Medical Devices
The convergence of information technology with medical devices is transforming the landscape of patient care. Medical devices integrated with mobile applications for monitoring and diagnosis of disease conditions reduces 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 costs and time for tests. Be it diagnostics, surgery, monitoring or treatment, medical devices provide convenience and help increase access to health services. Growth in this industry is typically derived from innovation and focused patient care.
Challenges
Integrating rapidly evolving technologies inexisting products in order to maintain competitive advantage in the market is a constant challenge faced by medical device companies. 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 are planning to spend over 6% of revenue on R&D till 2017. At the same time, increasing cost pressure is posing a challenge for companies to launch new technologies at low costs. Moreover, new regulatory requirements and fierce competition are creating new complexities and challenges for companies operating in this sector. The new Unique Device Identification (UDI) guidelinesintroduced in 2014will aid the stakeholders in saving costs; however also involves implementation cost for the medical device manufacturers.
Home Healthcare Devices to Fuel Market Growth
Increasing self-medication practices is in turn driving demand for home healthcare devices. The launch of glucose monitors, insulin delivery devices, oxygen concentrators and nebulizers have contributed to increased access to healthcare system in developing countries. Driven by an increasing awareness of lifestyle disorders and increasing awareness about new technologies, consumers are likely to adopt more sophisticated devices to self-monitor their health conditions. For consumers, this could mean convenience in time and travel and reduced healthcare costs.For doctors on the other hand it could mean more efficient and effective healthcare, driven by patients who take greater responsibility for their own health. However, app-based devices are facing challenges with respect to the FDA approval.
Growth in Emerging Economies
Although North America dominates the global medical devices market, significant growth is projected to be observed in the Asia Pacific and Latin America regions. Inadequate access to healthcare system would open up large opportunities for medical devices. Rapidly expanding patient pool, rise in healthcare spending, and increasing health awareness in these markets are expected to be supportive factors for companies to invest in these regions. However, the price points need to be low compared to that in western markets. Also, the distribution, manufacturing and business models need to be changed to make a successful foray in these markets. Mergers and acquisitions are projected to continue in these regions in order to help companies strengthen their product portfolios and increase their market reach.
Conclusion
The way healthcare is delivered, accessed and perceived is changing mainly driving by introduction of novel medical devices. As regulatory requirements change and evolve, medical device manufacturers need to understand the implications and accordingly, need to be operationally and technologically equipped. Companies also need to ensure they have the right competencies to keep up with increasing competition and regulations, and assess their impact. Major global players in this market include 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.
Published Date : Mar 2019
Surgical Lighting System Market Insights Surgical lighting system is an integral component during surgeries to provide illumination that assists the surgeons to view surgical site. There are several typ
Published Date : Mar 2019
Minimally Invasive Surgical Instrument Market – Insights Minimally invasive surgical instruments are used in minimally invasive surgeries (MIS). These surgeries are performed to limit the size and numbe
Published Date : Mar 2019
Saliva Collection Devices Market Insights Invasive diagnostic tests as a replacement for less painful and expensive blood draws are gaining tremendous growth in the recent past.
Published Date : Oct 2019
Global Ophthalmic Viscoelastic Devices Market Insights Ophthalmic viscoelastic devices play a crucial role in ophthalmic surgeries such as cataract surgery, glaucoma surgery, vitreoretinal surgery, and cornea
Published Date : Feb 2019
Vagus Nerve Stimulators Market - Insights Vagus nerve stimulation (VNS) is a medical treatment in which electric impulses are delivered to vagus nerve for the management and treatment of various types of dise
Published Date : Feb 2019
Blood Dialyzer Market Insights The process of hemodialysis remains the popular renal replacement therapy in most countries, worldwide. During the last decade, there has been an increasing interest in un
Published Date : Feb 2019
Neuroscience Market – Novel Approach for Neurological Disorders Neuroscience involves use of various methods to measure and image the brain activity. Neuroscience is umbrella term focusing on molecular,
Published Date : Feb 2019
Global Electrical Stimulation Devices Market – A Breakthrough in Pain Management Electrical stimulation devices play a major role in advanced healthcare, as it cause muscle contraction with the use of e
Published Date : Feb 2019
Global Bio-engineered Stent Market – Life Saving Treatment for Cardiovascular Diseases Bio-engineered stent plays a major role in modern healthcare as it expands the blood vessel to prevent a blockage o
Published Date : Feb 2019
Adult and Pediatric Hemoconcentrators Market- Insights A hemoconcentrator is a device used for removal of fluid during cardio bypass surgery. Hemoconcentrators are introduced in extracorpeal circuit where it
Published Date : Feb 2019
Global Bioresorbable Implants Market – A Novel Approach in Orthopedics Bioresorbable implants play a major role in advance healthcare, as they support and improve damaged biological structure. Bioresorb
Published Date : Jan 2019
Global Bioresorbable Vascular Scaffold Market Bioresorbable vascular stents expand the blood vessel to prevent a blockage, which are disintegrated in human body without any external intervention. It prevents
Published Date : Jan 2019
Global Drug Eluting Balloon Market – A Novel Approach for Coronary Heart Disease Drug eluting balloon plays a major role in modern healthcare, as it homogenously delivers medication to the vessel and pr
Published Date : Jan 2019
Global Sinus Dilation Devices Market Sinus dilation devices play a major role in modern healthcare, allowing the sinus openings to expand during nasal sinusitis and are preferred over antibiotics, decongesta
Published Date : Feb 2019
Ultrasonic Aspirator Market Insights Ultrasonic aspirators are surgical tools used to fragment the tissue with simultaneous irrigation and aspiration of surgical field. This technology is widely used in neuro
Published Date : Jan 2019
Laser Indirect Ophthalmoscope Market - Insights Ophthalmoscope examines the interior structure of an eye and are combined with a source of light and lenses, which enables effective examination of interior str
Published Date : Apr 2019
Global Clear Aligners Market – Effective Solution for a Better Smile Clear aligners are used to straighten teeth for appropriate positioning of teeth. Clear aligners are the best substitute for old and
Published Date : Jan 2019
Global Central Venous Catheter Market – Easy Administration of Medications Central venous catheters play a major role in modern healthcare, as they allow easy administration of intravenous fluids, blood
To Be Published : Nov 2019
Blood clot is usually a response to the injury so as to prevent infection and minimize the blood flow. Embolus is a part of blood-clotting, which separates from the site of thrombus and circulate through bloodstream into the body. It can obstruct the function of blood
To Be Published : Nov 2019
Respiratory drug delivery formulations are used for treating various respiratory diseases. The pulmonary route of drug delivery is most effective in recent times for treatment of respiratory diseases as it enables to target drug delivery directly to lung both for loca
To Be Published : Nov 2019
A surgical drainage device is an equipment that removes excess fluid or air or infected blood from the operation site or wound so that the risk of formation of hematoma is reduced and wound healing process is accelerated to ensure speedy recovery of the patient. Surgi
To Be Published : Nov 2019
Hemorrhoid is a common disease in a general population, which is also known as the piles, where the patient suffers from painless bleeding during bowel movement, itching and irritation in anal side, swelling of anal veins, pain and discomfort, and formation of lumps n
To Be Published : Nov 2019
Breast cancer is a common disease in women and is mainly characterized by the formation of lumps in the breast, inverted nipples, fluid discharge from nipples, and change in breast shape. Breast reconstruction is a treatment for breast cancer, which includes creation
To Be Published : Nov 2019
Spinal injuries can occur due to damage of vertebrae, ligaments, or discs of the vertebral column. The higher is the injury on the vertebral column, more effect of the injury is likely to occur as it is nearer to the brain. Such injuries can be treated by surgical pro
To Be Published : Nov 2019
Medical device outsourcing market is the phenomenon that emphasize on contracting with third party for product design, manufacturing, packaging, validation, prototyping and verification of medical devices in sterile and controlled environment for supply chain manageme
To Be Published : Nov 2019
The medical plastic extrusion is a high volume manufacturing process in which raw plastic is melted and formed into the continuous profile using pellets, granules, and flakes powders with some additives such as colorants in either liquid or pellet form. It produces de
To Be Published : Nov 2019
Overview Difficulty in breathing is a major problem among people across the world. Spirometer is a common test / device used to diagnose and aid in treatment of certain lung diseases. It measures inhalation and ex
To Be Published : Nov 2019
Anesthetic vaporizer is a part of anesthetic machine, which is used to deliver required concentration of anesthetic agent. It is used to deliver volatile anesthetic agents. It converts liquid anesthetic agent into vapors and then these vapors are mixed wit
To Be Published : Nov 2019
Respiratory heaters are external heaters used with a nebulizer system. Nebulizer is a drug delivery device which allows inhalation of the drug directly into the lungs. Respiratory heaters provides the heated breathing gas and heated aerosol to the patients who require
To Be Published : Nov 2019
Infant incubator is a device used for pre-matured infants, which are born before 37 weeks of pregnancy period. These pre-termed infants undergo several complications as their body temperature is low, i.e., they cannot regulate the temperature of their body when born h
To Be Published : Nov 2019
Disability devices and technologies maintain or improve an individual’s functioning and independence to facilitate participation in activities and to enhance overall well-being. These devices also help in preventing impairments and secondary health conditions. S
To Be Published : Nov 2019
Veterinary dentistry includes adjustment, cleaning, extraction, filing, repair of animal teeth, and other aspects of animal oral healthcare. Dental diseases if left untreated can cause loss of teeth, oral infection, pain, and gingivitis. Advancements in instruments an
To Be Published : Nov 2019
The multi-parameter patient monitoring (MPM) equipment offers a flexible solution for various critical care need. The need for home-based healthcare is expected to drive the multi-parameter patient monitoring market growth. A MPM equipment is a system designed to give
To Be Published : Nov 2019
Electrosurgery accessories are the additional products used in electrosurgical procedures. Electrosurgery is the application of a high-frequency alternating polarity radio wave, this high-frequency waves are used to cut, coagulate, desiccate, or fulgurate biological t
To Be Published : Nov 2019
Medical cameras are specialized type of camera, which are used for documentation of clinical demonstration of patients, medical and surgical procedures, and medical devices. These are very high-resolution cameras for obtaining enhanced and magnified images for clear d
To Be Published : Nov 2019
Diathermy is a controlled production of ‘deep heating’ beneath the skin in the subcutaneous tissues, deep muscles, and joints for therapeutic purposes. Using high-frequency short wave electric currents, the heat is generated in the diathermy equipment. The
"How Can I Help You" ?
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
U.S. Office :
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154- US : +1-206-701-6702 UK : +44-020 8133 4027
Coherent Market Insights Benefits
Custom Research Solution
Talk to our research consultant to design an exclusive report as per your research needs.
Customer Fulfilment
We aim to fulfil client's research demands with tailored research solutions.
Quick Turnaround Time Reports
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
360-degree Approach
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
Assured Quality
We strive to provide most accurate and reliable research findings in our research reports.