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

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Coherent Market Insights Bone Growth Stimulator Market

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Coherent Market Insights Medical Electrodes Market

Published Date : Aug 2022

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Coherent Market Insights Deep Brain Stimulation Devices Market

Published Date : Aug 2022

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Coherent Market Insights Continuous Peripheral Nerve Block Catheter Market

Published Date : Aug 2022

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Coherent Market Insights Osseointegration Implants Market

Published Date : Aug 2022

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Coherent Market Insights Interventional Radiology Market

Published Date : Aug 2022

Interventional radiology is a branch of medicine which deals with a variety of therapeutic and diagnostic procedures that are performed using minimally invasive image-guided techniques to diagnose & treat a variety of diseases. Interventional radiology (IR) can be... View more

Coherent Market Insights Dental Autoclave Market

Published Date : Jul 2022

Dental autoclave is a medical device used to clean and sterilize dental equipment. An autoclave is specifically designed to clean the surface with extreme heat, steam, and a highly pressurized environment. Dental sterilizers, also referred to as dental autoclaves, use... View more

Coherent Market Insights Optometry Equipment Market

Published Date : Jul 2022

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Coherent Market Insights Emergency Medical Equipment Market

Published Date : Jul 2022

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Coherent Market Insights Medical Grade Silicone Market

Published Date : Jul 2022

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Coherent Market Insights Patient Temperature Management Systems Market

Published Date : Jul 2022

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Coherent Market Insights Temperature Management Market

Published Date : Jul 2022

Temperature management system helps maintain and regulate body temperature of the patient in recovery rooms, operating theaters, intensive care units, and other areas of hospitals. Several diseases are characterized by a change in body temperature. Temperature plays a... View more

Coherent Market Insights Compression Therapy Market

Published Date : Jul 2022

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Coherent Market Insights Polymerase Chain Reaction Market

Published Date : Jul 2022

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Coherent Market Insights Dental Floss Market

Published Date : Jul 2022

Dental floss is a vital part of the oral hygiene routine. Flossing is one of the most vital practice followed in dental care. Moreover, dental floss helps remove bacteria, plaque, and food and it helps reduce the likelihood of periodontal diseases. Oral hygiene is the... View more

Coherent Market Insights Transdermal Skin Patches Market

Published Date : Jul 2022

A transdermal patch is a modern technique of pain management designed to treat chronic pain and other conditions. Also known as a skin patch, a transdermal patch is a medicated adhesive patch, which is placed on the skin to deliver regular doses of medication into the... View more

Coherent Market Insights Cryopreservation Equipment Market

Published Date : Jul 2022

Cryopreservation is a process of maintaining biological samples in a form of suspended state at cryogenic temperature for considerable period of time and is used to preserve the fine structure of cells. Through this process, samples of cells, tissues, and organelles a... View more

Coherent Market Insights Radiotherapy Market

Published Date : Jul 2022

Radiotherapy uses high-energy radiation beams such as gamma rays, x-rays, and protons to kill cancerous cells by inhibiting its growth and multiplication. Radiosurgery is often used before surgery to reduce the size of a tumor prior to removal, or after surgery to des... View more

Coherent Market Insights Ent Disorder Treatment Market

Published Date : Jul 2022

ENT also known as otolaryngology is a stream of medical science that deals with disorders associated with ear, nose, and throat. Diseases related to ears, throat, and nose significantly affect the quality of life and could lead to surgeries in few cases such as chroni... View more

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