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.

View More

Medical Devices Published Insights

Coherent Market Insights Holter Monitor Market

Published Date : Mar 2020

A Holter monitor is a battery-operated portable device, used to monitor heart activity continuously for 24 hrs to 48 hrs depending on patient condition. Holter Monitoring is also known as ambulatory electrocardiography. Increasing preference for preventive care is exp... View more

Coherent Market Insights Distraction Osteogenesis Devices Market

Published Date : Mar 2020

Distraction osteogenesis devices are classified as internal and external distractors based on the placement of the device. The external distractor allows bone distraction in three planes and aids surgeon to alter the direction or vector of the distraction process. Mor... View more

Coherent Market Insights Combination Treatment In Aesthetics Market

Published Date : Mar 2020

Aesthetic combination therapy constitutes of both surgical and nonsurgical procedures. New and advanced techniques have been introduced to offer non-surgical aesthetics enhancement procedures. Botulinum toxin and fillers are a widely used combination therapy with Inte... View more

Coherent Market Insights Granulators For Pharmaceutical Market

Published Date : Mar 2020

Granulators are high speed rotor mills designed to convert a particle powder into sizeable granules. Granulation is a process of binding one or two materials together and making larger particles by using binding agents such as sugars and natural binders or synthetic p... View more

Coherent Market Insights Medical Robotic System Market

Published Date : Feb 2020

Medical robotic systems market is mainly influenced by surgical robots. Robotic systems are used for orthopedics, neurosurgery, laparoscopy, and catheter operations. Advancements in the technology and technique to treat patients by minimal invasive methods are expecte... View more

Coherent Market Insights Microfluidic Market

Published Date : Feb 2020

Digital microfluidic chips (DMFBs) consists of droplets of fluid ranging between micro-liter to nano-liter scale which perform biochemical assays on a platform with a set of insulated electrodes and essentially scale down operations that would require an entire lab. M... View more

Coherent Market Insights Digital Wound Management Devices Market

Published Date : Feb 2020

Digital wound measurement devices are used in the measurement, imaging, and documentation of wounds. These devices are used to assess burns, traumatic wounds, incisional wounds, diabetic foot ulcers, and chronic wounds. Digital wound measuring devices provide 2- dimen... View more

Coherent Market Insights Tip Location Devices Market

Published Date : Feb 2020

Catheter placement, and catheter tip location play an important role in the procedure, and post insertion complications. Accurate tip positioning of a vascular access devices is determined by manufacturer specifications, as well as regulatory criteria’s. There a... View more

Coherent Market Insights Intravenous Access Devices Market

Published Date : Feb 2020

Intravenous access devices are utilized by physicians to deliver medication to the patient’s blood stream through the intravenous route. An intravenous access device can also withdraw the blood for testing or diagnosis. An in... View more

Coherent Market Insights Powered Surgical Instruments Market

Published Date : Jan 2020

Powered surgical instruments are surgical devices that are used to perform various tasks in a surgical procedure and are operated through a power source. Powered surgical instruments are technologically advanced devices that assist surgeons in carrying out surgical pr... View more

Coherent Market Insights Stairlifts Market

Published Date : Jan 2020

Stairlifts are mobility devices that are used by individuals who are unable to move properly, and by those with certain inabilities. Stairlifts are useful for individuals with limited mobility to travel easily from one floor to another in multi-floor premises. The wor... View more

Coherent Market Insights Craniomaxillofacial Implants Market

Published Date : Jan 2020

Craniomaxillofacial implants are uplifting the healthcare industry by providing improved treatment options for facial and cranial injuries or any craniomaxillofacial abnormalities caused by several diseases such as Treacher Collins Syndrome, Apert's Syndrome, Crouzon'... View more

Coherent Market Insights Global 3d Printed Medical Devices Market

Published Date : Jan 2020

3D printing technology is used to manufacture medical devices in the healthcare sector such as orthopedic and cranial implants, surgical instruments, dental restorations such as crowns, and external prosthetics. The manufacturing process constitutes of multiple steps ... View more

Coherent Market Insights Respiratory Inhalers Market

Published Date : Jan 2020

An inhaler (puffer, spray or pump) is a medical device that is used for delivering medication into the body via lungs. It is used for releasing medication in the body to treat respiratory diseases such as bronchitis, asthma, allergic rhinitis, Chronic Obstructive Pulm... View more

Coherent Market Insights Ostomy Care Accessories Market

Published Date : Jan 2020

Ostomy is a surgical procedure during which stoma is created near the abdomen to allow bodily waste to pass through into an ostomy bag. There are three type of ostomy: colostomy, ileostomy, and urostomy. Ostomy care accessories are used by patients suffering from urin... View more

Coherent Market Insights Epidural Anesthesia Disposable Devices Market

Published Date : Dec 2019

Epidural anesthesia, also called as regional anesthesia blocks pain in a particular area of the body by blocking nerve impulses into the epidural space around the spinal cord. This aids in reducing sensation of lower part of the body. Epidural anesthesia is the most c... View more

Coherent Market Insights Clinical Mass Spectrometry Market

Published Date : Dec 2019

Clinical mass spectrometry plays a vital role in the drug discovery pipeline for development of personalized medicines. It is further used in live imaging of biological tissue samples for detection of biomarkers. Cost reduction and improved assay quality are the key f... View more

Coherent Market Insights Beauty Dermabrasion Equipment Market

Published Date : Dec 2019

Dermabrasion is a surgical process that is used to remove the outermost layer of the skin. The procedure is also called as dermaplaning or dermasanding. This technique use sandblasting procedure on the skin, which diminishes the scars and the wrinkles. It is also used... View more

Coherent Market Insights Ophthalmic Viscoelastic Devices Market

Published Date : Dec 2019

Ophthalmic viscoelastic devices (OVD) are tools used in modern cataract surgeries. They are non-active, clear, and gel-like solutions with viscous and elastic properties. OVDs mainly contain Sodium Hyaluronate, Chondroitin Sulfate, and Hydroxypropyl Methylcellulose. T... View more

Coherent Market Insights Automated Breast Ultrasound Systems Market

Published Date : Dec 2019

Automated Breast Ultrasound System (ABUS) are used for obtaining 3D ultrasound images of breast for diagnosis of cancer tissue. Automated breast ultrasound systems are used for detection of breast cancer in cases where mammography is not sufficient for diagnosis. Auto... View more

© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.