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 Foot And Ankle Devices Market

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Coherent Market Insights Ocular Implant Market

Published Date : Sep 2022

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Coherent Market Insights Nasal Cannula Market

Published Date : Sep 2023

The global nasal cannula market is estimated to be valued at US$ 7.7 Billion in 2023 and is expected to exhibit a CAGR of 6.4% during the forecast period (2023-2030). ... View more

Coherent Market Insights Drug Delivery Technologies Market

Published Date : Nov 2023

Drug delivery system is a method in which the therapeutic substances are delivered through general route of administration to obtain the therapeutic effect in humans or animals. The correct dose of drugs release their functional ingredients in the targeted area at the... View more

Coherent Market Insights Bandages Market

Published Date : Nov 2023

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Coherent Market Insights Physiotherapy Equipment Market

Published Date : May 2023

Global physiotherapy equipment market is estimated to be valued at US$ 24.66 Bn in 2023, exhibiting a CAGR of 6.9% during the forecast period (2023-2030). ... View more

Coherent Market Insights Laboratory Sieve Shaker Market

Published Date : Nov 2023

Sieve shaker (Sifter) is a device used for separation of materials according to their size. It is basically a stacked column, each containing different mesh size. When given a motion (vertical, horizontal, or rotational) the material passes from one sieve to another a... View more

Coherent Market Insights Modular Anatomic Reconstruction Market

Published Date : Nov 2023

A reconstructive surgery refers to the surgery used for the restoration of the body parts in terms of structure and function. Reconstructive surgeries are performed for correction of deformities (due to birth defects) and trauma. It is also used in chronic diseases li... View more

Coherent Market Insights Cardiac Pacing Leads Market

Published Date : Nov 2023

A cardiac pacing lead is a small catheter with two electrodes. It is placed in the right ventricle of the heart through the vein in the groin or neck. Leads emit electrical stimulus to heart for producing depolarization of cardiac cells. There are two components in le... View more

Coherent Market Insights Molecular Quality Control Market

Published Date : Nov 2023

Molecular quality control mainly used for monitoring the performance of in vitro nucleic acid testing procedures for viral load assays, healthcare-associated infections (HAIs) including bloodstream infections, urinary tract infections, pneumonia, and other infections ... View more

Coherent Market Insights Medical Vacuum System Market

Published Date : Sep 2019

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Coherent Market Insights Veterinary Radiography Flat Panel Detector Market

Published Date : Nov 2023

Digital radiography is a part of diagnostic imaging method which is used for examining any injury or disease in animals. Any part of the body such as bones, heart, lungs, and abdomen can be examined with the help of digital radiography. Flat panel detectors are part o... View more

Coherent Market Insights Veterinary Orthopedic Implants Market

Published Date : May 2023

The global veterinary orthopedic implants market is estimated to be valued at US$ 296.5 million in 2023 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030). ... View more

Coherent Market Insights Surgical Blades Market

Published Date : Nov 2023

Increasing the number of surgery and geriatric population globally drive the market for surgical blade and also the increasing the incident of chronic disease have benefit for the surgical market. Surgical blade is sharp instrument used to make cut into the body and c... View more

Coherent Market Insights Compression Stockings Market

Published Date : Nov 2023

Compression stockings are used for improving blood circulation and prevent from blood clotting and leg ulcer. Due to increasing in patients suffering from varicose veins, deep vein thrombosis and Diabetic dis... View more

Coherent Market Insights Cerebral Somatic Oximeters Market

Published Date : Apr 2023

The global cerebral somatic oximeters market is estimated to be valued at US$ 195.2 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).... View more

Coherent Market Insights Electrocardiogram Ecg Devices Market

Published Date : Jun 2023

The global electrocardiograph market was valued at US$ 5,719.7 Mn in 2022 and is forecast to reach a value of US$ 8,004.2 Mn by 2030 at a CAGR of 4.3%... View more

Coherent Market Insights Photopheresis Products Market

Published Date : Nov 2023

Photopheresis is a form of apheresis and photodynamic therapy in which blood is treated with photosensitizing agents and irradiated with specific wavelengths of light. It is also known as extracorporeal photopheresis (ECP). ECP is leukapheresis based therapeutic proce... View more

Coherent Market Insights Laboratory Refrigerators And Freezers Market

Published Date : Nov 2023

Laboratory refrigerators and freezers are used for preservation of specimen samples, blood samples, blood plasma, and other products including vaccines, syringes, etc. giving it a broad range of applications. These are highly sterilized and maintained at the required ... View more

Coherent Market Insights Hemodialysis Market

Published Date : Nov 2023

Hemodialysis also termed as dialysis is a process of blood purification, when human kidney fails to do so (due to kidney failure or end-stage renal diseases). In end–stage renal diseases, toxic waste products, and extra fluids are built-up in the body. There is ... View more

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