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

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Published Date : Sep 2019

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Coherent Market Insights Medical Vacuum System Market

Published Date : Sep 2019

Various types of vacuum pumps such as dry claw vacuum system, oil-sealed liquid ring, and water-sealed liquid ring are available in the market. These systems are used in operation theaters, intensive cares, emergency units, and respirology units. Medical vacuum system... View more

Coherent Market Insights Digital Radiography Market

Published Date : Sep 2019

Digital radiography is a similar technique to conventional radiography, with the only difference being the former using a phosphor image plate instead of a conventional film. Currently, based on various detector and readout technologies, the medical devices and equipm... View more

Coherent Market Insights 3d Printing For Medical Sector Market

Published Date : Aug 2019

3D printing is revolutionizing the healthcare industry by providing improved therapy outcomes and affordable medical devices. This technology is enabling manufacturers to produce small and delicate parts of an organ or medical device with a high accuracy, which is a v... View more

Coherent Market Insights Cryoablation Devices Market

Published Date : Aug 2019

Cryotherapy and radiofrequency ablation (RFA) are the two clinically viable ablation systems that are widely used in liver cancer management. Cryotherapy is a treatment that uses extreme cold for denaturing the diseased tissues in the human body. The procedure is ofte... View more

Coherent Market Insights Zinc Paste Bandage Market

Published Date : Aug 2019

Zinc paste bandages are medical products that allow compression, and provide moistness to the skin. The zinc paste bandages is widely utilized by orthopedists, phlebologists, dermatologists, physiotherapists, sports medicine practitioners, general practitioners, and p... View more

Coherent Market Insights Burn Care Market

Published Date : Aug 2019

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Coherent Market Insights Nutrition Testing In Women And Children Market

Published Date : Aug 2019

Nutrition plays an important role in prenatal care. Nutritional health during pregnancy affects health of both mother and the fetus. According to the World Health Organization, American Paediatric Association (ADA), and American Congress of Obstetricians and Gynecolog... View more

Coherent Market Insights Elderly And Disabled Assistive Devices Market

Published Date : Aug 2019

Elderly and disabled population are dependent, to a great extent, on other people or devices that support them in their day-to-day activities such as locomotion, proper vision and hearing, and more importantly safety while performing these activities. Assistive device... View more

Coherent Market Insights Prosthetic Liners Market

Published Date : Aug 2019

Prosthetic liner is a protective cover developed from a flexible material, which is fitted on a residual limb, and connects the prosthetic socket. It helps to reduce friction between the residual limb and prosthetic socket, and provides better comfort to patients who ... View more

Coherent Market Insights Pharmaceutical Lab Equipment Market

Published Date : Aug 2019

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Coherent Market Insights Chemotherapy Chairs Market

Published Date : Jul 2019

Chemotherapy Chairs are extensively used for day care therapy as well outpatient clinic (OPD), of certain drugs to treat solid tumor cancers and hematological (blood) cancers through the systemic delivery of agents that have anti-tumor effects. Chemotherapy chairs are... View more

Coherent Market Insights Scoliosis Management Market

Published Date : Jul 2019

Scoliosis is a condition of occurring side-to-side spinal curves characterized by complex lateral and rotational curvature and deformity of the spine. It is typically classified as congenital (caused by vertebral anomalies present at birth), idiopathic (sub-classified... View more

Coherent Market Insights Ostomy Drainage Bags Market

Published Date : Jul 2019

Ostomy procedures are necessary for people suffering from certain birth defects, cancer, inflammatory bowel disease, diverticulitis, incontinence, and other cases of severe abdominal or pelvic trauma resulting from accidents or from injuries. Thereby facilitating mark... View more

Coherent Market Insights Brain Health Devices Market

Published Date : Jul 2019

Brain health devices are used in the treatment of neurological disorders such as Alzheimer’s disease, dementias, epilepsy, cerebrovascular diseases (stroke), Parkinson’s disease, multiple sclerosis, neuroinfections, brain tumor, and traumatic disorders of ... View more

Coherent Market Insights Personal Mobility Devices Market

Published Date : Jul 2019

A personal mobility device is designed for a single person. Mobility aids are devices designed to help people who have problems moving around enjoy greater freedom an... View more

Coherent Market Insights Single Use Disposable Patient Positioning Products Market

Published Date : Jul 2019

Single use disposable patient positioning products are extensively used in hospitals, specialty care, and homecare setting. Products such as single use knee pads, arm cradles, and heel protectors are in demand among patients, as they can be used in home care settings.... View more

Coherent Market Insights Surgical Drapes And Gowns Market

Published Date : Jul 2019

Surgical drapes are used in surgical procedures, which prevents the contact of the physicians from unwanted surfaces to prevent contamination and infection risks. It also prevents any kind of contamination and thus maintains sterility. Drapes acts as physical barrier ... View more

Coherent Market Insights Medical Oxygen Systems Market

Published Date : Jul 2019

Medical oxygen is required in various surgical recovery processes such as prevention of oxygen deficiency in body during surgery, major traumatic medical conditions such as accidents, heart attack, blood loss, hyperpyrexia, severe lung conditions as well as for treatm... View more

Coherent Market Insights Pharmaceutical Packaging Equipment Market

Published Date : Jul 2019

Pharmaceutical packaging is an economical means of providing presentation, protection, identification information, containment, convenience, and compliance for a product during storage, carriage, display, and until the product is consumed. Both primary and secondary p... View more

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