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Medical Device Technologies Market - The Evolution of Medical Device Technologies

Medical Device Technologies Market - The Evolution of Medical

The global medical device technologies market is anticipated to be boosted by various well-known players in the market. Some of these players that are dealing with the manufacturing of in vitro diagnostic devices hold a significant share in the global market. Whereas, the small market players are emerging from several developing nations, looking to set their foot in the market. Such measures are foreseen to change the market scenario in future.

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The advancement in the technologies of medical gadgets is resulting into a significant development in the diagnosis of the ailments and in further treatment of illness. Technologies relating to the medical sector have delivered efficiency, productivity, and sustainability in the healthcare frameworks. It accompanies various high-end smart gadgets such as constant glucose monitoring system, ultrasounds, and numerous others. These are a couple of key factors supporting the growth in the global market for medical device technologies.

The major players that lead the global medical device technologies market are Koninklijke Philips N.V., Baxter International Inc., Medtronic plc, GE Healthcare, Abbott Laboratories, Boston Scientific Corporation, Johnson and Johnson, Stryker Corporation, Siemens Healthineers, Smith Nephew plc., Cardinal Health Inc., and F. Hoffmann-La Roche Ltd.

A recent market study by Transparency Market Research (TMR) forecasts that the global medical device technologies market are likely to expand at a robust CAGR of 4.6% within the forecast period from 2017 to 2025. The market is anticipated to grow at a value of worth US$ 563,886.5 mn by the end of 2025 from a market value of US$ 377,562.4 mn in 2016.

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Based on end-user, the market is divided into hospitals, academics and research, clinics, ambulatory surgical centers, diagnostic centers, and so on. Among these, academics and research segment and hospitals segment are the leading end-use segments in the medical device technologies market. The hospitals segment accounted for major shares in the global market, in 2016, due to construction of several hospitals in various nations, along with government support regarding the improvement of the healthcare industry. Geographically, in 2015, North America dominated the market among other regional segments due to increase in cases of cancer, metabolic illnesses, and an increased number of individuals suffering from chronic illnesses and heart diseases that need efficient therapies and diagnosis.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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