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Medical Devices

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.

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Medical Devices Published Insights

Coherent Market Insights

Blood Transfusion Devices Market, by Product Type (Apheresis Systems, Infusion Devices, Blood Warmers, Venous Access Devices, Filters, and Others), by End User (Hospital, Ambulatory Surgical Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Sep 2020

Blood transfusion is process of transfusion of blood and blood components to the patient’s body to replace the lost components of the blood. The most commonly performed surgeries that require blood transfusion include cardiov... Read more

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Metal Non-Covered Biliary Stent Market, by Type (Adsorbable and Non-Adsorbable), by Application (Malignant Obstruction, Biliary Leaks, Benign Biliary Strictures, and Others), by End User (Hospitals, Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

A biliary metal stent is defined as a flexible metallic tube, specially designed to hold the bile duct open, which has been partially or fully blocked. In the bile duct, as the blockage occurs, fluids like bilirubin (bile) are unable to flow smoothly into the duodenum... Read more

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India Catheters Market, By Type (Cardiovascular Catheter, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, Specialty Catheters), and By Region (North India, South India, West India, East India) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

A catheter is a soft hollow tube, which is passed into the bladder to drain urine. Angioplasty, angiography, balloon septostomy, balloon sinuplasty, cardiac electrophysiology testing, and catheter ablation are some of the common procedures that require a catheter.... Read more

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Infrared Thermometer Market, By Technology (Handheld Infrared Thermometer, Fixed Mount Infrared Thermometer, Pocket Infrared Thermometer, and Others), By End User (Diagnostic Clinics, Hospitals, Research Organization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

Infrared thermometers have many applications for monitoring various temperature functions. For instance, the infrared thermometer is useful for recording the temperature of patients in hospital without touching them. At the time of an epidemic or pandemic of diseases,... Read more

Coherent Market Insights

Neonatal & Preterm Infants Enteral Feeding Devices Market, By Product Type (Enteral Feeding Pumps, Low Profile Gastrostomy, PEG Tube, Nasogastric Tube, Gastrostomy Tube, Giving Sets), and By Regio (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

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Enteral nutrition, also known as tube feeding, is a technique to deliver nutrients through a tube, if a patient cannot swallow. Depending on the entry point of the tube in the body, enteral nutrition is classified in the following ways: nasogastric tube and gastrostom... Read more

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Global & U.S. Medical Disposables Market, By Product Type (Wound Management, Nonwoven Medical Disposables, Drug Delivery Products, Others), By End User (Hospitals, Home Healthcare, Outpatient Facilities, Other), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

Medical disposables are products that are used in hospitals or in various medical fields for prevention of infections and for safety measures to meet the medical standards. The medical disposables are important to lower the risk of cross-contamination and infections t... Read more

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Lumbar Disc Replacement Device Market, by Material (Metal-on-metal and Metal-on-biopolymer), by End User (Hospitals and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Aug 2020

Increasing incidence of spinal disorders and increasing awareness among patients about disc replacement are expected to drive growth of the lumbar disc replacement device market. Continuous improvement in surgical procedure and advantages of minimally invasive surgery... Read more

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Medical Metal Tubing Market, By Material (Stainless Steel, Titanium and Nitinol (NiTi)), By Application (Dialysis or Intravenous Tubing, Catheters & Cannulas, Drug Delivery Systems, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Medical metal tubes are intrinsic components of various medical devices and used extensively in the manufacture of catheters and cannulas, drug delivery systems, dialysis, and intravenous tubing. Medical metal tubes are usually small tubes which are inserted into the ... Read more

Coherent Market Insights

Peripherally Inserted Central Catheters Market, By Product Type (Single Lumen, Double Lumen, Multiple Lumen), By End User (Hospitals, Ambulatory Surgical Centers, Catheterization Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Peripherally inserted central catheters are the catheters used to gain central access through peripheral veins, which ultimately leads the tip of the catheter near to the distal end of superior vena cava or cavoatrial junction. ... Read more

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Automated Endoscope Reprocessors Market, By Product Type (Single Basin AER, Dual Basin AER), By Modality (Standalone AER, Bench top AER), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Computerized/Automated Endoscope Reprocessors are important medical devices broadly utilized as a healthcare setting to reprocess endoscopes, for example, duodenoscopes, and endoscope accessories, to sterilize them while reprocessing. Automated endoscope reprocessors ... Read more

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Respiratory Disease Testing Market, By Test Type (Imaging Test, Spirometry, Peak Flow Test, Blood Gas Test, Lung Volume Test, Others), By End User (Hospitals, Physician Offices, Clinical Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

Respiratory disease is a medical condition that affects the structure and organs associated with respiration or breathing. Based on anatomical features, the respiratory system has been segmented into upper respiratory tract and lower respiratory tract. The upper respi... Read more

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ECG Monitoring Systems Market, By Equipment Type (ECG Monitoring Equipment, Holter Monitoring Systems, ECG Stress Testing Systems, Event Monitoring Systems), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 ...

Published Date :Jul 2020

An electrocardiogram (ECG or EKG) records the electrical signal from the heart to check for different heart conditions. It is the most important test for interpretation of the cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormali... Read more