Published on : Aug 14, 2017
Albany, New York, August 14, 2017: It is well recognized that advancements in medical device technology have allowed physicians to better diagnose and treat their patients, saving countless lives and continuous improvement in the quality of life. In the recent years, there has been a positive growth acquired in the medical industry, which also displays promising growth for the market of medical device technologies in near future to serve the vast unmet medical needs. To expand this in detail, Market Research Hub (MRH) has recently added a report titled, “Medical Device Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025” to its research offerings. The study offers detailed industry analysis on medical device technologies market covering its current and future prospects. Additionally, it also highlights a number of drivers, restraints and opportunities that are expected to impact the market during the forecast period.
As per the analyst's estimation, the global medical device technology market has showcased significant growth over the past few years and is anticipated is projected to grow at a robust CAGR of 4.6% over the forecast period of 2017 to 2025. At this pace, the market is estimated to attain a value of US$563,886.5 mn by 2025 increasing from US$377,562.4 mn in 2016. The rising adoption of advanced technologies for the manufacture of medical devices is one of the major factor driving the market across the world.
Initially, the report comprises an elaborate executive summary, including a market snapshot of medical device technology that provides overall information of various segments and sub-segments. Medical device technology is a broad field where innovation plays a crucial role, innovations in the technological front such as multi functionality medical devices, is one of the most important driving factors for the medical device technology market. Medical technologies have brought about efficacy, sustainability, and efficiency in healthcare systems with hi-tech devices such as ultrasounds, continuous glucose monitoring systems, and much more. These are some of the key growth drivers of the medical device technologies market.
Geographically, the global Medical device technologies market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of these, Europe trailed North America in the global medical device technologies market in 2016 revenue-wise, due to rising geriatric population. Further, the market has been studied in terms of device type, end-user and region. On the basis of device type, the study covers, Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Ophthalmology Devices, Endoscopy, Orthopedic Devices and others. The segment of in vitro diagnostic devices is predicted to display notable growth in the coming years on account of rising incidence of infectious and chronic diseases along with the rising popularity of non-invasive diagnostic practices.
Key companies profiled in the report include Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson, Baxter International, Inc. Medtronic plc, Cardinal Health Inc., Stryker Corporation, F. Hoffmann-La Roche Ltd., GE Healthcare, Siemens Healthineers, Smith & Nephew plc, Koninklijke Philips N.V., and other prominent players.
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