Medical Devices

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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.

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Medical Devices Published Insights

Coherent Market Insights

India Surgical Gloves Market, by Type (Latex, Neoprene, Polyisoprene and Nitrile), by Usage (Disposable Gloves and Reusable Gloves), and by End User (Hospitals, Clinics, Ambulatory Surgical Center and Others) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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The main function of surgical gloves is to act as a barrier for protection to stop any potential disease transmission between medical personnel and patients during surgical procedures. In order to prevent the spread of infection or disease during medical operations an... View more

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Dental Extraction Forceps Market, by Product Type (Lower Extracting Forceps, Upper Extracting Forceps and Others), by Therapeutics (Restorative Dentistry, Cosmetic Dentistry, Orthodontics Dentistry and Endodontics Dentistry), by End  User ( Adults, Children, and Animals) and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and  Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published Date : Sep 2022

Upper extracting forceps and lower extracting forceps are the two primary types of extraction forceps. These two categories further subdivide into upper extracting forceps for the left and right quadrants and lower extracting forceps for the left and right quadrants. ... View more

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Medical Pediatric Bed Market, by Type (Electric Manual), by Features (Height Adjustable, Fixed Height, Trendelenburg), by End User (Hospitals, Nursing Home, Homecare), and by Region (North America, Latin America, Europe, Asia  Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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A medical bed is a bed that is specifically designed for patients who require health care or hospitalized patients. The patient's comfort and well-being as well as the convenience of health care workers are the special features of these beds. ... View more

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Prosthetic Full Arch Dentures Market, by Location (Upper arch and Lower arch) by Product Type (All-on-4 Full Dental Arch and Implant Supported Bridges), by End User (Hospital, Dental Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Rehabilitation Equipment Market, By Product Type (Daily Living Aids, Exercise Equipment, Body Support Devices, and Mobility Equipment), By Application (Physiotherapy, Occupational Therapy, and Others), By End-User (Hospitals, Rehab Centers, and Others), and By Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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Rehabilitation is defined as a set of interventions designed to optimize functioning and reduce disability in people with health conditions in interaction with their environment. Rehabilitation is care that can help people get back, keep, or improve abilities (such as... View more

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Vascular Embolization Market, By Embolization Technique (Coiling Devices and Non-coiling Devices), By Application (Peripheral Vascular Disease, Oncology, Neurology, Urology, and Other Applications), By Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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Embolization is a minimally invasive treatment (an alternative to open surgery) that blocks one or more blood vessels or abnormal vascular channels. Embolization procedures allow blockage of blood vessels without invasive surgery. Embolization can be used to stop arte... View more

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Dental Autoclave Market, Product Type (Semi-Automatic, Automatic, and Manual), End User (Hospitals and Clinics and Other End Users), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published Date : Jul 2022

Dental autoclaves are a commonly used to clean and sterilize dental equipment. An autoclave is a medical device specifically designed to clean the surface with extreme heat, steam, and a highly pressurized environment. Autoclaves are used to ensure that no bacteria, s... View more

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Temperature Management Market, By Product Type (Patient Warming Systems and Patient Cooling Systems), By Application (Cardiology, Orthopaedics, Neurology, and Other Applications), By End User (Operating Rooms, Intensive Care Units, Emergency Rooms, and Other End Users), By Geography (North America, Europe , Asia-Pacific, South America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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