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.
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.
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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Implants are devices used for replacing any missing biological structure in the body, assisting the efficiency of the working or supporting a defective arrangement in the body. Most of the medical devices implanted in the human body via surgical procedures are medical... Read more
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Disposable EEG electrodes are specifically designed to provide quality recordings and reduce cross contamination while saving time and money compared to reusable EEG options. Disposable EEG electrodes offer useful, real-time EEG data during various mapping or monitori... Read more
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Surgical cushion is a device used in various surgical and diagnostic procedures for patient's safety and surgeon's ease of access to the area of operation. The choice of surgical cushions majorly depends on the type of surgery to be performed. Positioning patients cor... Read more
Medical micro surgical drills are the surgical tools/instruments used by the surgeons to drill bones and tooth. These drilling tools are generally used in neurosurgeries, spinal surgeries, and dental surgeries. Rising number of the patient population with the neurolog... Read more
Medical tapes, secure dressings and bandages onto a wound and hold catheters and drainage lines in place. Various these of medical tapes that find application in wound care include, adhesive tapes, elastic tapes, silk cloth tapes, silicone tapes, and paper tapes. Adhe... Read more
Gelatin is a protein substance derived from collagen, a structural protein present in the ligaments, tendons, and tissues of mammals. It is extracted from the bones, hides, and skin of the mammals. Gelatin is used to form strong and transparent gels and flexible films... Read more
Biomimetics are used in tissue engineering, regenerative medicine, and drug delivery. Medical Biomimetics mimics nature in a bid to improve the lives of humans. The increasing prevalence of chronic diseases such as cardiovascular diseases, increasing healthcare expend... Read more
An orthoses is an external device which supports and enhances the body alignment, reduces the pain and protects a joint or limb from further deformity. Orthoses can be custom molded and custom fitted according to the requirement. These devices are classified under dur... Read more
Wound debridement is the process of removing dead tissue from wounds. Biological debridement, enzymatic debridement, autolytic debridement, and mechanical debridement are some of the types of wound debridement. Hydrotherapy, wet-to-dry dressing, and monofilament debri... Read more
Microtomes are used for obtaining sample sections for further microscopic examination and it is the most used apparatus/instrument in histology labs. It consists of knife clamps, a sample holder, thickness gauge, and other accessories. It is a mechanical device used t... Read more
Increasing cases of neurological disorders, which include depression, anxiety, ADHD, and other dementias are expected to boost the biofeedback measurement instrument market growth during the forecast period. For instance, according to the World Alzheimer Report publis... Read more
Orthopedic extension devices are developed for patient safety and outcomes during surgical procedures. It eases the workflow of the healthcare staff as they don’t need to hold the patient’s legs during the surgery. The devices are independent and can be us... Read more