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

Coherent Market Insights Ophthalmology Pacs Market

Published Date : Oct 2022

A picture archiving and communication system (PACS) is a therapeutic imaging technology that provides storage and useful access to images in numerous manner. Ophthalmology PACS is used to transfer or communicate electrical images and reports at different places. This ... View more

Coherent Market Insights Reprocessed Medical Devices Market

Published Date : Oct 2022

Medical devices that can be reprocessed and used on multiple patients are referred to as reusable devices. Medical devices that can be reused include stethoscopes, endoscopes, and surgical forceps. Global reprocessed medical device... View more

Coherent Market Insights Varicose Vein Treatment Devices Market

Published Date : Oct 2022

When veins are not functioning properly, varicose veins develop. One-way valves in veins stop blood from flowing backward. Blood starts to build up in the veins rather than flowing back towards the heart when these valves malfunction. The veins then grow in size. Legs... View more

Coherent Market Insights Whole Slide Imaging Market

Published Date : Oct 2022

The global whole slide imaging market was valued at US$ 721.55 Mn in 2021 and is forecast to reach a value of US$ 1,627.68 MN by 2028 at a CAGR of 12.4% between ... View more

Coherent Market Insights Aesthetic Fillers Market

Published Date : Oct 2022

The global aesthetic fillers market was valued at US$ 2,474.5 Mn in 2021 and is forecast to reach a value of US$ 4,927.4 Mn by 2028 at a CAGR of 10.3% between ... View more

Coherent Market Insights Atrial Fibrillation Market

Published Date : Oct 2022

When atrial fibrillation occurs, the atria, the upper chambers of the heart that should beat in rhythm with the ventricles, instead beat irregularly and inconsistently. Many persons with A-fib may not experience any symptoms. However, A-fib may result in palpitations,... View more

Coherent Market Insights India Surgical Gloves Market

Published Date : Sep 2022

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

Coherent Market Insights Blood Flow Measurement Devices Market

Published Date : Sep 2022

Biopharmaceuticals are drugs that are partially or fully manufactured, or extracted from biological sources such as proteins, viruses, and cells. Biopharmaceuticals contain variety of products such as monoclonal antibodies, vaccines, recombinant human insulin, human g... View more

Coherent Market Insights Esophageal Stethoscope Market

Published Date : Sep 2022

Esophageal stethoscope is a device which has a thin elastic tube attached to a regular stethoscope mostly by a small plastic adaptor and is used for evaluating and monitoring heart sound or respiratory sound during surgeries.  Esophageal stethoscopes are harmless... View more

Coherent Market Insights Advanced Drug Delivery Systems Market

Published Date : Sep 2022

The global advanced drug delivery systems market was valued at US$ 221,410.0 Mn in 2021 and is forecast to reach a value of US$ 311,542.2 Mn by 2028 at a CAGR of 5.0%... View more

Coherent Market Insights Dental Implants Market

Published Date : Sep 2022

Dental implants are medical devices surgically implants into the jaw to restore a person's ability to chew or their appearance. A dental implants is used to support one or more false teeth. It is a titanium screw that can replace the root of a tooth when it fails. Jus... View more

Coherent Market Insights Prosthetic Heart Valve Market

Published Date : Sep 2022

The function of heart valves is to keep the blood flowing in an appropriate path inside the body. When these valves do not function properly, blood flow is disrupted. Prosthetic heart valves, also... View more

Coherent Market Insights Air Ambulance Services Market

Published Date : Sep 2022

When a patient needs to be transported or evacuated from an accident scene, their home, or a hospital, air ambulance services are offered. In order to assist the patient with rapid medical care until the patient arrives at the closest hospital or healthcare facility, ... View more

Coherent Market Insights Surgical Staplers Market

Published Date : Sep 2022

The global surgical staplers market was valued at US$ 4,014.4 Mn in 2021 and is forecast to reach a value of US$ 6,379.0 Mn by 2028 at a CAGR of 6.8%... View more

Coherent Market Insights Connected Medical Device Market

Published Date : Sep 2022

The global connected medical device market was valued at US$ 35.3 Mn in 2021 and is forecast to reach a value of US$ 132.7 Mn by 2028 at a CAGR of 20.9% between ... View more

Coherent Market Insights Ophthalmic Diagnostics Equipment Market

Published Date : Sep 2022

Medical gadgets used to diagnose or treat eye problems are referred to as ophthalmic equipment. Contact lenses, intraocular lenses, ocular implants, and other associated tools are among these. In today's medicine, ophthalmic equipment has become indispensable. Catarac... View more

Coherent Market Insights Fall Detection Systems Market

Published Date : Sep 2022

An assistive device whose primary function is to warn when a fall event has taken place is referred to as a fall detection system. One of the important features used in the majority of smart walkers to address gait and balance problems is a fall detection system. To f... View more

Coherent Market Insights Single Use System In Biopharma Manufacturing Market

Published Date : Sep 2022

The global single use system in biopharma manufacturing market was valued at US$ 7,030.0 Mn in 2021 and is forecast to reach value of US$ 26,450.3 Mn by 2028 at a CAGR of 20.... View more

Coherent Market Insights Elastomeric Infusion Pumps Market

Published Date : Sep 2022

Elastomeric infusion pumps, also known as disposable balloon pumps, are used to administer intravenous (IV) drugs such as local anesthetics, antibiotics, and anti-neoplastic. These non-electronic, non-gravity driven devices are used in single infusions. Elastomeric in... View more

Coherent Market Insights Mammography Biopsy Chair Market

Published Date : Sep 2022

Mammography is an x-ray imaging method utilized for breast examination for the early detection of cancer and other breast diseases. It is used as screening as well as diagnostic tool. A mammogram detects breast problems such as a pain, lump, or nipple discharge. Mammo... View more

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