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 Healthcare Robotics Market

Published Date : Jan 2022

Robotics technology is transforming the healthcare sector and having a big impact on the medical industry. This relieves the burden of medical workers and allow them to focus on more pressing issues, while also making medical treatments safer and less expensive for pa... View more

Coherent Market Insights India Electrosurgical Devices Market

Published Date : Dec 2021

The electrosurgical device is a surgical aid used for tissue incision, tissue destruction through desiccation, and hemostasis maintenance. This is achieved through a high frequency and high powered generator which produces a radiofrequency spark among a probe and surg... View more

Coherent Market Insights North America Dental Equipment Market

Published Date : Dec 2021

Oral diseases are a major public health problem in today’s era. For instance, according to an article published in ‘Journal of Dental Research’, in 2017, the most common oral health condition is untreated dental caries (tooth decay) in permanent... View more

Coherent Market Insights Europe Air Ambulance Services Market

Published Date : Dec 2021

Air ambulance services or air medical services is a term which is used for the transportation of critically ill patients through air transportation, aeroplane, or helicopter. The aircraft transports the patients to and from healthcare facilities and accident scen... View more

Coherent Market Insights Interventional Pulmonology Market

Published Date : Nov 2021

Interventional pulmonology is an area of pulmonary medicine that deals specifically with minimally invasive endoscopic and percutaneous procedures for the diagnosis and treatment of neoplastic as well as non-neoplastic diseases of the airways, lungs, and pleura. Inter... View more

Coherent Market Insights Dental Laboratories Market

Published Date : Nov 2021

Dental laboratories primarily manufacture and customize a wide range of products that aid in the provision of oral health care by a qualified dentist. Bridges, crowns, and dentures are examples of these products. Fabrication of these products need extreme accuracy and... View more

Coherent Market Insights Ampoules And Syringes Market

Published Date : Nov 2021

Ampoules & syringes are highly critical in the treatment of different conditions and diseases. For example, an ampoule can be used to inject a patient with medicine that is injected directly into their veins so that the medication can reach where it's needed. In a... View more

Coherent Market Insights Us Dental Membrane And Bone Graft Substitutes Market

Published Date : Nov 2021

Bone grafting is a procedure used in dentistry to increase the density and volume of natural jawbone tissue. Natural bone grows and eventually completely replaces the graft material. Natural bone grafts such as allografts consists of demineralized bone matrix, which h... View more

Coherent Market Insights Endodontics Devices Market

Published Date : Oct 2021

Endodontics is the branch of dentistry concerning dental pulp and tissues surrounding the roots of a tooth. Endodontics as well as general practitioners who treat endodontic cases need a wide range of equipment in their armamentarium to ensure they provide patients wi... View more

Coherent Market Insights Us Iv Infusion Products Market

Published Date : Oct 2021

The administration of drugs via a needle or catheter is known as infusion treatment. Infusion therapy refers to administration of a medicine intravenously or subcutaneously. A medical device that consists of a thin tube attached to a pump is known as an infusion cathe... View more

Coherent Market Insights Surgical Retractors Market

Published Date : Sep 2021

A surgical retractor is a medical instrument and is used by the surgeons during surgical procedures. The instrument is used to hold the edges of a wound to keep it open during the surgery in order to provide proper visualization to the surgeons during the surgical pro... View more

Coherent Market Insights Photoplethysmography Biosensors Market

Published Date : Sep 2021

Photoplethysmography (PPG) is an optical technique used for detecting volumetric changes in blood in peripheral circulation. It is a low-cost, non-invasive method used on the skin's surface for taking measurements. PPG technology i... View more

Coherent Market Insights Asia Pacific Metal Trauma Implant Market

Published Date : Sep 2021

Trauma implants are medical devices, which are used for repairing fractured or broken bones and also in surgical treatment of tumor diseases of bones such as shoulders, arms, legs, and skull, among others. Trauma fixation implants take over some of the load-sharing fr... View more

Coherent Market Insights Deep Brain Stimulation Devices Market For Parkinsons Disease

Published Date : Sep 2021

Deep Brain Stimulation (DBS) is a treatment for Parkinson’s disease. It is a minimally invasive medical procedure which involves implanting thin copper electrodes into the cerebral cortex, which deliver electric impulses which either obstruct or alter the abnorm... View more

Coherent Market Insights Healthcare Cmo Market

Published Date : Sep 2021

A contract manufacturing organization, also known as a contract manufacturing and development organization, is an organization that serves pharmaceutical companies on a contract basis to offer comprehensive services from invention through commercialization to provide ... View more

Coherent Market Insights Latin America Smart Insulin Pen Market

Published Date : Sep 2021

A smart insulin pen is an insulin delivery tool that offers some of the features of an insulin pump but without the always-connected experience required with pumps. A smart insulin pen can calculate each dose based on current blood sugar level, carbohydrate amounts, m... View more

Coherent Market Insights Blood Pressure Monitoring Testing Market

Published Date : Sep 2021

Regular blood pressure measurement is very important as it offers information to assess your health condition accurately. Non-invasive blood pressure monitoring helps you keep track of your health conditions by giving you vital information about your blood pressure. I... View more

Coherent Market Insights Patient Lift Pendant Market

Published Date : Sep 2021

Patient lifts are designed to lift and transfer patients from one place to another (e.g., from bed to other rooms, chair to stretcher). These medical devices provide several benefits, including reduced risk of injury to patients and caregivers when properly used. Pati... View more

Coherent Market Insights Asia Pacific Reprocessed Medical Devices Market

Published Date : Sep 2021

Many hospitals, long involved in providing healthcare services for a wide range of patients, are now beginning to explore the idea of using medical devices that are developed from previously used or reprocessed medical devices. Such an approach is becoming increasingl... View more

Coherent Market Insights Medical Ultrasonic Probe Covers Market

Published Date : Sep 2021

An ultrasonic probe cover is a physical barrier which is used during ultrasound procedure to avoid cross contamination. Some of the ultrasound procedures which involve the use of ultrasonic probe covers include endocavity exam, general purpose exam, and surgical-intra... View more

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