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

Non-invasive Biosensors Market, by Technology (Optical, Transdermal, Thermal, and Others), by Product Type (Glucose Monitors, Blood Analytes Monitors, Breathalyzers, and Others), by End User (Hospitals, Diagnostic Lab, Homecare Settings, and Others) and by Region - Global Forecast to 2026

Published Date : May 2018

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

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Veterinary Infusion Pump Market, by Product Type (Syringe Infusion Pump and Large-Volume Infusion Pump), by End User (Veterinary Hospitals and Veterinary Clinics), by Region - Global Forecast to 2025

Published Date : May 2018

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

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Pressure Relief Devices Market, By Device Type (Low-tech Devices (Foam Based Mattress, Gel Filled Mattress, Air Filled Mattress, Others), Hi-tech Devices (Kinetic Bed, Air Therapy Bed)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : May 2020

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

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EEG (Electroencephalography) Devices Market, by Device Type (8-Channel EEG, 21-Channel EEG, 32-Channel EEG, 64-Channel EEG, and Others), by Modality (Standalone and Portable), by End User (Hospitals, Diagnostic Centers, and Others), and by Geography - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

Published Date : Dec 2019

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

Coherent Market Insights

Biosensors Market, By Technology (Electrochemical, Optical, Peizoelectric, Thermistore), By Application (Medical testing, Food toxicity, Industrial process, Environment, Agricultural testing, Others), By End User (Hospitals, Research laboratories, Security and bio-defence, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Sep 2020

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

Coherent Market Insights

Mechanical Ventilators Market, By Product Type (Critical Care Mechanical Ventilators, Neonatal Mechanical Ventilators, Transport and Portable Mechanical Ventilators), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Sep 2020

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

Coherent Market Insights

Sample Preparation Market, by Product Type (Reagents & Kits, Instruments), By Application (Research Application, Diagnosis), by End User (Pharmaceuticals and Biotechnology Companies, Pathology & Diagnostic Laboratories, Academics & Research Laboratories), and Geography - Global Trends, and Forecast to 2025

Published Date : May 2018

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

Coherent Market Insights

Hemostasis & Tissue Sealing Agents Market, by Product Type (Topical Hemostats & Adhesives & Tissue Sealing Agents), by End User (Hospitals, Ambulatory Surgical Centers & Home Care Settings) and by Region - Global Industry Insights and Forecast to 2025

Published Date : May 2018

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

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Polymerase Chain Reaction Market, by Product Type (Instrument (Real Time PCR, Digital PCR, Others) Reagents and Consumables)), by End User (Clinical Diagnostics, Academic and Research Laboratories, Forensic Laboratories, Others) - Global Industry Insights, and Forecast to 2025

Published Date : Apr 2018

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

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