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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

Coherent Market Insights

U.S. Implantable Medical Devices Market, By Implant Type (Orthopedic Implants, Cardiovascular implants, Dental Implants, Intraocular Lens Implants, Breast Implants, Others), By End User (Hospitals, Clinics, Others) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :May 2020

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

Coherent Market Insights

Medical Gases and Equipment Market, By Product Type (Medical gases (Pure Gases, Gas Mixtures), Medical equipment (Manifolds, Outlets, Hose Assemblies and Valves, Alarm Systems, Cylinders and Accessories, Flowmeters, Regulators, Medical Air Compressors, Vacuum Systems, Masks)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :May 2020

Medical air, carbon dioxide, oxygen, nitrogen, nitrous oxide, and helium are some of the gases used in the healthcare sector during the treatment and management of various diseases. Medical air compressor are used to supply contamination- and particle-free air to pati... Read more

Coherent Market Insights

Delivery Beds Market, By Product Type (Obstetric Delivery Beds, Electric Delivery Tables, and Baby Bassinet), By End User (Hospitals and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :May 2020

In the recent past, the demand for delivery beds was largely driven by renovations in hospital infrastructure and rise in healthcare expenditure, especially in developing regions. There are various types of delivery beds available ... Read more

Coherent Market Insights

Surgical Cushions Market, By Product Type (Positioning, Protection, Multi-Use, and Stomach Support), By Material Type (Foam, Gel, and Vacuum), By End User (Hospitals, Ambulatory Surgical Centers, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :May 2020

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

Coherent Market Insights

Medical Tapes Market, By Product Type (Adhesive Tape, Elastic Tapes, Silicone Tapes, Paper Tape, Silk Cloth Tape), By Application (Wounds and  Injuries, Surgeries and Securement), By End User (Hospitals, ASCs, Clinics, Home Care Setting), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Apr 2020

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

Coherent Market Insights

Medical Biomimetics Market, By Product Type (Cardiovascular, Ophthalmology, Dental, Orthopedic, and Others), Application (Wound Healing, Plastic Surgery, Drug Delivery, 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 :Apr 2020

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

Coherent Market Insights

Pediatric Ankle Orthoses Market, by Product Type (Elastic Ankle Braces, Light Support, Moderate Support, Extra Support, and Others), by Application (Plantar Fasciitis, Flatfoot, Ankle Sprain, 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 :Apr 2020

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

Coherent Market Insights

Biofeedback Measurement Instrument Market, by Type (Brainwaves, Heart Rate, Muscles, Sweat Glands, and Others), by End User (Hospitals, Clinics, Home Settings, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Apr 2020

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

Coherent Market Insights

Orthopedic Extension Devices Market, by Product Type (Hip Surgery, Knee Surgery, Spine Surgery, Arm Surgery, and Others), and by End User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Apr 2020

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