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.
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.
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.
Non-Invasive Biosensor Market - Insights Biosensors are electronic devices, which uses biological molecules such as enzymes, proteins, or antibodies for the detection and measurement of any substance or chemi... Read more
Surgical Navigation System Market – Insights Surgical navigation is a method to guide surgery with the help of medical images as the guidance map. Surgical navigation system aims at maximization of the ... Read more
Veterinary Infusion Pump Market - Global Industry Insights Controlled analgesia veterinary infusion pumps are commonly used in healthcare settings and are widely used to transfer medications, nutrients, and f... Read more
Shock wave lithotripters are non-invasive or minimally invasive treatment devices for kidney stone management. These devices generate shockwaves that are focused on the calculi and can pulverize stones of various sizes. Ureterorenoscope is a type of fiberoptic endosco... Read more
Pressure ulcer is a localized injury of the skin and/or underlying tissue resulting from an external mechanical load by the body, applied to soft biological tissues. Body pressure has been recognized as the most important extrinsic factor involved in the development o... Read more
EEG Devices Market – Insights Electroencephalography (EEG) is a neurological test that is used to measure and record electrical activities in the brain. The test is used in the diagnosis of various neurologic... Read more
Global Implantable Cardiac Pacemaker Market – Global Industry Insights Since the evolution of implantable cardiac pacemakers, cardiac pacing devices are extensively used to treat bradycardia (delayed or... Read more
Global Personal Mobility Devices Market – An Aid for Disabled People Personal mobility devices play a major role in advanced healthcare, as it aid in mobility of the disabled people and enhance the independent living. The devices ... Read more
Pharmaceutical Granulators Market– Insights Increasing demand for oral dose medications in the pharmaceutical industry is expected to drive growth of pharmaceutical granulators market. The granulators a... Read more
Biosensors are integrated devices, which are capable of providing analytical information using biological samples. They are used to identify the structure and function of molecules, such as DNA and protein, and for medical diagnosis. Biosensors are largely employed in... Read more
Medical Tubing Market - Insights Medical tubes are intrinsic part of various medical devices, used extensively in catheters and cannulas’ manufacturing, drug delivery systems, dialysis, and intravenous ... Read more
Electrophysiology involves the study of electrical activity of heart to diagnose and monitor any arrhythmia. Indications for electrophysiology include bradycardia, tachycardia, atrial fibrillation, ventricular tachycardia, ventricular fibrillation, and other arrhythmi... Read more
Mechanical ventilation is a treatment to help a person breathe when they find it difficult or are unable to breathe on their own. Critical care ventilators, neonatal intensive care ventilators, portable ventilators, and transport ventilators are some of the types of m... Read more
Sample Preparation Market – Insights Increasing interest in developing quick, cost-effective, and environmentally friendly sample preparation techniques, lead to develop new methods which will eventuall... Read more
Global Hemostasis & Tissue Sealing Agents Market – Save Blood, Save Life Hemostasis is a physiological processes, which maintains fluidity of blood by preventing blood loss from body. Hemostasis is ... Read more
Polymerase Chain Reaction Market – Insights Polymerase chain reaction (PCR) is extensively used for DNA amplification technique. It generates thousands to millions of copies of a particular DNA sequence... Read more
Clostridium Difficile Diagnostics and Treatment Market – Insights Clostridium difficile is a disease caused by bacteria. Symptoms of the disease includes diarrhea, nausea, colon inflammation, and others... Read more
Non-Invasive Blood Glucose Monitoring Devices Market– Insights Non-invasive glucose monitoring holds great promise for improving diabetes management by providing better and pain-free blood glucose measu... Read more