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.
Apheresis is a medical technique in which the blood of a patient or donor is extracted and separated into components such as red cells, white cells, plasma, and platelets. Depending on the reason for apheresis, one of these components is isolated and collected by the ... Read more
Lab-on-a-chip Market– Insights Lab-on-a-chip (LoC) integrates different forms of analyses such as chemical synthesis, biochemical operations, and DNA sequencing onto a single chip. Miniaturization and... Read more
Digital microscopes are integrated with high quality image sensors, digital cameras, rechargeable batteries, and also has storage options for saving the images. There are various types of digital microscopes such as desktop digital microscope and portable digital micr... Read more
Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. These bags are most probably used in hospitals for the maintenance of st... Read more
Bone injection gun is an intraosseous infusion device used in immediate medical intervention. It can be used in pediatric patients as well as in adults; for person over 12 years the preferred site of administration is proximal tibia 2 cm medial and 1 cm proximal to ti... Read more
Surgical Robots Market - Insights Surgical robots consists of a camera arm and mechanical arms with surgical instruments, which are controlled by surgeons on computer console that offers high definition and m... Read more
Global Computed Tomography Market– A Boon in Medical Imaging Computed tomography (CT) is a computerized X-ray imaging procedure. CT scanners uses motorized X-ray source as compared to conventional X-ray... Read more
Balloon Catheters Market Insights Balloon catheter is a flexible device with a balloon at its tip, which may be inflated or deflated when the catheter is in place to create or enlarge a passageway, and it is ... Read more
Global Orthopedic Splints and Casts Market – Protecting and Healing Injured Bones Orthopedic splints and casts are orthopedic devices used to protec... Read more
Global Pharmacy Automation Market – Increasing Need to Reduce Medication Errors Pharmacy automations play a major role in modern healthcare, as it’s allow easy administration and distr... Read more
Stairlifts Market – Market Insights A stairlifts are also known as chair lifts or stair gliders. These are mechanical devices designed for individuals with movement disability, and help to lift them u... Read more
Ablation Devices Market– Insights Ablation has gained immense popularity all over the world as it offers minimally invasive solutions for the removal of tissues or tumors with bearable pain, and a lesse... Read more
Digital Wound Measurement Devices Market – Insights A structured approach is required to the assessment, diagnosis and management of patients with wounds in order to provide a good standard of care. Digital ... Read more
Wheelchairs Market Wheelchair is used for mobility purpose by the disabled person or a person who is unable to walk post injury or certain illness. Wheelchairs are available in two types, which are manual whe... Read more
Endoscopy devices are used as both diagnostic and therapeutic devices that serve clinical solutions to the world by allowing close examination of internal organs and body structures. As opposed to conventional imaging devices like X-rays, endoscopic devices possess a ... Read more
Electrosurgery is the use of high energy alternating current to increase intracellular temperature to achieve vaporization or combination of desiccation and protein coagulation of biological tissue. Electrosurgical devices find application in general surgery, cardiolo... Read more
Ultrasound Devices Market– Insights The trend of continuous technological innovations and developments in ultrasound devices provide new edge to diagnostic imaging. Imaging plays an important role in di... Read more
Capnography is defined as a monitoring tool for examining the concentration or partial pressure of CO2 in expiratory gases. Capnography is mainly used as a monitoring tool during sedation procedure and diagnosis. Statistics... Read more