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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... View more
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 less
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
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
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
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
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
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
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
Published Date : Jul 2023
Cell surface markers are special proteins expressed on the surface of cells or carbohydrates attached to the cell membrane that often conveniently serve as markers of specific cell types. While some proteins have the task of allowing the transport of molecules across ... View more
Published Date : Jul 2023
LASIK (Laser Assisted In-Situ Keratomileusis) eye surgery is the best known and most commonly performed laser refractive surgery to correct vision problems. Laser-assisted In-situ Keratomileusis (LASIK) can be an alternative to glasses or contact lenses. During LASIK ... View more
Published Date : Jul 2023
An infrared thermometer is a thermometer that derives its temperature from a portion of the thermal radiation, also called blackbody radiation, emitted by the object being measured. These are called laser thermometers because a laser is used to aim the thermometer, or... View more
Published Date : Jul 2023
The word anastomosis is a medical term for a surgical connection between two tubular structures, channels, or passages that typically do not attach. Anastomosis is when surgeons connect two tube-like structures in the body. Anastomosis devices are used during a surgic... View more
Published Date : Jul 2023
Anti-biofilm dressing products help manage large wounds, thereby, reducing the risk of infection. Treating wounds with an antimicrobial or bacteriostatic dressing in an alginate or polymeric foam form will help prevent reformation of biofilms. Anti-biofilm agents can ... View more
Published Date : Jul 2023
Biomimetics or biomimicry is the emulation of the models, systems, and elements of nature to solve complex human problems. Biomimetics has given rise to new technologies inspired by biological solutions at macro and nanoscales. Biomimetics is used for t... View more
Published Date : Jul 2023
Blood gas analysis is performed for critically ill patients suffering from respiratory or metabolic disorders. Blood gas analysis includes measurement of the amount of oxygen, carbon dioxide, and the acidity of pH in the blood as well as concentrations of other parame... View more
Published Date : Jul 2023
The identification of numerous serious illnesses and conditions affecting essential organs like the liver, lungs, heart, and brain requires the use of medical imaging equipment. Medical professionals use this technology to create either 2D or 3D photographs of anatomi... View more
Published Date : Jul 2023
One of the possible causes of osteoarthritis (OA) is a misaligned knee joint. A valgus deformity (knock knee appearance) or a varus deformity (bow-legged appearance) is typically to reason for the improper alignment. The knee joint can be repositioned by the knee brac... View more
Published Date : Jul 2023
Breath analyzing devices are widely used for breath alcohol detection by law enforcement agencies to improve road traffic safety. Growing awareness levels and legal requirements in workplaces to keep the environment drug- and alcohol-free have resultantly increased pr... View more
Published Date : Jul 2023
A stopcock is a type of medical device with a ball valve used in connection with intravenous administration. The flow of liquid is directed into the blood vessels by an intravenous stopper. Stop valves are of different types, such as burette stop valves, vacuum valves... View more
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