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.
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... View more
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... View more
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... View more
A cardiac pacemaker is a small-sized device that is implanted in the chest to control the slow heartbeat. The cardiac pacemaker implantation is carried out with a surgical procedure. There are three types of cardiac pacemakers such as single-chamber pacemaker, dual-ch... View more
Liquid Handling Systems Market – Insights Liquid handling systems range from simple volumetric pipettes to robotic assisted liquid handling workstations integrated with cloud-based software, which are s... View more
Cervical Total Disc Replacement Devices Market Insights Degenerative disc disease worsens with increasing age and reduces the moving ability of the human body. Increasing prevalence of degenerative disc dis... View more
Alcohol Breathalyzer and Drug Testing Equipment Market – Insights Alcohol and drug testing equipment are used to test the level of intoxication caused by alcohol and drug in the body. Some of the equipment us... View more
Cosmetic dentistry refers to any dental work that improves the appearance of gums or teeth. It focuses on improving dental aesthetics in size, shape, color, position, and alignment. It involves the addition of dental materials such as porcelain veneers, gum grafts, cr... View more
A wheelchair is used to overcome the difficulty or impossibility of walking due to illness, injury, or disability. There are two types of wheelchairs: manual wheelchair and power or electric wheelchair. Wheelchair is used for mobility purpose by the disabled person or... View more
Global Bioelectric Medicine Market– Insights Bioelectric medicine has different treatment therapy that is based on electrical pulse instead of drug trigger therapy. Bioelectric medicine develops nerve s... View more
Stents are tubular device used for insertion in lumen such as esophagus, colon or blood vessel. Stents are safe and effective alternative to surgery or repetitive endoscopic procedures. Gastrointestinal stents are used to open bile ducts, esophagus, small bowel, and c... View more
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... View more
Microplate readers, also called as microplate photometers are laboratory instruments used for the detection of chemical or physical events of samples in microtiter plates. These plates are used for various research experiments in bioassay validation, drug discovery, m... View more
Spectrophotometer is a scientific device/instrument that measures the amount of light absorbed by the sample. Spectrophotometer is used to measure the concentration of solutes in the solution by measuring the amount of light that is been absorbed by the solution in a ... View more
A tourniquet is a compressing or constricting device used to control arterial and venous circulation for a long period of time. Major amount of blood is lost in situations such as open surgeries performed on patients with serious affliction or accidents. Surgical tour... View more
Veterinarians use a range of tools to perform dressing of the wounds, check-up of vets, collect bodily fluids, and perform various surgeries on the animals. Tools such as surgical clamps, microscopes, saws, pin drivers, suction machines, and catheters are frequently u... View more
Latex medical disposables are used as primary wearables for safety and precaution while performing medical procedures such as surgeries, check-ups, and diagnostic tests in the hospitals, clinics, and laboratory centers. The most widely used latex medical disposables a... View more
Hypertension, also called as High Blood Pressure (HBD) is the major cause of concern among the society. It is a long term medical condition, which affects blood pressure in the arteries. The long term high blood pressure may result into, major health complications suc... View more