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 Biosurgery Market

Published Date : Jan 2023

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Coherent Market Insights Degenerative Disc Disease Treatment Market

Published Date : Jan 2023

Degenerative disc disease is an age-related condition that happens when one or more of the discs between the vertebrae of the spinal column deteriorates or breaks down that leads to pain. The rubbery discs between the vertebrae normally allow for flexing and bending o... View more

Coherent Market Insights Fundus Camera Market

Published Date : Jan 2023

The fundus camera is a tool used in fundus photography. Fundus photography captures images of the retina, optic nerve head, macula, retinal blood vessels, choroid, and vitreous. Fundus photography aids in the detection and screening of a variety of treatable and preve... View more

Coherent Market Insights X Ray Market

Published Date : Jan 2023

An X-ray system is a medical imaging tool which is used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-Ra... View more

Coherent Market Insights Gcc Syringes And Needles Market

Published Date : Dec 2022

Syringes and needles are collectively known as a “sharps” and are the most widely used medical disposables across the globe. Syringes and needles are defined as hollow devices made from glass, metal or polymer, and a nozzle and piston for sucking in or inj... View more

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 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 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 Medical Simulation Market

Published Date : Dec 2022

The medical simulation market involves technologies and methods that mimic real-life clinical settings, allowing medical professionals to practice their skills on virtual patients in a risk-free environment. Simulation-based training has been gaining prominence as it ... 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 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 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 Spectacle Lens Market

Published Date : Nov 2022

Spectacle lenses help to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), astigmatism, and presbyopia. Thus, with the increase in prevalence of such optical disorders and increase in awareness among people, the demand ... View more

Coherent Market Insights Nasal Drug Delivery Systems Market

Published Date : Nov 2022

Nasal cavity is becoming one of the most potential and promising route of drug delivery, owing to its advantages such as bypassing the hepatic first-pass metabolism, and most importantly patient convenience. The nasal drug delivery systems used in the treatment of pai... View more

Coherent Market Insights Ambulance Equipment Market

Published Date : Nov 2022

Ambulance equipment is a type of equipment used to aid patients at the time of medical emergencies including accidents and surgeries, thus helping minimize personal injuries and preventing loss of life. Advancements in healthcare technology along with increasing patie... View more

Coherent Market Insights Skin Rejuvenation Devices Market

Published Date : Nov 2022

Skin rejuvenation involves treating variety of skin disorder such as wrinkles, dark circles, facial lines, pigmentation, scars, stretch marks, acne, dry and itchy skin, and age spots. These skin problems are characterized by the thin and dry ... View more

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