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 : May 2018
Surgical Navigation System Market – Insights Surgical navigation is a method to guide surgery with the help of medical images as the guidance map. Surgical navigation system aims at maximization of the
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Published Date : Dec 2018
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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
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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
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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
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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
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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
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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
To Be Published : Sep 2019
Blending of components play vital role in the manufacturing of pharmaceutical products where accuracy and consistency in the formulation are the key specifications. Blending ensures homogeneous mixture of Active Pharmaceutical Ingredient and excipients that are requir
To Be Published : Sep 2019
Inoculating turntables are small devices used for easy and even spreading of inoculum on the substrate, during culture media preparation and straining. Inoculating turntables turn around petri dish on a concentric point using ball bearings, which ensures smooth and ef
To Be Published : Sep 2019
Fluid management systems are intended for maintaining body fluid content and to avoid complications associated with undesirable levels of body fluids. Moreover, this system is used for the treatment of life-threatening medical conditions such as end stage renal failur
To Be Published : Sep 2019
In-situ hybridization is a laboratory procedure that allows researchers to locate the position of specific DNA/RNA sequences in chromosomes. Molecular hybridization is based on the ability of DNA helix to re-form or re-nature when provided with favorable conditions. I
To Be Published : Sep 2019
Injection pen has typically been used for frequent self-administration of preserved multi-dose drug formulations requiring weight-based dosing. It is available in two variants; reusable and disposable injection pens. Injection pens are ready to administer, as a prefil
To Be Published : Sep 2019
Uterine fibroid is the benign tumor of the woman’s uterus formed of smooth muscle that are found on the wall of the uterus i.e within the wall of uterine wall or can attach to the uterine wall. Uterine fibroid grow as a single tumor or in clusters and these uter
To Be Published : Sep 2019
Medical cyclotron is type of particle accelerator used in diagnosis and treatment of chronic disease such as cancer, cardiovascular disease, and others. Cyclotron comprises a magnet and high electrical voltage, which accelerates charged particles in a spiral motion. T
To Be Published : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 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 : Sep 2019
Sterile lancets are single-use disposable needles that are used for blood sampling by puncturing the skin. Sterile lancets can be used independently as safety lancet or they can be used along with the lancing device, which holds the lancet while pricking the skin. Ski
To Be Published : Sep 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 : Sep 2019
Micro injection molding process aims to reduce the size of medical devices in the range of few micron or sub-micron range. Products manufactured using this techniques are ultra-precise to produce repetitively and consistently large numbers of micro components with complex shape and better quality
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