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.

View More

Medical Devices Published Insights

Coherent Market Insights Tumor Ablation Devices Market

Published Date : Sep 2022

The global tumor ablation market size was valued at USD 1,018.6 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 11.5% from 2022 to 2028. The market is to propel the market as there is an increase in geriatric population, rising ca... View more

Coherent Market Insights Facial Rejuvenation Market

Published Date : Sep 2022

Facelifts, sometimes referred to as rhytidectomy, are occasionally necessary to treat sagging face skin. A facelift can be achieved using a variety of ways. Eyelid rejuvenation can be done concurrently with or before a face and neck lift. ... View more

Coherent Market Insights Tracheal Tube And Airway Products Market

Published Date : Sep 2022

A tracheal tube is a catheter that is inserted into the trachea for the primary purpose of establishing and maintaining a patent airway and to ensure the adequate exchange of oxygen and carbon dioxide. Constant advancements made in airway products have helped clinicia... View more

Coherent Market Insights Latin America Continuous Glucose Monitoring Cgm Device Market

Published Date : Sep 2022

Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events, an outcome of uncontrolled diabetes, which can arise due to skipped insulin dose. The currently available CGM (continuous glucose monitoring) ... View more

Coherent Market Insights Pta Balloon Catheter Market

Published Date : Sep 2022

PTA stands for ‘percutaneous transluminal angioplasty’. PTA balloon catheter has an inflatable balloon at its tip, which is used during a minimally invasive catheterization procedure. The deflated balloon is positioned at the narrowed space and inflated fo... View more

Coherent Market Insights Breastfeeding Supplies Market

Published Date : Sep 2022

Breastfeeding supplies are the apparatus used for taking out milk from the mother’s breast. Breastfeeding supplies are used to pump and store the milk for later use. These breastfeeding supplies allow the consumer to pump the breast milk into bags or storage bot... View more

Coherent Market Insights Medical Pediatric Bed Market

Published Date : Sep 2022

A medical bed is a bed that is specifically designed for patients who require health care or hospitalized patients. The patient's comfort and well-being as well as the convenience of health care workers are the special features of these beds. ... View more

Coherent Market Insights Dental Extraction Forceps Market

Published Date : Sep 2022

Upper extracting forceps and lower extracting forceps are the two primary types of extraction forceps. These two categories further subdivide into upper extracting forceps for the left and right quadrants and lower extracting forceps for the left and right quadrants. ... View more

Coherent Market Insights Ocular Implant Market

Published Date : Sep 2022

Ocular implants are medical devices designed to replace a damaged or missing visual organ to restore vision or to improve visual appearance. Ocular implants such as ocular prostheses are artificial eyes used by people to improve facial lineaments damages due to an eye... View more

Coherent Market Insights Electroporation Instruments Market

Published Date : Sep 2022

Electroporation is the microbiology technique that uses an electrical pulse to create temporary pores in cell membranes through which substances such as nucleic acids can pass into cells. Electroporation can be used for all cell types including mammalian, bacteria, al... View more

Coherent Market Insights E Prescribing Market

Published Date : Sep 2022

E-Prescribing or electronic prescribing is the use of electronic tools to prescribe drugs. E-Prescribing tools can include both software programs, as well as hardware such as personal computers, touch screens, and handheld and wireless devices. e-prescribing offers se... View more

Coherent Market Insights Bladder Scanner Market

Published Date : Sep 2022

The global bladder scanners market was valued at US$ 134.1 Mn in 2021 and is forecast to reach a value of US$ 194.3 Mn by 2028 at a CAGR of 5.4%&nbs... View more

Coherent Market Insights Portable X Ray Devices Market

Published Date : Sep 2022

The global portable x-ray devices market was valued at US$ 6,437.8 Mn in 2021 and is forecast to reach a value of US$ 11,951.1 Mn by 2028 a... View more

Coherent Market Insights Us Central Venous Catheter Market

Published Date : Sep 2022

Central venous catheters play a major role in modern healthcare. These catheters allow easy administration of intravenous fluids, blood products, medications, and parenteral nutrition, as well as offer hemodialysis access and hemodynamic monitoring. They are used in v... View more

Coherent Market Insights Central Fill Pharmacy Automation Market

Published Date : Aug 2022

Central fill pharmacy automation is a completely automated pharmacy dispensing system that reduces the need for manual or human labor by handling the entire inventory system with machines and robots. The central fill pharmacy admin... View more

Coherent Market Insights Percutaneous Transluminal Coronary Angioplasty Balloon Catheter Market

Published Date : Aug 2022

Percutaneous transluminal coronary angioplasty (PTCA) also called percutaneous coronary intervention (PCI) is a minimally invasive procedure to open blocked or stenosed coronary arteries allowing unobstructed blood flow to the myocardium. The blockage occurs because o... View more

Coherent Market Insights Prosthetic Full Arch Dentures Market

Published Date : Aug 2022

A full-arch prosthetic denture is a removable acrylic substitute for missing teeth and bone in the entire dental arch. Complete dentures are typically inexpensive, easy to fabricate and repair, and provide an acceptable level of aesthetics and functionality for many p... View more

Coherent Market Insights Anesthesia Device Market

Published Date : Aug 2022

Anesthesia devices includes monitors, continuous-flow anesthetic machines, anesthetics vaporizers, anesthesia information management system (AIMS), and other disposables such as anesthesia breathing circuits, endotracheal tubes, anesthesia gas masks, and laryngeal mas... View more

Coherent Market Insights Blood Dialyzer Market

Published Date : Aug 2022

The process of hemodialys is the popular renal replacement therapy in most countries, worldwide. From past few decades, there has been an increasing interest in understanding the needs of hemodialysis patients. Various risk factors, such as failures, adverse reactions... View more

Coherent Market Insights Rehabilitation Equipment Market

Published Date : Aug 2022

Rehabilitation is defined as a set of interventions designed to optimize functioning and reduce disability in people with health conditions in interaction with their environment. Rehabilitation is care that can help people get back, keep, or improve abilities (such as... View more

© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.