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.
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.
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.
Implantable drug delivery devices are used to administer drugs and fluids without the repeated insertion of needles. This product avoids the need for patients to be hospitalized for intravenous infusion. Implantable drug delivery devices can be aptly utilized for deli... View more
Brain health devices, also known as brain monitoring devices, include magneto encephalograms, cerebral oximeters, electromyography (EMG) devices, deep brain stimulation systems (brain pacemaker), and other implantable brain devices. These devices are used to control a... View more
Uveitis is inflammation of the uvea, which is the middle layer of the eye that consists of the iris, ciliary body and choroid. Based on the location where the inflammation occurs in the uvea, the condition can be classified as: anterior uveitis, intermediate uveitis, ... View more
Protein assays are used to determine the concentration of solubilized protein. Various biochemical methods are available for quantification, isolation, and analysis of proteins. The selection among available protein assays is based on factors such as its chemical comp... View more
Microfluidics Market – Insights Microfluidics is the technology that deals with the flow of liquids through microscopic channels such as chips, nozzles, and pumps. Microfluidics technology-based products co... View more
Organs are vulnerable to environment outside the human body; hence, they are kept in preservation solutions that have a composition similar to that of human body fluids. These solutions are known as organ preservation solutions and are typically composed of ions, prot... View more
Hemodynamic Monitoring System Market – Insights Hemodynamic monitoring system is used to measure the blood pressure inside the veins, heart, and arteries. It also monitors health of the heart and meas... View more
Dental consumables are specially created materials and are specifically designed according to the need in dental complications. Different types of dental consumables are available and their application and characteristics differ according to their intended use. ... View more
Sleep aids are pills and medical devices that are used in the diagnosis and treatment of sleep disorders. Sleep aids consist of various products such as medications, sleep laboratories, sleep apnea devices, and mattresses & pillows. Medications generally include d... View more
Bone grafting is a surgical procedures which includes replacement of missing bone. Different types of bone grafts such as autologous bone graft, allograft, and synthetic bone graft are used in bone grafting procedures. Increasing adoption of bone graft substitutes suc... View more
Bone Replacement Products Market– Effective Solution for Bone Problems Bone replacement products are required to fill the gap or replace the entire section following an accident or after tumor removal, ... View more
Auto-Injectors Market – Insights Auto-injectors are used to deliver a dose of a particular drug. Epinephrine auto-injector is a type of auto-injector widely used for people at risk of anaphylaxis. Auto-inje... View more
Hospital beds are specially designed for patients to provide them with extra comfort, relief, and convenience during the time of hospitalization. These beds are a crucial component of the healthcare infrastructure and commonly used during examinations, diagnosis of di... View more
Medical Implants Sterile Packaging Market Insights Medical implants sterile packaging is mainly done to prevent the contamination in the medical products and to destroy the microorganism. It is an advanced ... View more
Hospital Beds Market – Market Insights Hospital beds are designed for hospitalized patients or for the patients, who need healthcare services as well as for the convenience of their caretaker. Hospita... View more
Multiplexed Diagnostic Market – Market Insights Multiplexed diagnostics are used for analysis of biological samples, which are capable of completing a screening process with a single run. Multiplexed ... View more
Medical adhesives and sealants are used to prevent blood loss during surgical procedures such as organ implant, cardiovascular surgeries, and orthopedic surgeries. The medical adhesives and sealants provide natural wound healing and prevent air or liquid leakages duri... View more
Medical Micro-electro Mechanical Systems (MEMS) Market – Market Insights Micro-electro mechanical systems (MEMS) is an innovative technology used to manufacture small mechanical and electro-mechanical... View more