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
Rapid Medical Diagnostic Devices Market - Insights Rapid medical diagnostic devices provide test results within a minimum amount of time ranging from under a minute to up to a few minutes. Rapid medical diagn
Published Date : Sep 2017
Ocular Surgery Market Blindness is caused due to various factors such as cataract, glaucoma, birth defects, macular degeneration, and eye injuries. Diabetics are at heightened risk of blindness. The risk of c
Published Date : Dec 2017
Powered Surgical Instruments Market – A Boon for Surgeons Powered surgical instruments are surgical devices and accessories that are used to shape, fixate, cut, drill or dissect a bone. They are used to
Published Date : Jan 2019
Renal Denervation Devices Market – Easy Administration of Medications Renal denervation devices play a major role in modern healthcare and are used in treatment of uncontrolled or persistent hypertension, where hypertensive medicat
Published Date : Sep 2017
Craniomaxillofacial Implants – Wear helmets or implants!! Craniomaxillofacial is a special branch of orthopedic surgery, which focuses on all the aspects of facial and skull disorders. The craniomaxillo
Published Date : May 2018
Intraocular Lens Market – Global Industry Insights Intraocular Lens (IOL) implantation enables restoration of normal vision and significantly reduces problems associated with cataract spectacles and con
Published Date : Dec 2018
Ophthalmic Devices Market - Insights Ophthalmic devices are medical devices used to treat and identify certain ocular deformities and deficiencies of the eyes. The growth of ophthalmic devices market is drive
Published Date : Nov 2017
Laparoscopic Devices – Tools for Minimally Invasive Surgery Laparoscopy is a minimally-invasive surgical diagnostic procedure used to examine organs inside the abdomen, which is carried out with special
Published Date : Aug 2017
Intravenous Access Devices – Rise in prevalence of the diseases is anticipated to fuel the demand of intravenous access devices Intravenous access device can be implanted under the skin which allows the
Published Date : Aug 2017
Drug Eluting Stents – Rise in Prevalence of cardiovascular diseases is anticipated to Fuel the Demand of Drug Eluting Stents Market Drug eluting stents are small expandable tubes made of wire that are i
Published Date : Jun 2017
Medical Oxygen Systems Market: Providing a Breath of Fresh Air Medical oxygen systems are prescribed to the patients as a part of oxygen therapy to the patient population suffering from chronic or acute respi
Published Date : Nov 2017
Lab-on-a-chip Market – Miniaturized Testing, Maximized Results Lab-on-a-chip (LoC) integrates different forms of analyses such as chemical synthesis, biochemical operations, and DNA sequencing onto a s
Published Date : Jan 2018
Digital Microscopes Market - Insights Digital microscopes integrate high quality image sensors, digital cameras, rechargeable batteries, and also has storage options for saving the images. There are various t
Published Date : Jan 2018
Surgical Robots Market - Insights Surgical robots consists of a camera arm and mechanical arms with surgical instruments, which are controlled by surgeons on computer console that offers high definition and m
Published Date : Jan 2018
Global Computed Tomography Market– A Boon in Medical Imaging Computed tomography (CT) is a computerized X-ray imaging procedure. CT scanners uses motorized X-ray source as compared to conventional X-ray
Published Date : Jun 2017
Balloon Catheters – Blowing Out the Flame of Coronary Artery Disease Balloon catheter is a flexible device with a balloon at its tip, which may be inflated or deflated when the catheter is in place to c
Published Date : Jul 2018
Global Orthopedic Splints and Casts Market – Protecting and Healing Injured Bones Orthopedic splints and casts are orthopedic devices used to protec
Published Date : Sep 2017
Ablation Devices – A Step toward Minimally Invasive Surgeries Ablation refers to the removal of certain biological substances from internal parts of the body with the help of ablation devices. Ablation
To Be Published : Feb 2019
A biosensor is a device that measures biological or chemical reactions by generating signals proportional to the concentration of an analyte in the reaction. Biosensors are largely employed in applications such as disease monitoring, drug discovery, disease-causing mi
To Be Published : Feb 2019
Fiber optics is a fairly old technology and has been in use in various applications including medical field. Fiber optics technology uses fibers to transmit radiation from one place to another. Optical fibers, which are thin strands made from materials such as glass o
To Be Published : Feb 2019
Closed blood sampling system is a closed, needle free blood sampling system that reduces blood waste and minimizes the risk of transmission of infectious diseases. Closed blood sampling system aims to increase the efficiency of the blood sampling process, especially i
To Be Published : Feb 2019
Electrophysiology involves the study of electrical activity of heart to diagnose and monitor any arrhythmia. Depending on the results of electrophysiology studies, the course of treatment such as medication, implantable medical devices, cardiac ablation, and surgery c
To Be Published : Feb 2019
Anesthesia monitoring devices are type of patient monitoring devices used during surgery to track vital signs such as heart rate, blood pressure, and temperature of patients under sedation in the operation theater. Anesthesia monitoring devices play an important role
To Be Published : Feb 2019
Refurbished medical equipment is defined as a restored medical device rebuilt to a condition that is comparable to the new equipment. Refurbishment includes reconditioning, repair, installation of certain software/hardware updates without changing the intended use of
To Be Published : Feb 2019
The medical supplies industry consists of companies engaged in the manufacturing and distribution of basic medical products such as surgical knives, forceps, gloves, syringes, bandages and dressings, medical laboratory equipment, stethoscopes, dental drills, x-ray fil
To Be Published : Feb 2019
Intrapartum monitoring device is a type of fetal monitoring device, used for assessing uterine activity and fetal heart rate patterns during the onset of labor. Intrapartum monitoring device aids in reducing risks and complications such as brain damage, cerebral palsy
To Be Published : Feb 2019
Smart medical devices refers to the electrical devices that have an autonomous processing system within them and are used to monitor a range of health and fitness parameters on an everyday basis. These devices provide a multitude of advantages to the patient and careg
To Be Published : Feb 2019
Stethoscope is an acoustic medical device used for auscultation based physical examination of an animal or humans. The resonator placed beneath the small disc at one end amplifies sound of lungs, heart, esophagus or fetal heart rate. Stethoscope is a fundamental compo
To Be Published : Feb 2019
Pen needles are used to inject medication (most commonly to inject insulin in diabetic patients). Pen needles offer various advantages over conventional needle and syringe device such as they aid in self-administration of the medication and do not require expertise. P
To Be Published : Feb 2019
Lighting is an integral part of healthcare infrastructure, as it is used in operation theatres, wards, ICU, and others in a healthcare setting. Manufacturers of lights are focusing on developing new products, in order to reduce cost and increase efficiency.
To Be Published : Feb 2019
Magnetic resonance imaging (MRI) is a non-invasive medical test that uses powerful magnetic field, radio waves, and a computer to produce detailed virtual image of internal organs of the body. Closed MRI systems have a tube-like tunnel with magnetic field of around 1.
To Be Published : Feb 2019
Animal wound care products are medications used for the treatment of different injuries in animals. Animal wound care contains different products such as gel, sprays, dressing, and bandages. In the recent past, various advanced wound care products such as foam dressin
To Be Published : Feb 2019
Mechanical ventilation is a process that helps patients breathe by assisting inhalation of oxygen and exhalation of carbon dioxide through lungs with the help of specialized machines known as mechanical ventilators, respirators or breathing machines. These ventilators
To Be Published : Feb 2019
Ureteroscope is a device, which is used for examining upper urinary tract and the technique is called ureteroscopy. Ureteroscope works similar to a cytoscope, however, it is longer and thinner than cytoscope, and is passed through the urethra to the bladder and then i
To Be Published : Feb 2019
Autoclaves are closed chambers used for sterilizing surgical equipment and other surgical instruments. Steam sterilization is a non-toxic and inexpensive way to eliminate microbes and spores. Steam sterilization is based on four parameters, which are steam, pressure,
To Be Published : Feb 2019
Hemostats, also referred to as hemostatic clamp, arterial forceps or pean are surgical tools used in surgical procedures to control bleeding. The hemostats were designed to clamp blood vessels of small size to manage blood flow in hemorrhagic cases. These devices are
"How Can I Help You" ?
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
U.S. Office :
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154- US : +1-206-701-6702 UK : +44-020 8133 4027
Coherent Market Insights Benefits
Custom Research Solution
Talk to our research consultant to design an exclusive report as per your research needs.
Customer Fulfilment
We aim to fulfil client's research demands with tailored research solutions.
Quick Turnaround Time Reports
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
360-degree Approach
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
Assured Quality
We strive to provide most accurate and reliable research findings in our research reports.