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.
India Hemostat Market – Insights Hemostat an instrument for preventing the flow of blood from an open blood vessel by compression of the vessel. It is available in various sizes, materials, and compositions an... Read more
North America and Europe Dermal Fillers Market — Insights Dermal fillers, also known as injectable fillers or soft tissue fillers, are categorized as medical devices by the U.S. FDA. Dermal fillers are used... Read more
Muscle Stimulation Devices Market – Insights Muscle stimulation devices are used for elicitation of muscle contraction using electric impulses. These devices are used in physical therapy... Read more
Intra-abdominal pressure reflects the bladder pressure or pressure inside the abdominal compartment and is usually measured via a urinary catheter. It is used to identify the risk of intra-abdominal hypertension (IAH) and abdominal compartment syndrome (ACS). The cond... Read more
India Coronary Stents Market – Insights Coronary stents are small interventional devices used for opening blocked arteries. These stents are also used to prevent re-narrowing of the arteries. The procedure used to reduce blockages is k... Read more
GCC Syringes and Needles Market – Insights Syringes and needles are collectively known as a “sharps” and are the most widely used medical disposables across the globe. Syringes and needles are d... Read more
Tip Location Devices Market – Insights Tip location devices comprise tip location systems and accessories. These devices are installed at bedside and assist physicians or peripherally inserted central cathe... Read more
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