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

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Lab Automation Market, By Product (Liquid Handling, Products Microplate reader, Robotics and Others), By End User (Research Institutes, Biopharmaceuticals and pharmaceuticals, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Aug 2020

Lab Automation is a multi-disciplinary approach to develop and optimize on technologies in the laboratory, in order to improve the medical tests and processes. It has replaced the manual steps with automated processes, which were potentially dangerous and error-prone.... Read more

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Vascular Closure Device Market, by Product Type (Passive Vascular Closure Devices, Active Vascular Closure Devices, and External Hemostatic Devices), By Access (Femoral, and Radial), By Hole Size (Small Hole, and Large Hole) By End User (Hospital, Ambulatory Surgical Centers, and Others) and by Region - Global Trends, and Forecast to 2025

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Vascular Closure Devices Market Insights Vascular Closure Devices (VCDs) are medical devices used to achieve vascular hemostasis after the puncture of femoral artery during diagnostic angiography procedures o... Read more

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Disposable IV Therapy Products Market, by Product Type (Intravenous Sets, Infusion Pumps, Needleless Connectors, Other Products), by End User (Hospital, Clinics, Home Healthcare) and by Region - Global Trends, and Forecast till 2025

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Disposable IV Therapy Products Market – Drug Administration Devices Intravenous (IV) therapy products are essential for most of the medical procedure. These supplies allow the convenient and safe admini... Read more

Coherent Market Insights

Breast Implants Market, By Product Type (Silicone Breast Implants, Saline Breast Implants), By Shape (Round Breast Implants, Anatomical Breast Implants), By Application (Cosmetic Surgery, Reconstructive Surgery), By End User (Hospitals, Cosmetology Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Aug 2020

Breast implants are medical devices that are used to augment the size of the breasts, either for cosmetic applications or reconstruction purpose. Round breast implants are the most commonly used breast implants. Round breast implants have a tendency to appear fuller a... Read more

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