Medical Devices

Enquiry IconContact Us

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

Deep Brain Stimulation Devices Market for Parkinson’s Disease, By Product (Single Channel, Dual-Channel), By Region ( North America, Latin America, Europe, Asia Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Sep 2021

Deep brain stimulation is a surgical procedure used for the management of motor function symptoms in patients suffering from various neurological disorders, such as essential tremor, Parkinson’s disease and dystonia, wherein drug therapy is not effective. ... View more

Coherent Market Insights

Healthcare CMO Market, By Service (Pharmaceutical Contract Manufacturing Services, Medical Device Contract Manufacturing Services), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Sep 2021

The demand for generic products is high in the pharmaceutical market. Moreover, majority of healthcare companies are gradually outsourcing manufacturing activities to contract manufacturing organizations (CMOs). The global healthca... View more

Coherent Market Insights

Patient Lift Pendant Market, by Type (Ceiling/ Overhead Lift, Stair Lift, Mobile/ Floor Lift, Sit to Stand Lift, Bath & Pool Lift, Lifting Slings, and Lifting Accessories), by End User (Hospitals, Home Care, and Elderly Care Facility), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Sep 2021

The patient lift pendant is used to move the patients from one place to another. The patients which are suffering from paralysis or any spinal injuries are unable to move on their own. To move such patients lift pendants are used. In earlier days shifting patient was ... View more

Coherent Market Insights

Asia Pacific Reprocessed Medical Devices Market, By Technique (Laparoscopic Devices, Gastroenterology, General Surgery, Orthopedic Devices, Cardiovascular Devices), By Countries (Australia, New Zealand, China, India, South East Asia, Japan, Rest of Asia-Pacific) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Sep 2021

Reprocessed medical devices are products that undergo reprocessing procedures and are used again. Reprocessing is a validated process used for a medical device that has been either used or is contaminated.  Reprocessing of medical devices involves cleaning, disin... View more

Coherent Market Insights

Demineralized Bone Matrix Market, By Type (Gel, Putty, Putty with Chips, and Others), By Applications (Dental, Spine Surgery, and Trauma Surgery), By End User (Hospitals, Specialty Clinics, and Others), and By Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jul 2021

Demineralized bone matrix (DBM) is an osteoconductive and osteoinductive commercial biomaterial. It is an approved medical device used in bone defects, it has a long track record of clinical use in diverse forms. Demineralized bone matrices are prepared by acid extrac... View more

Coherent Market Insights

Dental Suture Market, by Product Type (Absorbable and Non-absorbable), by Material Type (Natural and Synthetic), by Technique Type (Mattress Sutures, Crisscross Sutures, Interrupted Simple Sutures, and Continuous Simple Sutures), by End User (Hospitals, Dental Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jul 2021

Dental suture is a fibrous material that can be used to stitch wounds during an oral surgery. Dental sutures help in providing support to the tissues at the wound site and around it till the wound healing process is complete. Dental sutures can be made of either natur... View more

Coherent Market Insights

Transient Elastography Devices Market, by Modality (Standalone and Portable), By Technique (Vibration Controlled Transient Elastography (VCTE) and Controlled Attenuation Parameter), By End User (Hospitals, Diagnostic Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jul 2021

Transient Elastography is a non-invasive method used for the assessment of hepatic fibrosis in patients with chronic liver disease by measuring liver stiffness. Transient elastography is recommended for the initial evaluation of liver fibrosis in untreated patients wi... View more

Coherent Market Insights

Mesh Nozzle Plates Market, by Material Type (Metal and Alloys, Engineered Plastic, and Ceramic or Piezoceramics), By Application (Medical, Cosmetics and Others), By End User (Hospitals, Medical Device Industries, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jul 2021

A nozzle plate is made up of nozzles, liquid chambers, and connection channels between the liquid chambers and the liquid supply containers. Nozzle plates are widely used for precise dispensing of various liquids or gases. Major applications include medical ... View more

Coherent Market Insights

India Fertility Monitor Market, By Modality (Handheld and Tabletop), By Type (Ovulation Predictor Monitor and Urine & Saliva-based Monitor), By End User, (Hospitals, Fertility Clinics, and Homecare Settings), By Region (North India, South India, East India, West India, Central India, and North East India) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published Date : Jun 2021

A fertility monitor is an electronic device that helps women to identify fertile period. They are generally small, portable, battery-operated gadgets that analyze the results of a fertility test. If couples are trying to conceive then knowing female’s own ovulat... View more

Subscribe Newsletter

Kindly subscribe for our latest news & articles.