Medical Devices Market Boosted by Technological Developments in the Healthcare Industry
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The report on the global medical devices market explores in detail the overall industry, right from the consumers to the suppliers. The various factors that drive its growth and those that inhibit its expansion have also been covered in depth, highlighting the macro and micro trends that also govern the marketâs trajectory. The attractiveness of the market, the opportunities that lie ahead, the key collaborations and alliances undertaken in recent years, and the overall turnover of the medical devices market are some of the prominent talking points featured in the research study.
Global Medical Devices Market: Key Trends and Opportunities
The global healthcare industry has been undergoing a tremendous change and the medical device market is at the center of this revolution. Trends such as decentralized healthcare, DIY (do-it-yourself) healthcare, and mobile healthcare have taken the medical devices market by storm and present before the vendors, a host of lucrative options as well as several challenges.
The adoption of health and fitness-related smartphone apps has surged over the past couple of years, affirming the fact that the healthcare industry is going mobile. The demand for user-friendly and DIY medical devices has increased with the rising consumer awareness. When it comes to the medical device sector, there is a growing emphasis on remote wireless connection rather than face-to-face connections and even doctors are more comfortable with remote healthcare services. Take-home medical devices have been witnessing a surge in demand owing to this trend.
Another trend that does not cease to have an astounding impact on patients and consumers across the globe is that of wearable medical devices. Companies both large and small have been rolling out innovative, more compact, and advanced wearable devices and at an increasingly affordable price. The advent of 3D printing and nanotechnology has had an unprecedented impact on the global medical devices market thanks to rapid technological developments in the fields and continuous funding by private and government companies.
On the other hand, growing advancements in medical devices also bring with them the very real threat of cyber-attacks. Today, almost every medical device is connected to the internet, be it infusion pumps, glucose monitors, or pacemakers, and with greater connectivity comes the much larger risk of cyber-attacks. Recent cyber breaches have adversely impacted the performance of several major companies and manufacturers are becoming increasingly proactive in this regard.
Global Medical Devices Market: Vendor Assessment
Some of the prominent players competing in the global medical devices industry are Johnson & Johnson, Siemens Healthcare, Toshiba Medical Systems, St. Jude Medical, Inc., Smith and Nephew, Stryker Corporation, Philips Healthcare, GE Healthcare, Boston Scientific Corporation, and Biomet, Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The companyâs exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMRâs experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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