Medical Devices

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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 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

U.K. Medical Pendant Market, by Product Type (Fixed Pendant, Rotary Pendant, and Movable Pendant) and by Application (Surgery, Anesthesia, Endoscopy, and Intensive Care Unit (ICU)) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Feb 2021

The U.K. medical pendants market is expected to exhibit significant growth, owing to increasing number of healthcare professionals and hospitals in the U.K., which is expected to increase demand for medical pendants in the market. For instance, according to WHO data, ... Read more

Coherent Market Insights

North America Air Ambulance Services Market, by Service (Hospital-based Service and Community-based Service), by Aircraft Type (Helicopter and Aircraft/Airplane (Rotary Winged Aircraft and Fixed Winged Aircraft)), and by Country (U.S. and Canada) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Feb 2021

Technological advancements in healthcare, coupled with increasing patient inclination towards faster and efficient mode of transportation are expected to drive growth of the air ambulance services market during the forecast period. Air ambulance services refer to tran... Read more

Coherent Market Insights

Smart Syringe Market, by Product Type (Auto-disable Syringes, Active Safety Syringes, and Passive Safety Syringes), by Application (Vaccination, Drug Delivery, and Blood Specimen Collection), by End User (Hospitals & Clinics, Diagnostic Laboratories, and Homecare Settings), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Feb 2021

Syringes are medical devices used to inject fluid or withdraw fluid from the body. A medical syringe consists of a needle attached to a hollow cylinder that is fitted with a sliding plunger. Smart syringe are designed with safety mechanisms, in order to prevent the ne... Read more

Coherent Market Insights

Smart Baby Thermometers Market, by Product Type (Ear Thermometer and Infrared Thermometer), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Jan 2021

Smart baby thermometers are the devices designed and used to measure the temperatures of young children and infants. This helps in diagnosing the fever or diseases and taking effective measures for further treatment. These devices are portable, easy to use, comfortabl... Read more

Coherent Market Insights

Vascular Patches Market, by Type (Biologic Vascular Patches and Synthetic Vascular Patches), by Application (Carotid Endarterectomy, Aortic Aneurysms, Profundaplasty, and Others), by End User (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Jan 2021

Vascular patches are the medical products that are used in tissue repair and reconstruction in congenital cardiac surgery. The vascular patches helps in tissue remodeling, vascular cell regeneration, and cellular integration. Moreover, increasing prevalence of cardiov... Read more

Coherent Market Insights

Dentures Market, by Product Type (Complete Dentures and Partial Dentures), by Manufacturing Process (Conventional Denture and 3D-Printed Denture), by Usage  (Fixed and Removable), by End User (Hospitals, Dental Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jun 2021

Dentures or false teeth are prosthetic devices constructed to replace missing natural teeth. These dentures are supported by the surrounding soft and hard tissues of the oral cavity. Dentures supports are needed, when individual loses all of the natural teeth due to g... Read more

Coherent Market Insights

Preclinical Isolated Organ Perfusion System Market, by Type (Isolated Heart Perfusion Systems, Isolated Abdominal Organ Perfusion Systems, Isolated Lung Perfusion Systems and Others), by End User (Industrial Laboratories and CROs and Academic and Government Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Dec 2020

Isolated organ perfusion involves maintaining an organ in viable status, either by single pass or recirculation with the medium. Isolated organ perfusion has been documented in distribution studies involving several organs including lung, kidney and brain. These isola... Read more

Coherent Market Insights

Hypoxia Chamber Market, By Type (84 x 35 mm Plates, 27 x 60 mm Plates, 12 x 100 mm Plates, 12 x 96-well Plates, and 18 x 25 cm2 Flasks), By Application (Cell Culture Imaging, Drug Discovery, and Others), By End User (Biopharmaceutical Companies, Clinical Laboratories, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Dec 2020

Hypoxia is a condition in which the animal culture does not get enough oxygen for supply and oxygen therapy is provided in the complete absence of oxygen, so that the tissue can get oxygen in sufficient manner. It is used in various applications such as animal researc... Read more

Coherent Market Insights

Pakistan Clear Aligners Market, by Material Type (Polyurethane Plastic, Polyethylene Terephthalate Glycol (PETG), Poly-vinyl Chloride (PVC), and Others), by Age Group (Pediatric and Adult), and by End User (Hospitals and Dental Clinics) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published Date : Dec 2020

The Pakistan clear aligners market is expected to gain significant traction owing to rising disposable income, and willingness of people to spend more on dental services, both medical and cosmetic. Aligners take less time to comple... Read more

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