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Medical Membrane Devices Market Size Projected to Rise Lucratively during 2021
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The global medical membrane devices market is categorized based on various types of membrane devices and their therapeutic applications in the treatment of chronic diseases. Based on the types of membrane devices, the report covers dialyzers and blood oxygenators and IV filters, blood microfilters, blood/apheresis filters, and diagnostic devices.
The blood/apheresis filters and diagnostic devices segment holds the largest market share in the global medical membrane devices market. Based on therapeutic applications of medical membrane devices, the report covers: Cardiovascular diseases, respiratory diseases, renal disorders, and others.
In terms of geography, North America dominates the global medical membrane devices market. This is due to the developed healthcare infrastructure and increasing demand for membrane devices in the region. In addition, technological advancement in medical membrane devices has also propelled the growth of the market in North America. The U.S. represents the largest market for medical membrane devices in North America, followed by Canada.
In Europe, Germany, France, and the U.K. hold major shares of the medical membrane devices market. The medical membrane devices market in Asia, too, is expected to show high growth rates over the next five years. This is due to the increasing demand for membrane devices in the region. In addition, many medical device manufacturing companies are foraying into Asian countries with their own production facilities encouraged by the less stringent regulations and low cost of labor in the region. Growing demographics and developing countries such as India and China are expected to lead the growth of the medical membrane devices market in Asia. Moreover, India, China, and Japan, are expected to be the fastest-growing markets for medical membrane devices in the region.
Increasing prevalence of chronic diseases and a growing demand for membrane devices are the major driving factors for the global medical membrane devices market. Also, technological advancements in membrane technology and various initiatives taken by government organizations to increase awareness about therapeutic applications of membrane devices in the treatment of chronic diseases have propelled the growth of the global medical membrane devices market.
Stringent regulatory requirements for the approval of membrane devices inhibit the growth of the global medical membrane devices market. Likewise, the high capital and operational costs involved in the installation of membrane filtration equipment and membrane fouling concerns associated with membrane separation technology hamper market growth.
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Frequent product launches and increasing numbers of mergers and acquisitions between medical device manufacturing companies are some major trends observed in the global medical membrane devices market.
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