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 Cardiovascular Ultrasound Market

Published Date : Jun 2022

A cardiovascular ultrasound is a type of ultrasound that focuses on heart and blood vessels. In echocardiogram tests, this type of imaging can be used to assess the function of various parts of cardiovascular system. An echocardiogram (echo) is a visual representation... View more

Coherent Market Insights Urea Breath Test Market

Published Date : Jun 2022

The urea breath test is used to detect helicobacter pylori (H. pylori), a type of bacteria that may infect the stomach and is a main cause of ulcers in both the stomach and duodenum (the first part of the small intestine). The incr... View more

Coherent Market Insights Europe Cleanroom Consumables Market

Published Date : May 2022

The primary function of cleanroom consumables is to protect products and processes from contamination caused by humans and their personal garments. The requirements for cleanroom garments and gloves and other consumables vary from location to location. A cleanroom is ... View more

Coherent Market Insights Anterior Cruciate Ligament And Posterior Cruciate Ligament Reconstruction Devices Market

Published Date : May 2022

Anterior cruciate ligament and posterior cruciate ligaments connect bones that form the knee and stabilize joint movement. Both ligaments are important as they prevent femur from sliding against the tibia and vice versa. ACL injuries occurs due to excessive use, physi... View more

Coherent Market Insights Scalp Microneedling Market

Published Date : May 2022

Microneedling is a minimally invasive therapy that involves superficial micro puncturing of the epidermis using a dermapen or a roller embedded with thin, tiny metal or silicon needles, according to the American Academy of Dermatology Association. The technique's main... View more

Coherent Market Insights Medical Equipment Calibration Services Market

Published Date : May 2022

Medical equipment calibration helps to detect a defective instrument that does not provide accurate measurement values according to the manufacturer’s standard. Calibration helps in reducing errors uncertainties in measurements and bringing them to an acceptable... View more

Coherent Market Insights Medical Adhesives And Sealants Market

Published Date : Mar 2022

Medical adhesives and sealants are used to seal the wound during surgical procedures for effective patient management without harming the wound. Moreover, adhesives are effectively used in the application of external wound to prevent patient involvement in painful sti... View more

Coherent Market Insights Percutaneous Transluminal Angioplasty Balloons Catheter Market

Published Date : Mar 2022

Percutaneous transluminal angioplasty (PTA) is a procedure that opens up blocked peripheral arteries due to plaque build-up (atherosclerosis). Cerebral arteries in the brain, carotid arteries in the neck, renal arteries leading to the kidneys, abdominal arteries, ilia... View more

Coherent Market Insights Bacterial And Viral Specimen Collection Market

Published Date : Mar 2022

The accuracy and interpretation of microbiological results depend, to a great extent, on the quality of the samples and their processing in the microbiology laboratory. The suitable time to collect the sample, type of specimen, method of sampling, its storage, and tra... View more

Coherent Market Insights Us Hospital Beds Market

Published Date : Mar 2022

Hospital beds are used for proper patient care in various settings such as elderly care facilities, home care settings, ambulatory surgical centers, and hospitals. ... View more

Coherent Market Insights Us Post Surgical Scar Treatment Market

Published Date : Mar 2022

Any burn, injury, or trauma such as surgeries can cause a scar on the skin. Scarring is a natural healing process, which occurs after an injury. Its appearance and treatment depend on multiple factors such as the depth and size of the wound or the cut. It also depend ... View more

Coherent Market Insights Medical Device Outsourcing Market

Published Date : Mar 2022

Medical device outsourcing is contracting with the third party for the product designing, manufacturing, packaging, validation, and prototyping of medical devices. Medical device outsourcing helps both manufacturer and the supply chain. It permits the original equipme... View more

Coherent Market Insights Intraoral Cameras Market

Published Date : Feb 2022

An intraoral camera is a small pen-like device with a high-definition camera at the end. The camera contains a bright Light-emitting diode (LED), which helps dentists diagnose cavities or fractures that are difficult to see with the naked eye. Intraoral camera is used... View more

Coherent Market Insights Medical Ozone Generator Market

Published Date : Feb 2022

Ozone therapy is an alternative medical treatment that introduces ozone or ozonides to the human body. Ozone therapy consists of the introduction of ozone into the human body via various methods, usually involving its mixture with various gases and liquids before inje... View more

Coherent Market Insights Ocular Surgery Market

Published Date : Feb 2022

Ocular surgery or eye surgery is performed on the eye or its adnexa, typically by an ophthalmologist. Ocular surgery can be used to treat different types of eyes problems such as cataracts, retinal tears, detached retinas, diabetic retinopathy, refractive error, glauc... View more

Coherent Market Insights Dental Equipment Market

Published Date : Feb 2022

Dental equipment are tools that are used in the diagnosis, assessment, and treatment of various oral diseases. Dental instruments are used by the dentist and staff during a dental procedure. There are different dental instruments used by the oral health care professio... View more

Coherent Market Insights Poc Platform And Technology Market

Published Date : Feb 2022

Medical diagnostic testing performed at or near the point of care and at the time and place of patient care is known as point-of-care testing (POCT or bedside testing). POCT (point-of-care testing) is required to offer a quick diagnostic result for on-the spot diagnos... View more

Coherent Market Insights Us Europe And Asia Pacific Molecular Diagnostics Market

Published Date : Feb 2022

For detecting the disturbance between specific sequences in DNA or RNA, molecular diagnostics tests are used, which may be associated with disease. The other factors which lead to various diseases are disturbance between single nucleotide polymorphism, rearrangements,... View more

Coherent Market Insights Medical Cyclotrons Market

Published Date : Feb 2022

Medical cyclotron is a type of particle accelerator used in the diagnosis and treatment of chronic diseases such as cancer, cardiovascular disease, and others. Cyclotron comprises a magnet and high electrical voltage which accelerates charged particles in a spiral mot... View more

Coherent Market Insights Operating Tables And Lights Market

Published Date : Feb 2022

An operating table is used to place patients in the best position for a given type of surgery. It consists of a platform resting on a central support. The platform may have several sections, while the support structure enables adjusting the height and inclination of t... View more

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