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 Surgical Tourniquets Market

Published Date : Nov 2023

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

Coherent Market Insights Veterinary Equipment And Disposables Market

Published Date : Nov 2023

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

Coherent Market Insights Latex Medical Disposables Market

Published Date : Nov 2023

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

Coherent Market Insights Pressure Monitoring Devices Market

Published Date : Nov 2023

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

Coherent Market Insights Life Science Microscopy Devices Market

Published Date : Jun 2018

Life Science Microscopy Devices Market – Insights In the field of drug development and research, use of microscopy devices for studies have become important to avoid failures and repetitions. Moreover, ... View more

Coherent Market Insights Endoscopes Market

Published Date : Jun 2018

Market Insights-Endoscopes Market Endoscopes are medical devices used in endoscopy procedure to observe and treat the internal organs. Endoscopy is minimal invasive procedure in which endoscope is placed insi... View more

Coherent Market Insights Digital Stethoscope Market

Published Date : Nov 2023

Digital stethoscope converts acoustic sound into electronic signals, which can be further amplified for ideal listening. Electronic signals generated by the digital stethoscope can be digitalized and processed and transmitted to a laptop or a personal computer. The di... View more

Coherent Market Insights Neuroendovascular Coil Market

Published Date : Oct 2023

Global neuroendovascular coil market is estimated to be valued at US$ 962.7 Mn in 2023 and is expected to exhibit a CAGR of 5.2%  during the forecast period (2023-2030). ... View more

Coherent Market Insights Non Invasive Biosensors Market

Published Date : May 2018

Non-Invasive Biosensor Market - Insights Biosensors are electronic devices, which uses biological molecules such as enzymes, proteins, or antibodies for the detection and measurement of any substance or chemi... View more

Coherent Market Insights Cast Saw Devices Market

Published Date : Nov 2023

Cast saw devices are the power tools used in the removal of orthopedic cast/plasters. They use sharp and small blade, which rapidly oscillate and cuts the hard cast/plaster. The blades used in the cast saw can be composed of different materials such as stainless steel... View more

Coherent Market Insights Laparotomy Sponge Market

Published Date : Nov 2023

Laparotomy sponge also called as laparotomy pads or absorbent pads used for hemorrhage evacuation during the abdominal surgeries. Laparotomy sponges are used for absorbing viscera around the surgical site to obtain clear view of internal organs during surgery. Laparot... View more

Coherent Market Insights Surgical Navigation System Market

Published Date : May 2018

Surgical navigation is a method to guide surgery with the help of medical images as the guidance map. Surgical navigation system aims at maximization of the effect of the treatment while minimizing the damage to critical structure. Major area of application for surgic... View more

Coherent Market Insights Veterinary Infusion Pump Market

Published Date : May 2018

Veterinary Infusion Pump Market - Global Industry Insights Controlled analgesia veterinary infusion pumps are commonly used in healthcare settings and are widely used to transfer medications, nutrients, and f... View more

Coherent Market Insights Ostomy Care Market

Published Date : Nov 2023

Ostomy refers to a surgical procedure that allows the passage of bodily wastes through a surgically created stoma or aperture on the abdomen into a prosthetic such as a pouch or bag placed outside the body. Ostomy is performed on patients suffering from various medica... View more

Coherent Market Insights Ventricular Assist Devices Market

Published Date : Nov 2023

Ventricular assist devices are external devices attached to a patient’s body, which helps to pump blood to whole body. It is principally used in case of patients with heart failure. It is a high-end device that mimics the function of the heart. Heart failure is ... View more

Coherent Market Insights Urolithiasis Management Devices Market

Published Date : Mar 2023

Global urolithiasis management devices are estimated to be valued at US$ 1,694.7 million in 2023 and is expected to exhibit a CAGR of 4.8% during the forecast period (2023-2030).There... View more

Coherent Market Insights Transcatheter Embolization And Occlusion Devices Market

Published Date : Nov 2023

Transcatheter embolization and occlusion refers to passage or insertion of a synthetic embolus through a fine catheter in the blood vessel to obstruct the blood flow in particular area of the body. Transcatheter embolization is a minimally invasive procedure performed... View more

Coherent Market Insights Needle Free Injection System Market

Published Date : Nov 2023

Needle-free injection system is an innovative way to introduce medication into a patient’s body. Unlike the conventional needle injection system, needle-free injection do not penetrate through the skin. Needle-free injection system is steadily emerging as an eff... View more

Coherent Market Insights Durable Medical Equipment Market

Published Date : Nov 2023

Durable medical equipment (DME) are non-disposable equipment used in hospitals, clinics, and home care settings. Examples of DME are wheelchairs, walkers or hospital beds. DME used at home care settings are paid under Medicare part A and part B plans. Coverage for DME... View more

Coherent Market Insights Hernia Mesh Devices Market

Published Date : Nov 2023

Hernia refers to a medical condition that results in bulging of an organ through an abdominal opening. Hernia mesh devices refers to surgical meshes used to provide additional support to weak or damaged tissue. Majority of surgical mesh are made up of synthetic materi... View more

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