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.

View More

Medical Devices Published Insights

Coherent Market Insights Sample Preparation Market

Published Date : Apr 2024

Sample preparation process is used in most of the laboratory sample analysis, as proper sample preparation practices such as sample extraction, homogenization of samples, and particle size analysis of solid samples can impact overall assay results, quality of data, an... View more

Coherent Market Insights Dna Test Kits Market

Published Date : Apr 2024

Global DNA test kits market is estimated to be valued at USD 1.86 Bn in 2024 and is expected to exhibit a CAGR of 16.4% during the forecast period (2024-2031). The DNA test kits market has witnessed significant growth in the recent past owing to the rising popularity ... View more

Coherent Market Insights Respiratory Care Market

Published Date : Apr 2024

The global respiratory care market is estimated to be valued at USD 25.95 Bn in 2024 and is expected to exhibit a CAGR of 9.8% during the forecast period (2024-2031). The global respiratory care market is witnessing a phase of robust growth due to the increasing preva... View more

Coherent Market Insights Cardiac Valvulotome Market

Published Date : Apr 2024

Global cardiac valvulotome market is estimated to be valued at USD 115.8 Mn in 2024 and is expected to exhibit a CAGR of 4.5% during the forecast period (2024-2031). Cardiac valvulotome is a medical device used in the correction of stenotic cardiac valves. It is a sur... View more

Coherent Market Insights Nasometry Devices Market

Published Date : Apr 2024

The global nasometry devices market is estimated to be valued at USD 250.9 Mn in 2024 and is expected to exhibit a CAGR of 4.3% during the forecast period (2024-2031). Nasometry devices are medical instruments used to measure various parameters of the nose and paranas... View more

Coherent Market Insights Reusable Sanitary Pads Market

Published Date : Apr 2024

Global reusable sanitary pads market is estimated to be valued at USD 2,297.4 Mn in 2024 and is expected to exhibit a CAGR of 9.8% during the forecast period (2024-2031). Global reusable sanitary pads market has been gaining significant traction in recent years. With ... View more

Coherent Market Insights Carboxy Therapy Market

Published Date : Apr 2024

Global carboxy therapy market is estimated to be valued at USD 107.7 Mn in 2024 and is expected to exhibit a CAGR of 11.4% during the forecast period (2024-2031). Carboxy therapy, also known as carbon dioxide therapy, is a minimally invasive cosmetic procedure that us... View more

Coherent Market Insights Rapid Infuser Market

Published Date : Apr 2024

Global rapid infuser market is estimated to be valued at USD 796.9 Mn in 2024 and is expected to exhibit a CAGR of 4.8% during the forecast period (2024-2031). Global rapid infuser market has been witnessing steady growth over the past few years due to increasing prev... View more

Coherent Market Insights Global Bleeding Control Kit Market

Published Date : Apr 2024

Global bleeding control kit market is estimated to be valued at US$ 4,480.7 Mn in 2024, and is expected to exhibit a CAGR of 2.9% during the forecast period (2024-2031). Bleeding control kit, also known as first aid kit or emergency kit, is an important medical supply... View more

Coherent Market Insights Hematology Analyzer Market

Published Date : Apr 2024

Global hematology analyzer market is estimated to be valued at USD 4.94 BN in 2024 and is expected to exhibit a CAGR of 7.3% during the forecast period (2024-2031). The hematology analyzer market has been growing steadily over the past few years due to rising demand f... View more

Coherent Market Insights Medical Supply Delivery Service Market

Published Date : Apr 2024

The global medical supply delivery service market is estimated to be valued at USD 65.08 BN in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). The medical supply delivery service market has been witnessing steady growth over the ... View more

Coherent Market Insights Advanced Wound Care Management Market

Published Date : Apr 2024

Global advanced wound care management market is estimated to be valued at USD 11.72 Bn in 2024 and is expected to exhibit a CAGR of 5.1% during the forecast period (2024-2031). Advanced wound care management aims to accelerate the natural process of wound healing thro... View more

Coherent Market Insights Smart Pacifier Market

Published Date : Mar 2024

Global smart pacifier market is estimated to be valued at USD 442.3 Mn in 2024 and is expected to exhibit a CAGR of 5.4% during the forecast period (2024-2031). The smart pacifier market has been gaining traction over the past few years owing to the increasing focus o... View more

Coherent Market Insights Tongue Retaining Device Market

Published Date : Mar 2024

Global tongue retaining device market is estimated to be valued at USD 578.8 MN in 2024 and is expected to exhibit a CAGR of 10.8% during the forecast period (2024-2031). The tongue retaining device market has been gaining significant traction in the recent years. A t... View more

Coherent Market Insights Non Invasive Aesthetic Treatment Market

Published Date : Mar 2024

Global non-invasive aesthetic treatment market is estimated to be valued at USD 35.42 BN in 2024 and is expected to exhibit a CAGR of 12.9% during the forecast period (2024-2031). The non-invasive aesthetic treatment market has seen tremendous growth over the past dec... View more

Coherent Market Insights Global Sterilization Pouches Market

Published Date : Mar 2024

The global sterilization pouches market is estimated to be valued at USD 37.75 Bn in 2024 and is expected to exhibit a CAGR of 6.4% during the forecast period (2024-2031). Sterilization pouches are medical device packaging solutions that help prevent the microbial con... View more

Coherent Market Insights Global Medical Scrubs Market

Published Date : Mar 2024

Global medical scrubs market is estimated to be valued at USD 48.48 Bn in 2024 and is expected to exhibit a CAGR of 6.3% during the forecast period (2024-2031). Global medical scrubs market has witnessed significant growth over the past few years, owing to rising heal... View more

Coherent Market Insights Spine Surgery Robotn In Healthcare Market

Published Date : Mar 2024

Global robotic process automation in healthcare market is estimated to be valued at USD 1.77 BN in 2024 and is expected to exhibit a CAGR of 16.4% during the forecast period (2024-2031). Robotic process automation (RPA) refers to the use of software with artificial in... View more

Coherent Market Insights Sphygmomanometer Market

Published Date : Mar 2024

Global sphygmomanometer market is estimated to be valued at USD 3.92 BN in 2024 and is expected to exhibit a CAGR of 9.1% during the forecast period (2024-2031). Global sphygmomanometer market has been growing at a rapid pace due to increasing prevalence of cardiovasc... View more

Coherent Market Insights Spine Surgery Robots Market

Published Date : Mar 2024

The global spine surgery robots market is estimated to be valued at USD 223.8 MN in 2024 and is expected to exhibit a CAGR of 13.2% during the forecast period (2024-2031). Spine surgery robots offer advantages over traditional open spine surgery techniques by enabling... View more

© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.