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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 Endoscopy Device Market

Published Date : Oct 2022

Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. These devices are used to examine unusual symptoms and to perform surgery. Such a device comprises a flexible tube with an attached camera, which allows... View more

Coherent Market Insights Interventional Intracranial Aneurysm Devices Market

Published Date : Oct 2022

An intracranial aneurysm is an unusual swelling of the wall of an artery, which is a type of blood vessel carrying blood to the brain. The aneurysm is like a small sac and is localized, meaning it is limited to a small area, within the artery. Aneurysms can enlarge an... View more

Coherent Market Insights Upper Limb Prosthetics Market

Published Date : Oct 2022

A prosthesis is an artificial device that substitutes for a missing part of the body. Upper limb prosthesis serves as a substitute for an entirely or partially missing part of the hand due to an accident, injury, illness, or trauma. Different types of upper limb prost... View more

Coherent Market Insights Hernia Repair Devices And Consumables Market

Published Date : Oct 2022

Hernia is bulging of an organ or tissue. It occurs when an organ or any other body part protrudes through the wall of tissue or muscle of organs. Symptoms of hernia such as pain, vomiting, constipation, heartburn, and others can be observed during certain activities s... View more

Coherent Market Insights Whole Slide Imaging Market

Published Date : Oct 2022

Whole slide imaging (WSI) is the most recent imaging modality being employed by pathology labs worldwide. It is an advanced imaging technique used to produce digital slides. Whole slide imaging is a disruptive technology where glass slides are scanned to produce digit... View more

Coherent Market Insights Aesthetic Fillers Market

Published Date : Oct 2022

The popularity of aesthetic fillers has grown rapidly in recent years as they provide rejuvenating and enhancing aesthetic improvements that previously could only be achieved with surgery. Dermal fillers, lip and facial fillers, wrinkle fillers, or so... View more

Coherent Market Insights Atrial Fibrillation Market

Published Date : Oct 2022

Atrial fibrillation is a type of cardiac arrhythmia distinguished by an abnormal cardiac rhythm caused by a disturbance in heart’s electrical system. It is considered to be one of the most prevalent types of cardiac arrhythmia. When the heart beats too slowly, t... View more

Coherent Market Insights India Surgical Gloves Market

Published Date : Sep 2022

Sterile surgical gloves are worn by surgeons and other healthcare professionals during surgical procedures. These surgical gloves act as a barrier to avoid contamination, infection, and entry of microorganisms and bacteria during surgical procedures. Nitrile is a synt... View more

Coherent Market Insights Blood Flow Measurement Devices Market

Published Date : Sep 2022

Blood flow rate is monitored as a vital health indicator before a variety of medical examinations and surgeries. Additionally, it is a requirement for routine checkups in the geriatric population. The measurement tools must be accurate and comparable to the available ... View more

Coherent Market Insights Esophageal Stethoscope Market

Published Date : Sep 2022

Esophageal stethoscope is used to detect cardiac problem, wheezing, airway obstacle, larynugospasm, decline in blood pressure, etc. Esophageal stethoscopes, are mostly joined with a temperature probe and are supplanted with precordial stethoscopes as cardiothoracic mo... View more

Coherent Market Insights Advanced Drug Delivery Systems Market

Published Date : Sep 2022

Advanced drug delivery systems (DDS) present indubitable benefits for drug administration. ADDS are delivery systems which are based on the principles of novel drug delivery systems and use the latest and most advanced technologies. ADDS refer to technologies used to ... View more

Coherent Market Insights Surgical Staplers Market

Published Date : Sep 2022

Surgical staplers are medical devices that can be used in surgery or other medical procedures in place of sutures both internally and externally. Surgical staplers are used to close surgical incisions or wounds that are too big and/or complex to close with traditional... View more

Coherent Market Insights Connected Medical Device Market

Published Date : Sep 2022

Connected health refers to the model of healthcare management or delivery that uses several technologies to provide healthcare services remotely. Connected medical devices can transmit or receive data from/to another device or the Internet. These devices are capable o... View more

Coherent Market Insights Ophthalmic Diagnostics Equipment Market

Published Date : Sep 2022

Ophthalmic diagnostic equipment is used for diagnosis of eye disorders such as refractive errors, cataract, and others. Ophthalmic diagnostic equipment constitute of devices such as retinoscopes, visual field analyzers, fundus cameras, ophthalmoscopes, specular micros... View more

Coherent Market Insights Fall Detection Systems Market

Published Date : Sep 2022

A fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse consequences of a fall. Accelerometers, a class of low power radio wave technology sensor, are used by ... View more

Coherent Market Insights Single Use System In Biopharma Manufacturing Market

Published Date : Sep 2022

Single use systems (SUS) refers to biopharmaceutical manufacturing equipment designed to be used once and then discarded. These systems are being increasingly used as an alternative to stainless-steel equipment for biopharma manufacturing. Single-use technologies offe... View more

Coherent Market Insights Mammography Biopsy Chair Market

Published Date : Sep 2022

Mammography is specialized medical imaging technique in which a low-dose x-ray system utilized to view within the breasts. A mammogram, also known as a mammography examination, helps women with the early detection and diagnosis of breast disorders. Doctors use x-ray e... View more

Coherent Market Insights Tumor Ablation Devices Market

Published Date : Sep 2022

The efficiency of this new method in curing cancer based on two things the size of the tumor and its convenience to the probes. Generally, for cancers 3 cm or less and easily used percutaneously the focus is to totally kill the malignancy. The larger the cancer the mo... View more

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