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 : Dec 2018
Medical Tubing Market - Insights Medical tubes are intrinsic part of various medical devices, used extensively in catheters and cannulas’ manufacturing, drug delivery systems, dialysis, and intravenous
Published Date : May 2018
Sample Preparation Market – Insights Increasing interest in developing quick, cost-effective, and environmentally friendly sample preparation techniques, lead to develop new methods which will eventuall
Published Date : May 2018
Global Hemostasis & Tissue Sealing Agents Market – Save Blood, Save Life Hemostasis is a physiological processes, which maintains fluidity of blood by preventing blood loss from body. Hemostasis is
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Polymerase Chain Reaction Market – Insights Polymerase chain reaction (PCR) is extensively used for DNA amplification technique. It generates thousands to millions of copies of a particular DNA sequence
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Non-Invasive Blood Glucose Monitoring Devices Market– Insights Non-invasive glucose monitoring holds great promise for improving diabetes management by providing better and pain-free blood glucose measu
Published Date : Mar 2018
Operating Room Equipment and Supplies Market - Insights Continuous advancement in surgical procedures has led to increasing demand for more sophisticated and advanced operating room equipment and supplies. Mi
Published Date : Mar 2018
Cryopreservation Equipment Market - Insights Cryopreservation is a process of maintaining biological samples in a form of suspended state at cryogenic temperature for considerable period and is used to preser
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Patient Positioning Devices Market – Offer Patient Comfort and Streamline Workflows Patient positioning devices are used in various surgical and diagnostics procedures for patient's safety and surgeon's
Published Date : Feb 2018
Insulin Delivery Devices Market - Insights Insulin is vital for people suffering from type 1 diabetes and type 2 diabetes. In the past, patients with diabetes had to inject insulin using large glass syringes
Published Date : Feb 2018
Non-vascular Stents Market – Minimally Invasive Management of a Wide Variety of Circulatory Disorders Non-vascular stents are a family of devices used for a variety of applications, including esophagea
Published Date : Feb 2018
Transplant Diagnostics Market - Insights Transplant diagnostics involves assessment of aspects associated with a transplant such as compatibility testing, safety testing, and transplant feasibility testing pr
Published Date : Feb 2018
Lab Automation Market - Automating Science Lab automation utilizes high end automated equipment’s such as automated liquid handling system, microplate reader, and automated storage and retrieval system.
Published Date : Feb 2018
Needles Market – Advancing Technology for Painless Future Needles are used for injecting medications or for drawing blood from the body. It has three parts, which includes a long shaft, slanted tip call
Published Date : Feb 2018
Vascular Closure Devices Market Insights Vascular Closure Devices (VCDs) are medical devices used to achieve vascular hemostasis after the puncture of femoral artery during diagnostic angiography procedures o
Published Date : Feb 2018
Disposable IV Therapy Products Market – Drug Administration Devices Intravenous (IV) therapy products are essential for most of the medical procedure. These supplies allow the convenient and safe admini
Published Date : Feb 2018
ENT Disorder Treatment Market – Hear Better, Breathe Better, Live Better ENT also known as otolaryngology is a stream of medical science that deals with disorders associated with ear, nose, and throat.
Published Date : Feb 2018
Atherectomy Devices Market Insights Atherectomy devices are indicated for removing plaque and thrombus from diseased arteries. Atherectomy devices are used in effective treatment of both coronary and peripher
To Be Published : May 2019
Stereotaxic instruments are used in stereotaxic surgeries or stereotactic surgery. These instruments are attached to the head, to localize precisely an area in the brain by means of co-ordinates related to intracerebral structures. Stereota
To Be Published : May 2019
An endometrial biopsy is a procedure used for obtaining small and thin section of endometrial tissue, an inner most lining of uterus, for disease detection and testing. Clinically endometrial biopsy cannulae is used for the evaluation of infertility, amenorrhea, uterine cancer, abnormal uterine b
To Be Published : May 2019
Biomedical sealants have emerged as a promising product for replacing staples and sutures to prevent liquid and air leakages after and during surgeries. Surgical sealants are made from synthetic or natural polymers or a combination of both.
To Be Published : May 2019
Anti-decubitus dynamic mattresses delivers an operative solution to contest ulcer development in the patients. In contrast to standard mattresses, the patient’s body is not supported still in the same place as alternation in the indiv
To Be Published : May 2019
External ventricular drainage (EVD), also known as ventriculostomy or extraventricular drain, is a medical procedure performed in neurosurgical intensive care unit. Ventriculostomy is performed to remove excess
To Be Published : May 2019
Disposable oxygen masks offers a medium to transfer breathing oxygen gas from a storage tank to the lungs. They feature a soft, air-filled cuff to allow a close fit to the patient's face with
To Be Published : May 2019
Carbide tipped needle holders are medical tools used in surgical procedures to hold surgical needles. These are designed to hold small size carbide needles for performing sutures in surgical procedures. Carbide tipped needle holders are sim
To Be Published : May 2019
Bone Screws are used to fix bony fragments. Bone screws are used in orthopedics for various purposes such as bone to bone fixation, soft tissue fixation to bone, and attachment of implants to bone. Bone screw consists of head, shaft, core,
To Be Published : May 2019
Hearing loss is impairment of hearing and its severity may vary from mild to severe and in general hearing loss may be conductive, sensorineural or mixed. Sensorineural hearing loss or nerve deafness is a type of hearing loss, which results
To Be Published : May 2019
Repairing of damaged bones is a critical clinical issue faced by orthopaedic surgeons, which is generally overcome by bone transplantation. Bone transplantation materials are primarily divided into three types, namely same body bone, differ
To Be Published : May 2019
Skin and Soft Tissue Infections (SSTIs) are one of the reason for high rate of morbidity and mortality. Even, in the cases of successful surgeries, affected subcutaneous tissue, fascia, or muscle; remains a delay in the healing process and can lead to life-threatening conditions. This cases are p
To Be Published : May 2019
Interventional oncology is a field of medical science, which includes treatment and diagnosis of cancer and other problems related to cancer using minimally invasive procedures. Interventional oncology uses various techniques such as Ultras
To Be Published : May 2019
A linear accelerator is commonly used in external beam radiation treatments, for patients with cancer. Linear accelerator customizes high energy x-rays or electrons depending on a tumor’s shape and destroys cancer cells while sparing
To Be Published : May 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 : May 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 : May 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 : May 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 : May 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
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