Medical Devices
The convergence of information technology with medical devices is transforming the landscape of patient care. Medical devices integrated with mobile applications for monitoring and diagnosis of disease conditions reduces 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 costs and time for tests. Be it diagnostics, surgery, monitoring or treatment, medical devices provide convenience and help increase access to health services. Growth in this industry is typically derived from innovation and focused patient care.
Challenges
Integrating rapidly evolving technologies inexisting products in order to maintain competitive advantage in the market is a constant challenge faced by medical device companies. 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 are planning to spend over 6% of revenue on R&D till 2017. At the same time, increasing cost pressure is posing a challenge for companies to launch new technologies at low costs. Moreover, new regulatory requirements and fierce competition are creating new complexities and challenges for companies operating in this sector. The new Unique Device Identification (UDI) guidelinesintroduced in 2014will aid the stakeholders in saving costs; however also involves implementation cost for the medical device manufacturers.
Home Healthcare Devices to Fuel Market Growth
Increasing self-medication practices is in turn driving demand for home healthcare devices. The launch of glucose monitors, insulin delivery devices, oxygen concentrators and nebulizers have contributed to increased access to healthcare system in developing countries. Driven by an increasing awareness of lifestyle disorders and increasing awareness about new technologies, consumers are likely to adopt more sophisticated devices to self-monitor their health conditions. For consumers, this could mean convenience in time and travel and reduced healthcare costs.For doctors on the other hand it could mean more efficient and effective healthcare, driven by patients who take greater responsibility for their own health. However, app-based devices are facing challenges with respect to the FDA approval.
Growth in Emerging Economies
Although North America dominates the global medical devices market, significant growth is projected to be observed in the Asia Pacific and Latin America regions. Inadequate access to healthcare system would open up large opportunities for medical devices. Rapidly expanding patient pool, rise in healthcare spending, and increasing health awareness in these markets are expected to be supportive factors for companies to invest in these regions. However, the price points need to be low compared to that in western markets. Also, the distribution, manufacturing and business models need to be changed to make a successful foray in these markets. Mergers and acquisitions are projected to continue in these regions in order to help companies strengthen their product portfolios and increase their market reach.
Conclusion
The way healthcare is delivered, accessed and perceived is changing mainly driving by introduction of novel medical devices. As regulatory requirements change and evolve, medical device manufacturers need to understand the implications and accordingly, need to be operationally and technologically equipped. Companies also need to ensure they have the right competencies to keep up with increasing competition and regulations, and assess their impact. Major global players in this market include 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.
Published Date : Feb 2018
Breast Implants Market – Insights Breast implants are artificial surgery prosthesis made of either silicone gel, silica or saline solutions. The procedure for breast implantation, also known as breast a
Published Date : Feb 2018
Respiratory Devices Market – Breathing Life into Critically ill Patients Respiratory devices help to remove mucus from the airways and improve pulmonary function. These devices increase compliance of p
Published Date : Feb 2018
Diabetes Monitoring Devices Market – Pledging Towards a Diabetic Free World Diabetes, also known as Diabetes Mellitus (DM), is a group of metabolic disorders characterized by high blood sugar levels. Th
Published Date : Feb 2018
Global Tumor Ablation Devices Market - Insights With the robust development of imaging devices and modalities during past two decades, image guided techniques like tumor ablation has become a powerful tool fo
Published Date : Jan 2018
Medical Ceramics Market - Insights Medical ceramics are products that are biocompatible and aid in repairing or replacing musculoskeletal hard connective tissues. The ceramic materials used for medical purpos
Published Date : Jan 2018
Digital Pregnancy Test Kits Market - Insights Pregnancy test kits quantify hormones such as human chorionic gonadotropin (hCG), present in our blood or urine samples, to determine whether a woman is pregnant
Published Date : Jan 2018
Global Coagulation Analyzers Market - Insights Coagulation analyzer is a system used to measure coagulation studies such as APTT (Activated Partial Thromboplastin Time), PT (Prothrombin Time), TT (Thrombin Ti
Published Date : Mar 2018
Spinal Fusion Devices Market - Insights Spinal fusion devices are used to provide stability to spinal structure, which has lost stability due to a fracture, degenerative disorders of the spine, trauma, tumors
Published Date : Jan 2018
Wound Closure Market Driven by Technological advancements and Strategic Collaborations among the Key Players Wound is circumscribed injury caused by an external force, which involves injury to any tissue or
Published Date : Jan 2018
Benign Prostatic Hyperplasia Surgical Devices Market Insights Benign prostate hyperplasia (BPH) refers to the non-cancerous enlargement of prostate. The treatment option depends on various factors such as age
Published Date : Jan 2018
Battery systems consists of one or more storage batteries and battery chargers, and includes inverters, converters, and associated electrical equipment. As instruments are increasingly becoming computerized and mobile, systems’ performance and reliability depend
Published Date : May 2018
Distraction Osteogenesis Devices Market – Lengthen Your Bones Distraction osteogenesis (DO), also called callus distraction, callotasis, osteodistraction, and distraction histogenesis is a surgical proc
Published Date : Dec 2017
Orthopedic Power Tools– A boon for orthopedic surgeons Orthopedics is the branch of surgery concerned with conditions involving the musculoskeletal system. The branch is characterized by both surgical a
Published Date : Dec 2017
Advanced Wound Care Management – Different Approach to Medication Advanced wound care products are used by healthcare practitioners. It is a therapeutic approach for encouraging effective wound healing
Published Date : Dec 2017
X-ray Market – Prevention is better than cure X-rays make up X-radiation, a form of electromagnetic radiation that has wide application in medical imaging tools. They are used to view, monitor, and diag
Published Date : Apr 2018
Lateral Flow Assay Market – Insights In the field of on-site diagnostics, lateral flow assay (LFA) are well-established commercial product due to their ability of providing precise, fast, and low-cost r
Published Date : Dec 2017
Dental Membrane and Bone Graft Substitute Market – Retaining your smile Bone grafting is a procedure is used to restore original form following tooth loss and also used to maintain bone structure after
Published Date : Dec 2017
Active Implantable Medical Devices Market Insights Active implantable medical devices are totally or partially introduced into the body by a surgical procedure in a natural orifice. The device remains in that
To Be Published : Feb 2019
Injection needles are most frequently used in medical procedures. According to the World Health Organization (WHO) 2012 data findings, every year at least 16 billion injections are being administered in emergin
To Be Published : Feb 2019
A disposable infusion extension line is used to deliver saline, glucose, and insulin to the body. A needle is inserted in the cannula, it is a tiny plastic tube that is placed under the skin in the subcutaneous fat. This needle is necessary
To Be Published : Feb 2019
Scoliosis is a medical condition that causes an abnormal curve of the backbone or spine. It is mostly diagnosed in early adolescence or in childhood. In scoliosis, a person’s spine has sideway curve, which forms C or S shape. The caus
To Be Published : Feb 2019
Pupillometer or pupilometer are the ocular checking digital instrument used in the ophthalmology and critical care medicine, for measuring the pupil reactivity and distance between pupils. Pupil evaluation in the pupillary information is wi
To Be Published : Feb 2019
Medical illumination systems are devices used to assist doctors during surgical procedures and examination of patients, by illuminating light on a local area. Medical illumination systems provide good illumination on flat, narrow, and deep
To Be Published : Feb 2019
Radiation power is used in various fields such as industries, agriculture, and medicine to benefit humankind. It is widely being used in modern medical treatments, especially for the treatment of cancer, as radiation helps in weakening and
To Be Published : Feb 2019
A medical membrane is a synthetically created membrane, which is usually use for separation purposes in healthcare industry or in laboratory. Medical membranes have been successfully used for large and small scale industrial processes since
To Be Published : Feb 2019
Manual stair wheelchairs or stair climbers are portable stair considered as an accessibility solution, which allows caregiver to transport an individual up and down the stairs with their wheelchair. Manual stair wheelchair can work on any stair configurations such as
To Be Published : Feb 2019
The Urinary tract of the human body functions to remove extra water and wastes. Urodynamic or Urodynamic test studies the working of urethra, sphincters, and bladder. Urodynamic examines functions of bladder and urethra of storing and releasing urine from the body. Te
To Be Published : Feb 2019
The recent past has witnessed increasing use of non-invasive skin tightening procedures instead of conventional plastic surgeries. This is owing to increasing awareness regarding non-invasive procedures. Increasing number of people are focusing on one’s aestheti
To Be Published : Feb 2019
Laser resurfacing, also known as laser peel, laser vaporization or lasabrasion, is used for the treatment of skin problems such as acne scars and facial wrinkles. Laser resurfacing techniques direct short, concentrated beams of light at uneven skin, exactly removing s
To Be Published : Feb 2019
Cosmetic dentistry refers to any dental work that improves the appearance of gums or teeth. It focuses on improving dental aesthetics in size, shape, color, position, and alignment. It involves the addition of dental materials such as porcelain veneers, gum grafts, cr
To Be Published : Feb 2019
An electric wheelchair is a wheelchair that uses electric motor rather than manual power for functioning. Electric wheelchairs are useful for those who cannot use manual wheelchairs or who need to use wheelchairs for considerable long distance. These can be usually us
To Be Published : Feb 2019
Bioelectric medicine is a new and innovative approach to diagnose and treat injuries and diseases. All major organs of the body are connected to the nerves, which allows the brain to monitor and regulate the functions of the organs. Bioelectric medicine refers to the
To Be Published : Feb 2019
Stents are tubular device used for insertion in lumen such as esophagus, colon or blood vessel. Stents are safe and effective alternative to surgery or repetitive endoscopic procedures. Gastrointestinal stents are used to open bile ducts, esophagus, small bowel, and c
To Be Published : Feb 2019
Microplate readers, also called as microplate photometers are laboratory instruments used for the detection of chemical or physical events of samples in microtiter plates. These plates are used for various research experiments in bioassay validation, drug discovery, m
To Be Published : Feb 2019
Spectrophotometer is a scientific device/instrument that measures the amount of light absorbed by the sample. Spectrophotometer is used to measure the concentration of solutes in the solution by measuring the amount of light that is been absorbed by the solution in a
To Be Published : Feb 2019
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
"How Can I Help You" ?
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
U.S. Office :
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154- US : +1-206-701-6702 UK : +44-020 8133 4027
Coherent Market Insights Benefits
Custom Research Solution
Talk to our research consultant to design an exclusive report as per your research needs.
Customer Fulfilment
We aim to fulfil client's research demands with tailored research solutions.
Quick Turnaround Time Reports
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
360-degree Approach
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
Assured Quality
We strive to provide most accurate and reliable research findings in our research reports.