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.
Radiotherapy Market – Insights Radiotherapy, also known as radiation therapy, uses ionizing radiations that deliver targeted beams of radiation to kill and destroy cancer cells. The advanced technology... Read more
Fetal and neonatal monitoring devices are used for monitoring heart rate, blood pressure, oxygen level, and other vital physiological parameters of the fetus and contractions in the mother’s uterus. These devices are used for continuous monitoring of the fetus a... Read more
Surgical stapling devices can be defined as the staplers which are used in surgical procedures in order to seal or close the wound or the incised portion of the body. These are specialized instruments that can be used to seal or close the both internal as well as exte... Read more
Breast implants are medical devices that are used to augment the size of the breasts, either for cosmetic applications or reconstruction purpose. Round breast implants are the most commonly used breast implants. Round breast implants have a tendency to appear fuller a... Read more
Respiratory Devices Market – Insights Respiratory devices are medical devices that are used to assist a patient suffering from breathing problems. These devices are used in management and treatment of disor... Read more
Degenerative Disc Disease Treatment Market – Insights Degenerative disc diseases are very frequent and debilitating disorders, and R&D activities surrounding this disease are highly cost intensive... Read more
Burn Care Market – Insights Burn care market has witnessed various technological advancements and emerged as a standard solution for the treatment in all degrees of burns. Conventional measures of burn ... Read more
Diabetes Monitoring Devices Market – Pledging Towards a Diabetic Free World Diabetes, also known as Diabetes Mellitus (DM), is a group of metabolic disorders characterized by high blood sugar levels. Th... Read more
Global Tumor Ablation Devices Market - Insights With the robust development of imaging devices and modalities during past two decades, image guided techniques like tumor ablation has become a powerful tool fo... Read more
Medical Ceramics Market - Insights Medical ceramics are products that are biocompatible and aid in repairing or replacing musculoskeletal hard connective tissues. The ceramic materials used for medical purpos... Read more
Digital Pregnancy Test Kits Market - Insights Pregnancy test kits quantify hormones such as human chorionic gonadotropin (hCG), present in our blood or urine samples, to determine whether a woman is pregnant ... Read more
Global Coagulation Analyzers Market - Insights Coagulation analyzer is a system used to measure coagulation studies such as APTT (Activated Partial Thromboplastin Time), PT (Prothrombin Time), TT (Thrombin Ti... Read more
Spinal Fusion Devices Market - Insights Spinal fusion devices are used to provide stability to spinal structure, which has lost stability due to a fracture, degenerative disorders of the spine, trauma, tumors... Read more
Wound Closure Market Driven by Technological advancements and Strategic Collaborations among the Key Players Wound is circumscribed injury caused by an external force, which involves injury to any tissue or ... Read more
Benign Prostatic Hyperplasia Surgical Devices Market Insights Benign prostate hyperplasia (BPH) refers to the non-cancerous enlargement of prostate. The treatment option depends on various factors such as age... Read more
Urinary Catheter Market – Insights A urinary catheter is a partially flexible and hollow tube that collects urine from the bladder and leads to a drainage bag. Silicone, rubber and PVC are materials u... Read more
Cardiac Implant Market Insights Cardiac implants are designed to monitor irregular heartbeats in people suffering from heart rhythm disorders. These abnormalities are caused by problems with the heart’s electrical system, which sig... Read more
Battery systems consists of one or more storage batteries and battery chargers, and includes inverters, converters, and associated electrical equipment. As instruments are increasingly becoming computerized and mobile, systems’ performance and reliability depend... Read more