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 : Jun 2019
Nasal Cannula Market – Insights Nasal Cannula is a medical device used for delivering additional oxygen to patients associated with respiratory difficulties. It is a lightweight tube split into two pron
Published Date : Sep 2019
Medical Vacuum System Market Insights The medical vacuum system is designed to remove unwanted fluids such as blood and mucus during surgeries and removal of unwanted gases from hospitals and laboratories. Me
Published Date : May 2019
Veterinary Orthopedic Implants Market- Insights Veterinary orthopedic implants are the medical device used in the treatment of various bones and joints related disorders and problems in animals including dog,
Published Date : May 2019
Global Electrocardiogram (ECG) Devices Market- Insights Electrocardiograph machines are used to measure the electrical activity of a patient’s heart. The electrical activity of the heart is recorded wit
Published Date : May 2019
e-Prescribing Market – Insights e-Prescribing or electronic prescribing is the use of electronic tools to prescribe drugs. e-Prescribing tools can include both software programs, as well as hardware suc
Published Date : May 2019
Amniocentesis Needles Market – Insights Amniocentesis is a prenatal test in which a small amount of amniotic fluid is removed from the sac surrounding the fetus for testing. The test is used for detecti
Published Date : May 2019
Suprapubic Catheter Market Insights Suprapubic catheters are used in a wide range of surgical applications including urinary tract infections (UTIs), bladder stones, bladder cancer, and bypass track by
Published Date : May 2019
Central Venous Catheter Market – Increasing Prevalence of Cancer Central venous catheters play a major role in modern healthcare. These catheters allow easy administration of intravenous fluids, blood
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
Published Date : May 2019
Blood Gas Analyzers Market – Insights Blood gas analysis is performed for critically ill patient suffering from a respiratory or metabolic disorder. In blood gas analysis includes measurement of the amo
Published Date : May 2019
Philippines 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 techno
Published Date : Apr 2019
Infertility Devices Market – Insights Infertility patients are opting for various type of treatments such as In vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), intrauterine inseminat
Published Date : Apr 2019
Programmable Infusion Pumps and Catheters Market - Insights Programmable infusion pumps and catheters are devices used for delivering fluids to the patient’s body in a controlled manner. The devices inc
Published Date : Apr 2019
Endotracheal Tube Market - Insights Endotracheal tube is a flexible catheter, which is inserted in the trachea (wind pipe) of a patient, the process is called as endotracheal intubation. The endotracheal tube
Published Date : Mar 2019
Anesthesia Device Market Insights Anesthesia devices includes monitors, continuous-flow anesthetic machines, anesthetics vaporizers, anesthesia information management system (AIMS), and other disposable
Published Date : Mar 2019
Global Medical Commode Market – Global Industry Insights Medical commode are used by people or patients who were recently undergone surgery procedures, physically challenged, bedridden, and disabled. Fu
Published Date : Mar 2019
Surgical Lighting System Market Insights Surgical lighting system is an integral component during surgeries to provide illumination that assists the surgeons to view surgical site. There are several typ
Published Date : Mar 2019
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
To Be Published : Sep 2019
Antimicrobial catheters are designed to protect patients from hospital acquired urinary tract infections (UTIs). Hospital-acquired or nosocomial urinary tract infections are initiated by using urinary catheters, which are inserted in urinary tract during the treatment
To Be Published : Sep 2019
A vital sign monitoring device is used to measure heart rate, blood pressure, respiration rate, body temperature, and fluid intake and output. Furthermore, it can be used to monitor pain and urinary continence. The monitoring devices provide and record clinically rele
To Be Published : Sep 2019
Foot and ankle devices are used for the treatment of injuries including diabetic foot, arthritis with the help of surgical procedures, etc. Ankle disorders can cause damage to bone, muscle, and soft tissues. Common disorders associated with the ankle disorder are spra
To Be Published : Sep 2019
Drug delivery system is a method in which the therapeutic substances are delivered through general route of administration to obtain the therapeutic effect in humans or animals. The correct dose of drugs release their functional ingredients in the targeted area at the
To Be Published : Sep 2019
Bandage is a strip of woven material used to bind up the wound and protect the injured part of the body. The main function of bandages is to provide support to the dressing placed on to a particular part of the body to restrict the movement of that part which further
To Be Published : Sep 2019
Physiotherapy is used to treat conditions like injuries, fractures, joint disorders, and arthritis. Recently, with the development of technology, many types of physiotherapy equipment have been introduced in the market. Physiotherapy equipment has application in cardi
To Be Published : Sep 2019
Sieve shaker (Sifter) is a device used for separation of materials according to their size. It is basically a stacked column, each containing different mesh size. When given a motion (vertical, horizontal, or rotational) the material passes from one sieve to another a
To Be Published : Sep 2019
A reconstructive surgery refers to the surgery used for the restoration of the body parts in terms of structure and function. Reconstructive surgeries are performed for correction of deformities (due to birth defects) and trauma. It is also used in chronic diseases li
To Be Published : Sep 2019
A cardiac pacing lead is a small catheter with two electrodes. It is placed in the right ventricle of the heart through the vein in the groin or neck. Leads emit electrical stimulus to heart for producing depolarization of cardiac cells. There are two components in le
To Be Published : Sep 2019
Molecular quality control mainly used for monitoring the performance of in vitro nucleic acid testing procedures for viral load assays, healthcare-associated infections (HAIs) including bloodstream infections, urinary tract infections, pneumonia, and other infections
To Be Published : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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
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