Medical Device Technologies Market: Increasing Prevalence of Cancer to Encourage Market Growth

The world medical device technologies market is mostly propelled by prominent international market players. A few of those players which are engaged with the production of in vitro diagnostic devices account for a very large share of the overall market. The small market players are, however, predominantly hailing from various emerging economies thereby looking for entry into the market. Such moves are anticipated to alter the future scenario of the said market in the years to come.

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The evolution in the technologies of medical device has resulted in the breakthroughs in the diagnosis of disease and further in treatment of diseases. Technologies pertaining to the medical industry have brought forth efficiency, sustainability, and efficacy in the healthcare systems. It comes with various hi-tech, cutting edge gadgets like systems of constant glucose monitoring, ultrasounds, and many others. These are a few of the prime growth promoting factors of the world market for medical device technologies.

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

A recent market intelligence study by Transparency Market Research forecasts that the world market for medical device technologies to expand at a steady CAGR of around 4.6% over the forecast period that extends from the year 2017 to 2025. The said market is expected to attain a market value of around US$ 563,886.5 mn by the year 2025 rising from a market valuation of US$ 377,562.4 mn in the year 2016.

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The major geographical categories of the international market for medical device technologies are Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. The region of North America has led the said market in the year 2015 amongst other prime geographical segments because of soaring incidence of various diseases such as metabolic diseases, cancer, and a huge pool of patients with different types of cardiovascular diseases and chronic diseases and those need crucial therapies and diagnosis. The burgeoning requirement for automated medical processes and the said regional segment being home to many of the manufacturers are also contributing hugely to the North American market for medical device technologies.

The region of North America is trailed by Europe in the world market for medical device technologies in the year 2016 as long as revenue was concerned. In vitro diagnostic devices are primarily bolstering the progress of this regional segment owing to such high prevalence of cardiovascular diseases, strokes, and various types of cancer.

The segment of In vitro diagnostic devices and others accounted for the leading share in the world market for medical device technologies in the year 2016 so far as revenue is concerned. The category of in vitro diagnostic devices is further forecasted to exhibit impressive growth in the years to come owing to growing occurrences of various chronic and infectious diseases together with the increasing popularity of various non-invasive diagnostic practices.

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The world market for medical device technologies is set to exhibit a lucrative growth in the years to come so as to cater to the immense unmet medical needs. Presently many of the clinics and hospitals are installing and implementing automated processes in a bid to diminish errors that might have repercussions on the safety of patient. Some other advantages include workflow automation together with consistent and speedy analysis of data. These are a few of the major factors that have been stoking growth of the world market for medical device technologies.

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