U.S. :
+1-206-701-6702
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
INDIA :
+91-848-285-0837
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.
Digital Breast Tomosynthesis (DBT) Equipment Market – Insights Digital breast tomosynthesis (DBT), also called breast tomosynthesis or three-dimensional (3-D) mammography, is an advanced form of breast imag... Read more
Smart Insulin Pen Market – Insights Smart insulin pens are Bluetooth-enabled wireless devices that are used for insulin delivery. These pens can track critical data such as time, date, and amount of insulin... Read more
Global Sleep Apnea Diagnostic System Market – Insights Sleep apnea diagnostic systems include, polysomnography (PSG) devices, screening devices, and actigraphy monitoring devices. Polysomnography is a sleep... Read more
Traditional Wound Management Market – Insights Traditional wound management products are the basic products intended for management of non-severe and acute wounds. These products are generally used to absor... Read more
Special Purpose Needles Market – Insights Special purpose needles are designed for delivering drugs and collecting fluids from the body. There are different types of special purpose needles such as fine asp... Read more
Compression Garments and Stockings Market – Insights Compression garments are tight-fitting, elastic garments, which exert graduated pressure over certain areas of the body to ensure continuous blood flow thr... Read more
Continuous Peripheral Nerve Block Catheter Market – Insights A continuous peripheral nerve block catheter (CPNBC) is inserted with its tip adjacent to a target nerve/plexus through, which local anesthet... Read more
Transcatheter Heart Valve Market – Insights Transcatheter heart valve implantation is a minimally-invasive procedure to repair damaged heart valves with bioprosthetic valves for treatment of valvular heart ... Read more
Endovenous Laser Therapy Market – Insights Endovenous laser treatment (ELT) is a minimally invasive ultrasound-guided technique used for the treatment of varicose veins. Endovenous thermal ablation (EVTA) by radiofrequency or laser is a... Read more
North America and Europe Artificial Pancreas Systems Market – Insights Artificial pancreas system is a diabetes management system that is designed to continuously monitor glucose levels and manage insulin d... Read more
Recreational Oxygen Equipment Market Insights Recreational oxygen Equipment such as oxygen concentrator separates oxygen from nitrogen in the air, and allows the person to receive purified oxygen. Recreatio... Read more
Wheelchair and Components Market – Insights A wheelchair is used to overcome the difficulty or impossibility of walking due to illness, injury, or disability. There are two types of wheelchairs: manual wheel... Read more
Ostomy Care Accessories Market – Insights Ostomy is a surgical procedure to create an opening from the urinary tract or intestines as a way for waste products to leave the body. There are three type of osto... Read more
Latin America Capnography Equipment Market – Insights Capnography is the monitoring of the concentration or partial pressure of carbon dioxide in the respiratory gases. It offers a graphic picture of the pa... Read more
Fall Detection Systems Market – Insights A fall detection system is a device that is used to alert emergency services in the event of a fall. Such devices have the potential to mitigate some of the adverse co... Read more
Peripheral Intravenous Catheter Market – Insights Peripheral intravenous (IV) catheter contains a slim flexible plastic tube that can be inserted in the peripheral vein in a patient’s arm using a hollow... Read more
Ophthalmic Diagnostic Equipment Market – Insights Ophthalmic diagnostic equipment is used in the diagnosis of ocular deformities and deficiencies of the eyes such as haloes, distorted vision, eyelid abnormali... Read more
Neurointerventional Devices Market — Insights Neurointervention offers minimally invasive treatment for disorders of the blood vessels in the brain and the spine. It is less invasive compared to other convent... Read more
Sales Office (U.S.) : Coherent Market Insights 1001 4th Ave,
#3200 Seattle, WA 98154, U.S.
Asia Pacific Intelligence Center (India) : Coherent Market Insights 203, 2nd Floor,
Bremen Business Center, Aundh, Pune,
Maharashtra 411007, India.
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
This website is secured Origin CA certificate on the server, Comodo, Firewall and Verified Sitelock Malware Protection
