The global medical devices market is anticipated to expand on account of the rising demand for in-vitro diagnostic devices (IVD). As per a report by Fortune Business Insights, among types the IVD segment covered 14.6% of the overall medical devices market in 2017.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/medical-devices-market-100085
The report is titled “Medical Devices Market Size, Share and Global Trend By Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental and Nephrology), End User (Hospitals and Ambulatory Surgical Centers and Clinics) and Geography Forecast till 2025.” IVD devices help to detect diseases and effectively monitor a person’s health to diagnose diseases and prevent them from occurring. These devices efficiently and precisely diagnose diseases such as malaria, diabetes, cancer among others. As per the World Health Organization (WHO), around 47% of people suffered from new infections of HIV/AIDS in the year 2017. This will further increase demand for in-vitro diagnostic devices in the forthcoming years.
The medical devices market is likely to transform owing to significant advancements in neurology, cardiology, medical imaging, oncology, and orthopaedics. Over the past few years, pacemakers have been undergoing new advancements which include implantation techniques, miniaturization, and long battery life. Similarly, neurology sees significant improvements in advanced brain monitoring devices, which contributes to the growth of the market. Driven by these advancements, the global market is expected to rise at a CAGR of 5.3% between 2017 and 2025. In 2027, the global market was valued at US$ 397.5 Bn and is anticipated to reach US$ 602.1 Bn by 2025.
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
Booming Economic Condition Propels Growth of the Market in Asia Pacific
The market in North America is expected to grow considerably in the forecast years. Furthermore, the market was worth US$ 159.0 Bn in the year 2017. The growth witnessed is ascribable to the higher adoption of novel medical technologies and presence of well-established healthcare infrastructure. Apart from North America, Asia Pacific is likely to witness high growth in the market. The rising aging population leads to rising prevalence of diseases, which in turn, will fuel demand for medical device treatment. The medical devices market share in Asia Pacific is expected to increase owing to rising disposable income. In addition to this, people are increasingly becoming aware of diseases. This, coupled with improving healthcare facilities, is expected to drive the medical devices market growth by 2025. The economic landscape of healthcare industry has evolved over the years, especially in India. This is expected to create promising opportunities for medical device manufactures.
By End User
- Hospitals and Ambulatory Surgical Centers
- Orthopedic Devices
- Cardiovascular Devices
- Diagnostic Imaging
- Wound Management
- Diabetes Care
- Ophthalmic Devices
Medtronic Plans to Expand its Services to Emerging Countries
Baxter International Inc., DePuy Synthes, Philips Healthcare, Medtronic, Fresenius Medical care, Ethicon LLC., Cardinal Health, Siemens Healthineers, Stryker, GE Healthcare, and BD are some of the leading players functioning in the global medical devices market. The global market is highly fragmented owing to the presence of several regional and global players. Of these, Medtronic is leading and covered the highest share in the year 2017. The company has a strong brand presence and diverse product offerings. The company has been focussing on research and development (RandD) activities since its foundation. These factors help the company to maintain strong foothold in the market. Now, company is planning to expand its product services to Asia Pacific (India, China), Africa, and Latin America.
FDA Approves 54 Novel Medical Devices in 2018, Paving Way for the Market’s Growth
“Governments are increasingly offering their support towards investments in medical devices. This is one of the primary factors positively impacting the growth of the market across developing and developed regions,” says a lead analyst at Fortune Business Insights. Moreover, government-back support for the development of new generation medical devices is likely to create a growth space in the market. In 2017, vendors received the U.S. FDA approval for around 54 new medical devices. Enabled by this, the medical devices market revenue is likely to increase in the years to come.
Increasing care to personal healthcare is one of the primary trends in the market. Timely medical diagnosis plays a crucial role in the patient’s life. With the help of medical devices, medical professionals get accurate and precise results, which can help to improve the patient’s quality of life. Rapid changes in technologies and increasing demand for advanced therapies can overcome unmet requirements in healthcare sector. This will further contribute to the growth of the market.
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