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 : May 2019
Surgical Lasers Market – Insights Surgical lasers use special light beams to perform surgical procedures instead of surgical instruments such as scalpel. Various types of lasers are used, each with spec
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Minimally Invasive Surgical Instrument Market – Insights Minimally invasive surgical instruments are used in minimally invasive surgeries (MIS). These surgeries are performed to limit the size and numbe
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Saliva Collection Devices Market Insights Invasive diagnostic tests as a replacement for less painful and expensive blood draws are gaining tremendous growth in the recent past.
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Global Electrical Stimulation Devices Market – A Breakthrough in Pain Management Electrical stimulation devices play a major role in advanced healthcare, as it cause muscle contraction with the use of e
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Global Bio-engineered Stent Market – Life Saving Treatment for Cardiovascular Diseases Bio-engineered stent plays a major role in modern healthcare as it expands the blood vessel to prevent a blockage o
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Adult and Pediatric Hemoconcentrators Market- Insights A hemoconcentrator is a device used for removal of fluid during cardio bypass surgery. Hemoconcentrators are introduced in extracorpeal circuit where it
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Global Bioresorbable Implants Market – A Novel Approach in Orthopedics Bioresorbable implants play a major role in advance healthcare, as they support and improve damaged biological structure. Bioresorb
To Be Published : Jul 2019
Medical vacuum system is designed to remove unwanted fluids or gases from hospitals and laboratories. These systems are used in draining wounds, preparation of wound closures, lung drainage, and chest drainage. Medical vacuum system is considered as an essential part
To Be Published : Jul 2019
Digital radiography is a part of diagnostic imaging method which is used for examining any injury or disease in animals. Any part of the body such as bones, heart, lungs, and abdomen can be examined with the help of digital radiography. Flat panel detectors are part o
To Be Published : Jul 2019
Increasing the number of surgery and geriatric population globally drive the market for surgical blade and also the increasing the incident of chronic disease have benefit for the surgical market. Surgical blade is sharp instrument used to make cut into the body and c
To Be Published : Jul 2019
Compression stockings are used for improving blood circulation and prevent from blood clotting and leg ulcer. Due to increasing in patients suffering from varicose veins, deep vein thrombosis and Diabetic disease is driving growth of compression stocking market. Accor
To Be Published : Jul 2019
Cerebral somatic oximeters are based on near-infrared spectroscopy (NIRS) technology. These devices are used for the pre and post-operative cardiac surgeries, vascular surgeries, and other surgeries. It is a non-invasive technology, which continuously monitors the cer
To Be Published : Jul 2019
Photopheresis is a form of apheresis and photodynamic therapy in which blood is treated with photosensitizing agents and irradiated with specific wavelengths of light. It is also known as extracorporeal photopheresis (ECP). ECP is leukapheresis based therapeutic proce
To Be Published : Jul 2019
Laboratory refrigerators and freezers are used for preservation of specimen samples, blood samples, blood plasma, and other products including vaccines, syringes, etc. giving it a broad range of applications. These are highly sterilized and maintained at the required
To Be Published : Jul 2019
Hemodialysis also termed as dialysis is a process of blood purification, when human kidney fails to do so (due to kidney failure or end-stage renal diseases). In end–stage renal diseases, toxic waste products, and extra fluids are built-up in the body. There is
To Be Published : Jul 2019
Blood clot is usually a response to the injury so as to prevent infection and minimize the blood flow. Embolus is a part of blood-clotting, which separates from the site of thrombus and circulate through bloodstream into the body. It can obstruct the function of blood
To Be Published : Jul 2019
Respiratory drug delivery formulations are used for treating various respiratory diseases. The pulmonary route of drug delivery is most effective in recent times for treatment of respiratory diseases as it enables to target drug delivery directly to lung both for loca
To Be Published : Jul 2019
A surgical drainage device is an equipment that removes excess fluid or air or infected blood from the operation site or wound so that the risk of formation of hematoma is reduced and wound healing process is accelerated to ensure speedy recovery of the patient. Surgi
To Be Published : Jul 2019
Hemorrhoid is a common disease in a general population, which is also known as the piles, where the patient suffers from painless bleeding during bowel movement, itching and irritation in anal side, swelling of anal veins, pain and discomfort, and formation of lumps n
To Be Published : Jul 2019
Breast cancer is a common disease in women and is mainly characterized by the formation of lumps in the breast, inverted nipples, fluid discharge from nipples, and change in breast shape. Breast reconstruction is a treatment for breast cancer, which includes creation
To Be Published : Jul 2019
Spinal injuries can occur due to damage of vertebrae, ligaments, or discs of the vertebral column. The higher is the injury on the vertebral column, more effect of the injury is likely to occur as it is nearer to the brain. Such injuries can be treated by surgical pro
To Be Published : Jul 2019
Medical device outsourcing market is the phenomenon that emphasize on contracting with third party for product design, manufacturing, packaging, validation, prototyping and verification of medical devices in sterile and controlled environment for supply chain manageme
To Be Published : Jul 2019
The medical plastic extrusion is a high volume manufacturing process in which raw plastic is melted and formed into the continuous profile using pellets, granules, and flakes powders with some additives such as colorants in either liquid or pellet form. It produces de
To Be Published : Jul 2019
Overview Difficulty in breathing is a major problem among people across the world. Spirometer is a common test / device used to diagnose and aid in treatment of certain lung diseases. It measures inhalation and ex
To Be Published : Jul 2019
Anesthetic vaporizer is a part of anesthetic machine, which is used to deliver required concentration of anesthetic agent. It is used to deliver volatile anesthetic agents. It converts liquid anesthetic agent into vapors and then these vapors are mixed wit
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