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 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 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 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

Coherent Market Insights Dental Prosthetics Market

Published Date : Nov 2022

Dental prosthetics are implants or dental fillers that facilitate bone formation and help in the wound healing procedures in dental cavities due to tooth loss or tooth decay. These prosthesis are majorly used in restorative dentistry. There are two types of dental pro... View more

Coherent Market Insights Urinary Catheters Market

Published Date : Nov 2022

A urinary catheter is a partially flexible and hollow tube that collects urine from the bladder and leads to a drainage bag. Silicone, rubber, and poly vinyl chloride (PVC) are materials used to manufacture urinary catheters. Indwelling catheters, external catheters, ... View more

Coherent Market Insights U S Asia Pacific Portable Medical Oxygen Concentrators Market

Published Date : Nov 2022

Portable oxygen concentrators or POCs are medical devices that use physical means to separate oxygen from the atmosphere in order to produce concentrated, medical-grade gas. Providing oxygen in low-resource environments, such as isolated areas, military combat zones, ... View more

Coherent Market Insights Nurse Call System Market

Published Date : Nov 2022

Nurse call system allows patients in health care settings to alert a nurse or any other health care staff, in case assistance is required. Some nurse care systems allow patients to speak directly to the staffer, some buzz at the station, while others simply beep, requ... View more

Coherent Market Insights Airway Management Devices Market

Published Date : Nov 2022

Airway management is the assessment, planning, and series of medical procedures required to maintain or restore an individual’s ventilation, or breathing. By maintaining an open airway, air can flow from the nose and mouth into the lungs. Airway management is an... View more

Coherent Market Insights Dental Membrane And Bone Graft Substitute Market

Published Date : Nov 2022

A dental bone graft adds volume and density to the jaw in areas where bone loss has occurred. Dental membranes and bone graft substitutes are used to address periodontal diseases. Bone grafting is a process in which bone tissue or similar substances are applied to the... View more

Coherent Market Insights Ventilator Breathing Circuit Market

Published Date : Nov 2022

A breathing system, also known as a breathing circuit, is a medical device used to give patients inhalational anesthetics, oxygen, and carbon dioxide removal. Breathing circuits were originally developed for use in anesthesiology. The most common breathing circui... View more

Coherent Market Insights Sleeping Aids Market

Published Date : Nov 2022

Sleeping aids, are also known as hypnotics, sleeping pills or devices used in the treatment of various sleeping disorders such as narcolepsy, sleep apnea, and insomnia, which are caused due to factors such as psychiatric disorders (Depression and anxiety), environment... View more

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