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.
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.
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.
Electrotherapy System Market - Insights Electrotherapy system includes medical devices, which are used in management of chronic pain, wound healing, neuromuscular disorders, musculoskeletal disorders, and oth... Read more
Laboratory Glassware & Plasticware Market The laboratory requires inert, heat resistant, and customizable quality equipment, which is provided by glassware, whereas some laboratories prefer plasticware fo... Read more
Specimen Retrieval Bag Market – Market Insights Specimen retrieval bag are widely used in laparoscopic surgeries for removing adnexal cysts and masses from patients’ body. These systems are deve... Read more
Spacers (with metered dose inhalers) are used for treating respiratory diseases such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease (COPD). The increasing prevalence of respiratory diseases is expected to dri... Read more
Zinc Paste Bandage Market – Insights Zinc Paste Bandage is an open woven bandage that is infused with zinc oxide, which is commonly used for treatment of venous leg ulcers and varicose eczema. This medi... Read more
Nutrition Testing In Women and Children Market Insights Nutrients play a major role in the health of pregnant women, infants, and children. Women require higher amount of certain nutri... Read more
Latin America Continuous Glucose Monitoring Device - Market Insights Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events, an outcome of... Read more
Pharmaceutical Lab Equipment Market - Market Insights Pharmaceutical lab equipment are of various sizes, shapes, and styles and are used for various purposes. There are various apparatus or equipment such as Vortex ... Read more
Global Subcutaneous Drug Delivery Market – Market Insights Subcutaneous drug delivery route has emerged as a promising and viable alternative to intravenous administration. The demand for subcutaneous d... Read more
Global Chemotherapy Chairs Market – Insights Chemotherapy chairs are used for multiple purposes such as cancer treatment, autoimmune disease treatment during the infusion process of drugs. There a... Read more
Wearable Patch Market – Market Insights Wearable patches are known as smart patches or electronic skin. These are thin, small, and flexible in nature, and are used for disease monitoring, drug deliver... Read more
Global Single Use Disposable Patient Positioning Products Market– Insights Single use disposable patient positioning products are extensively used in various surgical and diagnostics procedures for pati... Read more
Global ECG Sensor Patch Market – Breakthrough for Cardiac Patients ECG sensor patch play a major role in advanced healthcare, as it aids in detection of early asymptomatic atrial fibrillation (AFib). Th... Read more
Surgical Drapes and Gowns Market – Insights Surgical drapes and gowns are used mainly in operating room as a preventive measure. It reduces the risk of contamination of surgical wounds and infections th... Read more
Global PTA Balloon Catheter Market PTA stands for ‘percutaneous transluminal angioplasty’. PTA balloon catheter has an inflatable ‘balloon’ at its tip, which is used during a minimall... Read more
Global Pharmaceutical Packaging Equipment Market – Industry Insights Pharmaceutical packaging and labeling is one of the vital requisite in the pharmaceutical industry to fulfill the need of safe deliv... Read more
Global Injectable Drug Delivery Market – Market Insights Injectable drug delivery is considered as the most effective route of administration for the effective delivery of drugs to the targeted site, wh... Read more
Prosthetic Liners Market – Insights Prosthetic liner manufacturers are focused on developing different prosthetic liners depending on the lifestyle of amputee. The major focus of manufacturers of prosth... Read more