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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 Intra Abdominal Pressure Measurement Devices Market

Published Date : Jul 2023

An Intra abdominal pressure reflects the bladder pressure or pressure inside the abdominal compartment and is usually measured via a urinary catheter. Intra-abdominal pressure measurement devices are used to detect the risk of intra abdominal hypertension and abdomina... View more

Coherent Market Insights India Static Compression Therapy Market

Published Date : Jul 2023

Compression therapy is a common treatment that is used to improve blood flow in  lower legs. It usually involves usage of elastic stockings or wraps. The elastic provides compression on legs, ankles, and feet. Chronic venous insufficiency is a common condition th... View more

Coherent Market Insights Neonatal Ventilator Market

Published Date : Jul 2023

A ventilator is used to provide breathing support to patients. Ventilators that are designed for use in neonates are called neonatal ventilators. Preterm neonates are infants that are born at gestational age < 35 weeks. While neonates are newborn infants under 28 d... View more

Coherent Market Insights Dental Cameras Market

Published Date : Jul 2023

Dental cameras are used to assess and diagnose oral health and dental health problems. A dental camera allows the dentist to see and analyse the external structures of the teeth, the gums, and the buccal cavity. Also, it helps to understand the progression of the prev... View more

Coherent Market Insights Patient Monitoring Devices Market

Published Date : Jul 2023

Patient monitoring devices are devices that are used to collect and display physiological data. These devices are used to monitor various types of data, such as cardiac, respiratory, and others. Common types of cardiac monitoring systems include Holter Monitor, event ... View more

Coherent Market Insights Global And China Catheter Market

Published Date : Jul 2023

The catheters market is highly competitive as there have been a wide number of companies that have increased its focus on developing advanced catheters. Numerous manufacturers have collaborated with major medical device distributors to market and supply its products g... View more

Coherent Market Insights Cardiovascular Monitoring And Diagnostic Devices Market

Published Date : Jul 2023

Cardiac monitoring generally refers to the continuous or intermittent monitoring of cardiac activity, usually by electrocardiography, to assess the patient's condition in relation to the heart rhythm which included are ECG monitoring devices, Holter monitoring devices... View more

Coherent Market Insights Ecg Monitoring Systems Market

Published Date : Jul 2023

ECG equipment and management systems are devices that use electromagnetic waves to monitor heartbeats, which can then be displayed on an ECG panel. ECG equipment and management systems are being used to diagnose various cardiovascular and coronary diseases in patient,... View more

Coherent Market Insights Prepacked Chromatography Columns Market

Published Date : Jul 2023

The global prepacked chromatography columns market report provides a comprehensive analysis of the industry, covering various key aspects such as market size, growth trends, market dynamics, competitive landscape, and technological advancements. The report examines th... View more

Coherent Market Insights China Thermometers Market

Published Date : Jul 2023

Thermometer are used to measure body temperature or a temperature gradient. Different type of thermometer constitutes of digital thermometers, electronic ear thermometers, forehead thermometers, plastic strip thermometers, pacifier thermometers, and glass and mercury ... View more

Coherent Market Insights X Ray Machine Manufacturing Market

Published Date : Jul 2023

X-rays are a form of an electromagnetic radiation with higher energy that can pass through most of the objects. X-ray machines pass x-ray beams through the body to produce images of the tissue, organs, bones, and teeth inside. These images allow healthcare providers a... View more

Coherent Market Insights Healthcare Additive Manufacturing Market

Published Date : Jul 2023

Medical additive manufacturing, or medical 3D printing, is a process of creating medical devices or structures using computer-aided design (CAD) and additive manufacturing techniques. A digital model is then sent to a 3D printer, which creates medical device or struct... View more

Coherent Market Insights Cardiac Implantable Electronic Device Market

Published Date : Jul 2023

Cardiac implants are devices that are implanted in the heart tissue, in order to control irregular heart function. Cardiac implants such as pacemakers, defibrillator implants, and cardiac rhythm monitoring implants are available in the market to treat cardiac dysfunct... View more

Coherent Market Insights Prosthetics And Orthotics Market

Published Date : Jul 2023

A prosthesis is an artificial device used to replace the missing part of the body, which may be lost through disease, trauma, or a condition present at birth. While, orthosis a medical device, designed especially for the foot, used to relieve or correct an orthopedic ... View more

Coherent Market Insights Dental Chair Market

Published Date : Jul 2023

Dental chair, orthodontic chair, is one-piece, full-body seat that can be articulated into any number of seating positions. Dental chairs (or dental treatment units) are a necessity for dentists to provide the best possible patient care. It is an essential part of den... View more

Coherent Market Insights Human Reproductive Technologies Market

Published Date : Jul 2023

Human reproductive technologies assist parents who are having troubles in pregnancies, and infertility issues. These technologies include Assisted Reproductive Technology (ART), prognostics, contraception, and same-sex procreation. ART aids in the treatment of low fer... View more

Coherent Market Insights Aesthetic Medicine Market

Published Date : Jul 2023

Aesthetic medicine is a branch of modern medicine that focuses on altering cosmetic appearance through the treatment of conditions such as wrinkles, skin laxity, skin discoloration, moles, scars, liver spots, cellulite, excess fat, spider veins, and/or unwanted hair, ... View more

Coherent Market Insights Europe Gelatin And Bone Glue Market

Published Date : Jul 2023

Gelatin is obtained from collagen, which present in the ligaments, tendons, and tissues of mammals. Gelatin is used as bone void fillers, hemostatic sponges, and biodegradable orthopedic implants. There are two types of bone glues used synthetic and natural bone glues... View more

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