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 : Apr 2018
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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Clostridium Difficile Diagnostics and Treatment Market – Insights Clostridium difficile is a disease caused by bacteria. Symptoms of the disease includes diarrhea, nausea, colon inflammation, and others
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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
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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
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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.
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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
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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.
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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
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Low Temperature Sterilization Equipment Market – Advancing Sterilization Solutions Low temperature sterilization is an effective means to exercise heat and moisture sensitive surgical instrumentation, g
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Global Fetal and Neonatal Care Equipment Market - Insights Fetal and neonatal care products are used for assessment and treatment of newborn babies. Fetal care equipment include devices, which help in monitor
To Be Published : Jul 2019
Laboratory (lab) accessories refer to the tools used for conducting scientific research or experiments, and may also be used for teaching practical science. Lab accessories play a very crucial role in laboratories to provide reliable, accurate, and expeditious outcome
To Be Published : Jul 2019
Catheter stabilization devices are developed to lower the risk for phlebitis, catheter migration and dislodgement, and to reduce catheter-related complications. Use of catheter stabilization devices also reduces the chances and risk of needlestick injuries.
To Be Published : Jul 2019
Breathing machine helps the patient to breathe while they are suffering from chronic respiratory diseases or unable to breathe by themselves after anesthesia. Breathing machines are used during surgeries that require general anesthesia, as the medicines used to induce
To Be Published : Jul 2019
Patent Foramen Ovale (PFO) is a medical condition wherein tissue flap in the wall between left and right atrium remains persistently open, allowing a small amount of blood to pass from the right side of the heart to the left side of the heart. PFO closure device are i
To Be Published : Jul 2019
Automated liquid handling systems are multipurpose tools designed to perform multiple tasks in laboratories that include sampling, mixing, and combining of liquid samples automatically. The automated liquid handling system facilitates elimination of sample conta
To Be Published : Jul 2019
Prefilled safety devices refer to the development of technology in the conventional form of syringes, wherein the needles are developed with safety mechanism to prevent needle stick or any other needle-associated injuries. These needles are designed and manufactured i
To Be Published : Jul 2019
Otoscope is a diagnostic device intended to examine ear canal and tympanic membrane. Otoscope provides illuminated magnification due to which internal ear structures can be efficiently examined for proper diagnosis. Otoscopes are generally used by audiologists, ENT sp
To Be Published : Jul 2019
Axillary crutches are the mobility aids used by individuals suffering from walking disability, factures, paralysis, and leg injuries. Axillary crutches transfer the weight from legs to the arms/shoulders and support the movement of individuals who are unable to walk d
To Be Published : Jul 2019
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To Be Published : Jul 2019
Medical plastics are extensively used in thin tubes, disposable syringes, intravenous blood bags, or in huge casing of an open MRI system. The use of plastics for the manufacturing of various disposable medical devices have made health care simpler and less painful. O
To Be Published : Jul 2019
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To Be Published : Jul 2019
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To Be Published : Jul 2019
Colorimeters are devices used to measure & detect the color of the sample it is provided with. Dental colorimeters are used in the measurement of spectrum of color of the natural teeth as well as other implants, which helps in attaining
To Be Published : Jul 2019
Brachytherapy is type of radiotherapy in which a closed radiation source is positioned directly into or next to area that requires treatment. It is used to cure cancer tissues at specific sites and is frequently used as an effective treatme
To Be Published : Jul 2019
A typical wound dressing plays an important role in the healing process. Dressing protects the affected area from bacteria and other harmful particles and provides an environment for healthy healing. Foam dressing is effective for managing
To Be Published : Jul 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 : Jul 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 : Jul 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.
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