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.
Global Clear Aligners Market – Effective Solution for a Better Smile Clear aligners are used to straighten teeth for appropriate positioning of teeth. Clear aligners are the best substitute for old and ... Read more
Central Venous Catheter Market – Insights A central venous catheter is a long, thin, flexible tube placed into the large vein near the heart. It reaches the large vein through internal jugular vein, s... Read more
Enteral Syringe Market Enteral syringes are majorly used for administering drugs and nutritional therapy through oral, rectal or sublingual route of administration. They are commonly used in hospitals, clinic... Read more
Osseointegration Implants Market – Insights Osseointegration is a process in which a bone anchorage is used on an implant surface which provides a basis to support a prosthesis till that part of the bod... Read more
Urethral Stricture Treatment Market Insights Urethral strictures can be caused by diagnostic or therapeutic urological procedures. As a result of the increasing geriatric population, these demand for these pr... Read more
Global Nuclear Imaging Equipment Market – Offering Earlier Disease Diagnosis Nuclear imaging involves examining various organs and tissue structures and functions. It involves use of small doses of radioactive materials called as ... Read more
Biobanking Equipment Market – Insights Biobanking is referred to a structured collections of biological samples, and associated data, stored for research purpose in future. The biobanks typically... Read more
Cardiac Rhythm Management Devices Market – Insights Cardiac Rhythm Management (CRM) devices include pacemakers (PMs), implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therap... Read more
Electro-Diagnostic Devices Market – Insights Electro-diagnostic devices are used to diagnose the neurological diseases by recording the electrical activity of body parts or by measuring their response t... Read more
Pipettes and Accessories Market – Insights Pipettes are used in biotechnology, pharmaceutical, and chemical laboratories in order to transfer certain volume of liquids. Micropipettes are important in mo... Read more
Bone Sonometer Market - Supporting Better Health Bone sonometer is also called as bone densitometry equipment in which sound waves on interaction with bone tissue gives information about elastic and structur... Read more
Thrombectomy Devices Market – Insights Thrombectomy refers to physical removal of soft thrombus. A thrombectomy device is easy to use and consistently opens blood vessels. Use of thrombectomy devices ca... Read more
Adaptive Strollers Market – Insights Adaptive stroller is a special mobility equipment that is designed to offer smooth mobility and comfortable seating for patients with neurodegenerative disorders. It... Read more
Portering Chair Market – Insights Portering chairs are used to transfer patients in the hospital for therapeutic or diagnostic purposes or to specialized units of the hospital such as the Emergency Depa... Read more
Chemotherapy Devices Market – Insights Chemotherapy is administrate... Read more
Aneurysm Clips Market – Insights A brain aneurysm, also referred to as a cerebral aneurysm or Intracranial Aneurysm (IA) is a weak bulging spot on the wall of a brain artery like a thin balloon or weak ... Read more
Collagen Meniscus Implant Market Insights Collagen meniscus implant is majorly indicated in multiple conditions such as loss of meniscus tissue, meniscus tears requiring partial meniscectomy, traumatic or chr... Read more
Ureteral Stents Market Insights The main purpose of ureteral stents is to hold the ureter and maintain drainage of urine. These ureteral stents are used for several medical conditions such as blockage of the ... Read more