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 Global Female Urination Devices Market

Published Date : Jan 2024

Female urination devices, also known as FUDs or she-wees, are designed to help women urinate while standing up. These products aim to address the sometimes difficult hygiene and mobility issues that women face during activities like camping, sports, or festivals. Allo... View more

Coherent Market Insights Global Osmometers Market

Published Date : Jan 2024

Osmometers are analytical instruments that are used to determine the osmotic strength of bodily fluids and other solutions through a process known as osmometry. These work by measuring the freezing point depression of a solution relative to pure water, the greater the... View more

Coherent Market Insights Global Mobile Ecg Devices Market

Published Date : Jan 2024

Mobile electrocardiogram (ECG) devices have witnessed significant traction in recent years owing to advantages such as portability, convenience and quick diagnosis. These devices enable recording of heart activity through sensors placed on the chest and transmit the E... View more

Coherent Market Insights Global Medical Spa Market

Published Date : Jan 2024

Global medical spa market has witnessed significant growth in the recent years. With rising health consciousness among consumers and growing preference for minimally invasive aesthetic treatments, demand for medical spa services has increased substantially. Individual... View more

Coherent Market Insights Global In Vitro Lung Model Market

Published Date : Jan 2024

In vitro lung models are experimental systems that aim to mimic the physiological and anatomical properties of the human lungs. They are widely used in drug discovery, toxicity testing, and studying lung diseases. By utilizing human lung cells and tissues grown outsid... View more

Coherent Market Insights Global Sacral Nerve Stimulation Market

Published Date : Jan 2024

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 : Jan 2024

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 : Jan 2024

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 Total Knee Arthroplasty Market

Published Date : Jan 2024

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 Global Hollow Fiber Filtration Market

Published Date : Jan 2024

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 : Jan 2024

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 : Jan 2024

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 : Jan 2024

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 Blood Gas Analyzers Market

Published Date : Jan 2024

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 Nuclear Imaging Equipment Market

Published Date : Jan 2024

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

Coherent Market Insights Digital Microscopes Market

Published Date : Jan 2024

A digital microscope – also known as a digital scope or digital inspection system – uses a digital camera as a microscope instead of using an eyepiece. It is used for inspection and analysis of micro objects and samples that are too small to observe with t... View more

Coherent Market Insights Diabetes Monitoring Devices Market

Published Date : Jan 2024

Blood glucose monitors are used by diabetic patients and clinicians to monitor and to help control a patient's blood glucose level. Most of these devices are used by patients outside  the hospital setting. Many of these patients are elderly, with limited manual d... View more

Coherent Market Insights Pharmacy Automation Market

Published Date : Jan 2024

Pharmacy automation involves utilization of mechanical devices to facilitate the dispensing and mixing of medications. It enhances efficiency, reduces errors, and frees up pharmacists' time to focus on direct patient care activities. Technological advancements are ena... View more

Coherent Market Insights Ultrasound Devices Market

Published Date : Jan 2024

The global ultrasound devices market is a rapidly expanding sector within the healthcare industry, driven by technological advancements and increasing demand for non-invasive diagnostic procedures. Ultrasound devices use high-frequency sound waves to create images of ... View more

Coherent Market Insights Global Spinal Laminoplasty Market

Published Date : Dec 2023

Spinal laminoplasty is a type of spinal decompression surgery that is used to relieve pressure caused by spinal stenosis. It involves opening up one or both sides of the lamina, the back portion of the vertebrae, to widen the spinal canal and make more room for the sp... View more

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