The Global Medical Devices Market is anticipated to grow significantly owing to the rise in geriatric population. Fortune Business Insights in a new study, 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 & Nephrology), End User (Hospitals & Ambulatory Surgical Centers and Clinics) and Geography Forecast till 2025” finds that in-vitro diagnostics is likely to dominate the medical devices market. According to the study, the segment covered a share of 14.6% in the global medical devices market in the year 2017.
The Medical Device Market is projected to expand at a CAGR of 5.3% between 2017 and 2025. In 2017, the market accounted for a value of US$ 397.5 Bn and is likely to reach US$ 602.1 Bn by 2025.
In-vitro diagnostics help in the testing of diseases such as malaria, diabetes, cancer, STDs, and AIDS/HIV. These devices provide accurate information, which is a key factor fueling their demand worldwide. Fortune Business Insights predicts this to be a key factor creating growth opportunities in the segment during the forecast period. However, growth of this segment may get hampered by delayed approvals by regulatory authorities. The medical device industry is currently witnessing high growth due to increasing demand in hospitals and surgical centers. The rapid adoption of medical devices across hospitals is driving the global medical device market.
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Fortune Business Insights predicts hospitals and surgical centers to remain dominant in the coming years. Increasing expenditure on healthcare and expansion of healthcare infrastructure, especially in emerging nationsare anticipated to drive this segment between 2017 and 2025.
In terms of region, North America is expected to emerge dominant over the forecast tenure. Presence of large number of companies, coupled with huge R&D investments, is boosting the medical devices market in North America. Other regions such as Asia Pacific are expected to show considerable growth opportunities to the medical devices market over the forecast period.
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Rising Prevalence of Chronic Disorders and Demand for Preventive Healthcare to Spur Growth
The rising incidence of chronic diseases such as diabetes, cancer, heart diseases is fueling the demand for various medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), around six in every 10 people in the U.S live with one of the above mentioned chronic diseases. This further increases demand for medical devices and encourages several companies to introduce innovative technologies in the field. With the rising prevalence of chronic diseases, the need for preventive healthcare will increase exponentially. This is another factor driving the medical devices market. Medical device manufacturers around the world are likely to invest in the development of new medical devices and update the existing ones. All the above factors are anticipated to create a growth engine for the medical devices market during the forecast period.
Stringent FDA Regulations on the Approval of Medical Devices May Hamper the Growth
The global medical devices market is expected to grow, but there are certain factors restricting the market. Time taken to attain regulatory approvals may limit the growth of the market to an extent.
Companies are Adopting Innovative Strategies to Stay Ahead of Competition
In December 2017, Siemens Healthineers acquired Fast Track Diagnostics with an aim to ensure improved patient care and safety. Such growth strategies adopted by leading companies will enable growth in the market. Some of the other players present in the global medical devices market include GE Healthcare, DePuy Synthes, Ethicon LLC., Baxter International Inc., Medtronic, and Philips Healthcare. Companies are adopting strategies to improve their revenue shares in the medical devices market.
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