U.S. :
+1-206-701-6702
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
INDIA :
+91-848-285-0837
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.
Home infusion therapy services offer innovative healthcare services at the doorstep. Infusion therapy administers medication through the needle or catheter. Infusion therapy is generally used when the patient’s condition is very severe and cannot be cured with o... Read more
Sterile surgical gloves are worn by surgeons and other healthcare professionals during surgical procedures. These surgical gloves act as a barrier to avoid contamination, infection, and entry of microorganisms and bacteria during surgical procedures, particularly duri... Read more
A surgical gown is classified by the U.S. Food Drug and Administration (FDA) as a Class II medical device that requires 510(k) premarket notification. Surgical gowns can be used for any risk level (Levels 1-4) such as Level 1: Used for minimal risk situations, during ... Read more
Custom procedures trays and packs are designed to carry sterile items used in surgeries. There is a vast range of procedure tray and packs with customizations for almost every type of surgical procedure. Custom procedure trays and packs are disposable and designed to ... Read more
Needleless connectors are essential devices, which connect to the end of vascular catheters and enable catheter access for aspiration and infusion in patients. Needle-free intravenous catheter controls the access for vascular catheters. The use of needleless connector... Read more
Gelatin sponge are generally small, sterile, and surgical sponges that are used in surgical procedures as a haemostatic device. Each gelatin sponge is capable of absorbing and holding blood according to its mesh size. Gelatin sponges are prepared from specially treate... Read more
Radiofrequency ablation is a minimally invasive medical procedure involving the ablation of targeted dysfunctional tissues via the generation of heat from high frequency alternative current. It functions by converting electrical energy to heat energy and then utilizin... Read more
Ophthalmic refractometer is an equipment which is used for measuring lens strength and power, in order to provide patients with proper eyeglasses for correcting their vision. Common types of vision impairments in patients are myopia, hyperopia and astigmatism among ot... Read more
Seals and caps are used as the closure for the packaging of pharmaceutical liquids, syrup, parenteral formulations, and others. The main function of such seals and caps is to prevent the contamination and keep the content intact. T... Read more
Medical purity analyzers are instruments used for determining and measuring qualitative and quantitative composition of pure medical gases, or mixtures of medical gases. Medical gases used in hospitals and other healthcare settings mainly comprise of medical air, oxyg... Read more
The increasing number of infections leading to various health hazards will contribute to rising number of Erythrocyte sedimentation rate (ESR) tests, which in turn will drive the global ESR tubes market growth. According to the World Health Organization, in 2018, heal... Read more
Disposable tweezers are small tools used for mainly picking up objects during surgical procedures, dental procedures, and cosmetic procedures. Disposable tweezers are generally made up of different materials such as stainless steel and plastics (high density poly ethy... Read more
Neurovascular devices are required for surgeries for stroke and brain aneurysms. Factors such as approval and launch of neurovascular devices are expected to fuel growth of the global neurovascular devices market. For instance, in ... Read more
A DNA microarray or chip is a semiconductor surface on which sequences of many varied genes are bonded to probes. DNA microarrays are used to quantify expression levels of numbers of genes simultaneously or to genotype multiple regions of a genome. The approach finds ... Read more
Reprocessed medical devices are products that undergo reprocessing procedures and are used again. Reprocessing is a validated process used for a medical device that has been either used or is contaminated. Reprocessing of a single used device or reusable device ... Read more
Phased array ultrasonic transducers play a major role in modern healthcare, as phase array ultrasonic transducers are an advanced method of ultrasonic testing, which are prominently used in medical imaging and industrial non-destructive testing. Phased array ultrasoni... Read more
Myopia (nearsighted) is the most common cause of impaired vision in people under age 40 while presbyopia is the normal loss of near focusing ability that occurs with age. The symptoms of myopia and presbyopia include squinting, eye strain, and headaches. The condition... Read more
Dental air polishing unit is an alternate method for rubber cup polishing, which is used for removing stains from the surface of the teeth. Dental air polishers clean teeth by spraying air polishing powder’s slurry such as sodium bicarbonate, glycine, calcium so... Read more
Sales Office (U.S.) : Coherent Market Insights Pvt Ltd, 1001 4th Ave,
#3200 Seattle, WA 98154, U.S.
Asia Pacific Intelligence Center (India) : Coherent Market Insights Pvt Ltd, 203, 2nd Floor,
Bremen Business Center, Aundh, Pune,
Maharashtra 411007, India.
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
This website is secured Origin CA certificate on the server, Comodo, Firewall and Verified Sitelock Malware Protection
Contact Us