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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... View more

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 less

Medical Devices Published Insights

Coherent Market Insights Global Sacral Nerve Stimulation Market

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Sacral nerve stimulation (SNS) is a minimally invasive procedure that involves placing a small medical device called an implantable neurostimulator to treat bladder, bowel, and pelvic floor disorders. There are two types of sacral ... View more

Coherent Market Insights Global Single Use Assemblies Market

Published Date : Mar 2025

Single-use assemblies, also known as single-use systems, are pre-assembled sets of fluid handling components that are designed for single use in the biopharmaceutical manufacturing process. These provide benefits like reduced risk of cross-contamination, lower costs o... View more

Coherent Market Insights Global Electroconvulsive Therapy Market

Published Date : Mar 2025

Electroconvulsive Therapy (ECT) is a medical treatment most commonly used for patients with severe major depression or bipolar disorder that has not responded to other treatments. It involves a brief electrical stimulation of the brain while the patient is under anest... View more

Coherent Market Insights Global Hollow Fiber Filtration Market

Published Date : Mar 2025

Hollow fiber filtration is a separation process that uses hollow fibers to remove particulates and other particles from a fluid based on size. It operates under the principle of membrane filtration, where a semi-permeable membrane allows only certain components like s... View more

Coherent Market Insights Global Angiography Equipment Market

Published Date : Mar 2025

Angiography equipment is commonly used in hospitals and diagnostic centers for minimally invasive surgeries. It helps doctors visualize the insides of blood vessels and organs with high precision. The growing prevalence of cardiovascular diseases and increasing invest... View more

Coherent Market Insights Global Disposable Endoscope Market

Published Date : Mar 2025

Disposable endoscopes are single-use medical devices that allow examination of internal organs like the esophagus, stomach, lungs, urinary tract or colon. There are two main types - capsules and tubes. Capsule endoscopes are pill-sized cameras that are swallowed and p... View more

Coherent Market Insights Global Neuroprosthetics Market

Published Date : Mar 2025

Neuroprosthetics is an interdisciplinary branch of neuroscience and biomedical engineering that develops neural prostheses, which are biomedical devices interfaced directly with the central or peripheral nervous system. The main aim of neuroprosthetics is to develop i... View more

Coherent Market Insights Global Preclinical Imaging Market

Published Date : Mar 2025

Preclinical imaging is a critical aspect of the research and development (R&D) pipeline in the biomedical sciences, thereby enabling researchers to visualize and track the progression of diseases, assess the pharmacokinetics of drugs, and monitor therapeutic respo... View more

Coherent Market Insights Vascular Embolization Market

Published Date : Mar 2025

Vascular embolization refers to the passage and lodging of an embolus within the bloodstream. It is a minimally invasive treatment that blocks one or more blood vessels or abnormal vascular channels. Vascular embolization agents are used to acutely stop flow in blood ... View more

Coherent Market Insights Skin Barrier Products Market

Published Date : Mar 2025

In ostomy management, a skin barrier adheres to the peristomal (stoma) skin, protecting it from stoma output and attaching the pouch to the body. The skin barrier is separate from the pouch in a two-piece system, while in a one-piece system, they are combine... View more

Coherent Market Insights Global Neurotech Devices Market

Published Date : Mar 2025

Neurotech devices aim to treat a variety of neurological disorders by interfacing directly with the nervous system. These innovative technologies utilize implantable or wearable sensors and stimulating devices to collect neural data and potentially repair damaged path... View more

Coherent Market Insights Global Laparoscopic Electrodes Market

Published Date : Mar 2025

Laparoscopic electrodes are medical instruments used in minimally invasive surgical procedures, specifically in laparoscopy. Laparoscopy is a surgical technique in which operations are performed through small incisions (usually 0.5–1.5 cm) in the patient's body,... View more

Coherent Market Insights Total Knee Arthroplasty Market

Published Date : Mar 2025

Total knee arthroplasty (TKA), commonly known as knee replacement surgery, is a surgical procedure to replace the arthritic knee joint with an artificial implant. It involves removing damaged cartilage and bone from the knee and replacing them with prosthetic componen... View more

Coherent Market Insights Teledermatology Market

Published Date : Mar 2025

Teledermatology is the remote delivery of dermatology services via digital communications and software applications. It involves using telemedicine to examine a patient's skin issues by real-time video conferencing or uploading photos for later evaluation. This approa... View more

Coherent Market Insights Us Central Venous Catheter Market

Published Date : Mar 2025

A central venous catheter (KATHeter), also known as a central line or CVC, is a long, soft, thin, hollow tube that is placed into a large vein (blood vessel). A central venous catheter differs from an intravenous (IV) catheter placed in the hand or arm (also called a ... View more

Coherent Market Insights Blood Gas Analyzers Market

Published Date : Mar 2025

Blood gas analyzers play a pivotal role in monitoring critical conditions in patients and have become an indispensable tool for clinicians across emergency rooms and intensive care units. They provide real-time analysis of blood gas, electrolytes, and metabolite param... View more

Coherent Market Insights Cardiac Rhythm Management Devices Batteries Market

Published Date : Mar 2025

Cardiac rhythm management device batteries are specialized power sources designed to fuel devices that monitor and regulate the heart's rhythm. These devices, including pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy (... View more

Coherent Market Insights Nuclear Imaging Equipment Market

Published Date : Mar 2025

Nuclear medicine is a branch of medical imaging that uses small amounts of radioactive material to diagnose or treat a variety of diseases, including many types of cancers, heart disease and certain other abnormalities within the body. Nuclear imaging determines the c... View more

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