of the heart caused by wear or tear due to some disease. Structural heart diseases is a non-coronary abnor
To Be Published : May 2018
Medical aesthetics is an area of medicine, dealing with aesthetics, well-being, external appearance, visible skin changes, and image of the patient. Medical aesthetics involve high-technology skin care procedures that represents the fusion of beauty and healthcare ser
To Be Published : May 2018
Automatic Pill Dispenser (APD) machine is a medical device designed for home usage and works for pills and capsules of a variety of sizes. It reduces drug errors by automating the dosage process for patients, through the use of visual and auditory prompts. APD removes
To Be Published : May 2018
Eye anatomical model refers to the type of reference models that are used to study the internal and external structures of the eye. These models are majorly used by educational institutes and optometry departments by professors to explain the internal and external ana
To Be Published : May 2018
Colposcopy is a diagnostic method useful for the diagnosis and evaluation of cervical intraepithelial neoplasia and preclinical invasive cancer. It allows magnified visualization of the site where cervical carcinogenesis occurs. Colposcope is a magnifying instrument u
To Be Published : May 2018
Cast removal devices are designed to cut cast material such as fiberglass, plastic or plaster and bandage that are used for rehabilitation of the fractured bones or ruptured tendons. It is mainly used by orthopedic surgeons in hospitals and clinics to cure musculoskel
To Be Published : May 2018
The lipid analysis devices are used for measuring elevated plasma cholesterol or triglycerides or low level of high-density lipoprotein (HDL). The determination of blood lipid levels is important for monitoring the risk of cardiovascular disease. Lipid analysis device
To Be Published : May 2018
Computer assisted surgical systems are used for pre-operative planning, surgical navigation, and to assist surgery procedure. Computer assisted surgeries commonly uses surgical robots that mimics human arm and carry out surgical procedures by series of small incisions
To Be Published : May 2018
Cervical dysplasia is a precancerous condition characterized by abnormal growth of endocervical canal cells. Cervical dysplasia is also called as cervical intraepithelial neoplasia. It is a Sexually Transmitted Disease (STD) caused due to human papillomavirus (HPV) in
To Be Published : May 2018
The proportion of water, protein, mineral, and fat, in the human body, aids in determining the health of an individual. To measure these, devices such as body composition analyzers are used in fitness centres and hospitals, for weight control. This equipment can be us
To Be Published : May 2018
Spinal implants are devices used for the treatment of spinal disorders such as disproportion and instability of spine. Spine surgical devices are broadly classified into fusion and non-fusion devices. Fusion devices heals by providing immediate and rigid immobilizatio
"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.
U.S. Office :
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154- US : +1-206-701-6702 UK : +44-020 8133 4027
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.