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.
To Be Published : Oct 2019
Cardiac assist devices are mechanical pumps that assist the heart to enhance its pumping efficiency and help maintain optimal blood flow throughout the body. In cases of congestive heart failure, where oral medications fail to help the patient survive, cardiac assist
To Be Published : Oct 2019
Home medical equipment refers to cost-effective medical devices that help provide safe and effective treatment to patients in the comfort of their home. This significantly reduces stress related to treatment and helps in speedy recovery of patients and improves their
To Be Published : Oct 2019
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To Be Published : Oct 2019
A biopsy is a sample of tissue taken from the body for in-depth analysis of the sample to reach an effective diagnosis of a condition, wherein conventional diagnostic methods such as x-rays and body scans do not provide any conclusive evidence. Biopsies are usually carried out to detect cancer, t
To Be Published : Oct 2019
Bioelectronics is a branch of medical science that deals with the application of ideologies of biological sciences in electrical/electronic engineering. In simpler terms, bioelectronics is the combination of biology and electronics. This is an essential emerging field
To Be Published : Oct 2019
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To Be Published : Oct 2019
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To Be Published : Oct 2019
Blood flow measurement devices in healthcare sector holds an important part under diagnostic and research segment. These measurement devices help the physician to understand the nature of the blood flow such as the amount of blood supplied to the various vital organs
To Be Published : Oct 2019
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To Be Published : Oct 2019
Larger volumes drug delivery require a new product concept, a large-volume wearable injector Large volume wearable injectors are devices that are used to deliver high volume of drugs usually in the range of 2 &ndas
To Be Published : Oct 2019
Brain monitoring devices identify and measure any abnormality in the functioning of the brain cells (neurons) that are linked with neurological disorders such as Alzheimer’s, Parkinson’s, epilepsy, dementia, multiple sclerosis, sleep disorder, and br
To Be Published : Oct 2019
Gastroesophageal refers to the stomach and esophagus. Reflux means to return or flow back. Gastroesophageal reflux disease or GERD is a set of conditions, where the lower esophageal sphincter (LES) is affected when the contents of the stomach flows back to the esophag
To Be Published : Oct 2019
The procedure by which an incision is made in a vein is known as phlebotomy. The process is known as a venipuncture. Phlebotomist is a person who executes phlebotomy. However, doctors, medical laboratory scientists, and nurses often perform phlebotomy procedures
To Be Published : Oct 2019
The process of drawing blood from veins is known as phlebotomy. The procedure, also known as venipuncture, is primarily performed by specialists called phlebotomists. Medical laboratory scientists, doctors, and nurses often perform phlebotomy process as well. Phleboto
To Be Published : Oct 2019
An alcohol swab is gauze that has been dipped and saturated with alcohol. It is a vital part of any first aid kit. Alcohol swabs are primarily used to disinfect and clean cuts and scrapes. They are used in doctors’ clinics, diagnostic centers, and other places w
To Be Published : Oct 2019
Molecular biology is the study of the molecular foundation of biological activity amongst biomolecules in a variety of systems of a cell, including DNA, RNA, and proteins interactions and their biosynthesis. It also tells us about the directive for these interactions.
To Be Published : Oct 2019
Blood coagulation or clotting is the mechanism by which blood changes its form from liquid to a highly viscousgel-like form known as clot. The process is called hemostasis, which prevents blood loss from damaged blood vessels. The process of coagulation consists of ac
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