Medical Devices

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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Coherent Market Insights Fundus Camera Market

Published Date : Jan 2023

The fundus camera is a tool used in fundus photography. Fundus photography captures images of the retina, optic nerve head, macula, retinal blood vessels, choroid, and vitreous. Fundus photography aids in the detection and screening of a variety of treatable and preve... View more

Coherent Market Insights X Ray Market

Published Date : Jan 2023

An X-ray system is a medical imaging tool which is used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-Ra... View more

Coherent Market Insights Respiratory Devices Market

Published Date : Dec 2022

Respiratory device is a device that facilitates breathing in cases of respiratory failure. If there is a problem in the functioning of the respiratory system then the condition may lead to chronic obstructive pulmonary disease, emphysema, bronchiectasis, asthma, chron... View more

Coherent Market Insights Gcc Syringes And Needles Market

Published Date : Dec 2022

Syringes and needles are collectively known as a “sharps” and are the most widely used medical disposables across the globe. Syringes and needles are defined as hollow devices made from glass, metal or polymer, and a nozzle and piston for sucking in or inj... View more

Coherent Market Insights Pediatric Interventional Cardiology Market

Published Date : Dec 2022

Pediatric interventional cardiology is a process of performing interventional cardiology on infants, children, and adolescents. Interventional cardiology uses intravascular catheter-based techniques to diagnose and treat a range of ... View more

Coherent Market Insights Tonometers Market

Published Date : Dec 2022

Tonometry means "to measure pressure" while applanation means "to flatten out." Radial artery (AT) is performed by placing a handheld tonometer (strain gauge pressure sensor) over the radial artery and applying gentle pressure to partially flatten the artery. Tonomete... View more

Coherent Market Insights Orthobiologics Market

Published Date : Dec 2022

Orthobiologics are substances that are used to heal injuries such as fractures and injured muscles, ligaments, and tendons within a short period of time. Orthobiologics are made from substances that naturally occur in the body. Orthobiologics help to improve the heali... View more

Coherent Market Insights Mechanical Ventilators Market

Published Date : Dec 2022

Mechanical ventilators is a machine that helps patients to breathe, at the time of surgery or critical illness. Mechanical ventilators are mostly used in hospitals and transport systems such as medical evacuation air transport and ambulances. Being on ventilator for a... View more

Coherent Market Insights Electrophysiology Devices Market

Published Date : Dec 2022

Electrophysiology devices are cardiac specialty equipments which are used in the diagnosis and treatment of cardiac arrhythmias. An electrophysiology test is used to evaluate heart’s electrical system and to check abnormal heart rhythms. Electrophysiologic testi... View more

Coherent Market Insights Orthopedics Power Tools Market

Published Date : Dec 2022

Orthopedic power tools are medical tools that are used to cut through bones during orthopedic surgeries. Orthopedic power tools are of different types such as battery operated, electrically operated and manual/hand drilling, reaming, and saw systems. Orthopedic power ... View more

Coherent Market Insights Mammography Market

Published Date : Dec 2022

A mammography exam, a mammogram, aids in the early detection and diagnosis of breast diseases in women. Mammography is specialized medical imaging tool that uses a low-dose x-ray system to see inside the breasts. Three of the most common types of mammogram methods are... View more

Coherent Market Insights Drug Delivery Device Market

Published Date : Dec 2022

A drug delivery device is defined as the device used to deliver a therapeutic substance and enables a therapeutic substance to reach its site of action without reaching non-target cells, organs, and/or tissues. These devices are used as part of one or more medical tre... View more

Coherent Market Insights Nitinol Medical Devices Market

Published Date : Dec 2022

Nitinol is rapidly becoming a metal of choice for the composition of various medical devices in the healthcare industry. It is ideal for use in internal and external medical applications. Nitinol is also a great choice for medical devices that may be introduced into t... View more

Coherent Market Insights Platelet Aggregation Devices Market

Published Date : Dec 2022

A platelet aggregation test is a blood test that looks at how well blood cells called platelets clump together and clot. Platelet tests check for conditions that cause too much bleeding or too much blood clotting. The test checks how well platelets, a part of blood, c... View more

Coherent Market Insights Blood Glucose Monitoring Market

Published Date : Dec 2022

Regular blood glucose monitoring is essential for diabetes management. It is the most important thing people with diabetes can do to manage Type 1 or Type 2 diabetes. Blood glucose monitoring is the use of a glucose meter to test the concentration of glucose in the bl... View more

Coherent Market Insights Pharmaceutical Analytical Testing Market

Published Date : Dec 2022

Analytical testing is required in almost every stage of pharmaceutical research and development and production, from testing on raw materials, to quality control and dosage form of in-process material and finished products. Biopharmaceutical manufacturing industry use... View more

Coherent Market Insights Medical Simulation Market

Published Date : Dec 2022

Medical simulation is a modern way to train or educate healthcare professionals. It is a modern-day methodology for training healthcare professionals through advanced educational technology. It helps healthcare professionals or providers learn, practice, and assess th... View more

Coherent Market Insights Orthopedic Prosthetic Devices Market

Published Date : Nov 2022

Orthopedic prosthetic devices are defined as external medical devices that substitute a missing skeletal part. Orthopedic prosthetics are a vital components for rehabilitation of injured or harmed skeletal system, associated musculature and joints. Increasing number o... View more

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