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 : Jun 2018
Single-use Bioprocessing Systems Market – Insights Single-use bioprocessing system is a disposable bioprocessing process in which the systems such as disposable bioreactor, single-use bags, and disposab
Published Date : Jun 2018
Life Science Microscopy Devices Market – Insights In the field of drug development and research, use of microscopy devices for studies have become important to avoid failures and repetitions. Moreover,
Published Date : Jun 2018
Market Insights-Endoscopes Market Endoscopes are medical devices used in endoscopy procedure to observe and treat the internal organs. Endoscopy is minimal invasive procedure in which endoscope is placed insi
Published Date : May 2018
Non-Invasive Biosensor Market - Insights Biosensors are electronic devices, which uses biological molecules such as enzymes, proteins, or antibodies for the detection and measurement of any substance or chemi
Published Date : May 2018
Surgical Navigation System Market – Insights Surgical navigation is a method to guide surgery with the help of medical images as the guidance map. Surgical navigation system aims at maximization of the
Published Date : May 2018
Veterinary Infusion Pump Market - Global Industry Insights Controlled analgesia veterinary infusion pumps are commonly used in healthcare settings and are widely used to transfer medications, nutrients, and f
Published Date : May 2018
Market Insights – Pressure Relief Devices Market Pressure relief devices are utilized to prevent occurrence of pressure ulcers. Pressure ulcers, also known as pressure sores, decubitus ulcers or bed sor
Published Date : May 2018
Global Electroencephalography Market – Monitoring Functions of Brain Electroencephalography, commonly termed as EEG, refers to a physiological method of choice that facilitates recording of electrical a
Published Date : May 2018
Global Implantable Cardiac Pacemaker Market – Global Industry Insights Since the evolution of implantable cardiac pacemakers, cardiac pacing devices are extensively used to treat bradycardia (delayed or
Published Date : May 2018
Personal Mobility Devices Market - Global Industry Insights Personal mobility devices include wheelchairs, scooters, bicycles, and unicycles. Most of these devices are used by disabled people, who have restri
Published Date : May 2018
Granulators for Pharmaceutical Market – The Story of Pill Formation Granulators are rotor machines that converts fine powder to granules via a series of physical process. Granulation is process in which
Published Date : May 2018
Sample Preparation Market – Insights Increasing interest in developing quick, cost-effective, and environmentally friendly sample preparation techniques, lead to develop new methods which will eventuall
Published Date : May 2018
Global Hemostasis & Tissue Sealing Agents Market – Save Blood, Save Life Hemostasis is a physiological processes, which maintains fluidity of blood by preventing blood loss from body. Hemostasis is
Published Date : Apr 2018
Polymerase Chain Reaction Market – Insights Polymerase chain reaction (PCR) is extensively used for DNA amplification technique. It generates thousands to millions of copies of a particular DNA sequence
Published Date : Apr 2018
Clostridium Difficile Diagnostics and Treatment Market – Insights Clostridium difficile is a disease caused by bacteria. Symptoms of the disease includes diarrhea, nausea, colon inflammation, and others
Published Date : Mar 2018
Operating Room Equipment and Supplies Market - Insights Continuous advancement in surgical procedures has led to increasing demand for more sophisticated and advanced operating room equipment and supplies. Mi
Published Date : Mar 2018
Cryopreservation Equipment Market - Insights Cryopreservation is a process of maintaining biological samples in a form of suspended state at cryogenic temperature for considerable period and is used to preser
Published Date : Feb 2018
Patient Positioning Devices Market – Offer Patient Comfort and Streamline Workflows Patient positioning devices are used in various surgical and diagnostics procedures for patient's safety and surgeon's
To Be Published : Nov 2018
Carbide tipped needle holders are medical tools used in surgical procedures to hold surgical needles. These are designed to hold small size carbide needles for performing sutures in surgical procedures. Carbide tipped needle holders are sim
To Be Published : Nov 2018
Bone Screws are used to fix bony fragments. Bone screws are used in orthopedics for various purposes such as bone to bone fixation, soft tissue fixation to bone, and attachment of implants to bone. Bone screw consists of head, shaft, core,
To Be Published : Nov 2018
Hearing loss is impairment of hearing and its severity may vary from mild to severe and in general hearing loss may be conductive, sensorineural or mixed. Sensorineural hearing loss or nerve deafness is a type of hearing loss, which results
To Be Published : Nov 2018
Repairing of damaged bones is a critical clinical issue faced by orthopaedic surgeons, which is generally overcome by bone transplantation. Bone transplantation materials are primarily divided into three types, namely same body bone, differ
To Be Published : Nov 2018
Skin and Soft Tissue Infections (SSTIs) are one of the reason for high rate of morbidity and mortality. Even, in the cases of successful surgeries, affected subcutaneous tissue, fascia, or muscle; remains a delay in the healing process and
To Be Published : Nov 2018
Interventional oncology is a field of medical science, which includes treatment and diagnosis of cancer and other problems related to cancer using minimally invasive procedures. Interventional oncology uses various techniques such as Ultras
To Be Published : Nov 2018
A linear accelerator is commonly used in external beam radiation treatments, for patients with cancer. Linear accelerator customizes high energy x-rays or electrons depending on a tumor’s shape and destroys cancer cells while sparing
To Be Published : Nov 2018
Injection needles are most frequently used in medical procedures. According to the World Health Organization (WHO) 2012 data findings, every year at least 16 billion injections are being administered in emergin
To Be Published : Nov 2018
A disposable infusion extension line is used to deliver saline, glucose, and insulin to the body. A needle is inserted in the cannula, it is a tiny plastic tube that is placed under the skin in the subcutaneous fat. This needle is necessary
To Be Published : Nov 2018
Scoliosis is a medical condition that causes an abnormal curve of the backbone or spine. It is mostly diagnosed in early adolescence or in childhood. In scoliosis, a person’s spine has sideway curve, which forms C or S shape. The caus
To Be Published : Nov 2018
Pupillometer or pupilometer are the ocular checking digital instrument used in the ophthalmology and critical care medicine, for measuring the pupil reactivity and distance between pupils. Pupil evaluation in the pupillary information is wi
To Be Published : Nov 2018
Medical illumination systems are devices used to assist doctors during surgical procedures and examination of patients, by illuminating light on a local area. Medical illumination systems provide good illumination on flat, narrow, and deep
To Be Published : Nov 2018
Radiation power is used in various fields such as industries, agriculture, and medicine to benefit humankind. It is widely being used in modern medical treatments, especially for the treatment of cancer, as radiation helps in weakening and
To Be Published : Nov 2018
A medical membrane is a synthetically created membrane, which is usually use for separation purposes in healthcare industry or in laboratory. Medical membranes have been successfully used for large and small scale industrial processes since
To Be Published : Nov 2018
Manual stair wheelchairs or stair climbers are portable stair considered as an accessibility solution, which allows caregiver to transport an individual up and down the stairs with their wheelchair. Manual stair wheelchair can work on any stair configurations such as
To Be Published : Nov 2018
The Urinary tract of the human body functions to remove extra water and wastes. Urodynamic or Urodynamic test studies the working of urethra, sphincters, and bladder. Urodynamic examines functions of bladder and urethra of storing and releasing urine from the body. Te
To Be Published : Nov 2018
The recent past has witnessed increasing use of non-invasive skin tightening procedures instead of conventional plastic surgeries. This is owing to increasing awareness regarding non-invasive procedures. Increasing number of people are focusing on one’s aestheti
To Be Published : Nov 2018
Laser resurfacing, also known as laser peel, laser vaporization or lasabrasion, is used for the treatment of skin problems such as acne scars and facial wrinkles. Laser resurfacing techniques direct short, concentrated beams of light at uneven skin, exactly removing s
"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.