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Albany, New York, July 03, 2019 (GLOBE NEWSWIRE) -- Medical device technologies are number of techniques and software used in manufacturing of medical equipment. Globally there has been a shifting in pattern of diseases among patients. A surge in chronic conditions as compared to infection based diseases is represent a dire need to change present medical device with advance device. This can be attributed by the fact that prevalence of chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis have increased in last few years. This is a primary factor expected to fuel the global medical device technologies market in the coming years.
The advancement of medical device technologies have prompted achievements in diagnosis of diseases, and in treatment of maladies. Medical technologies have achieved sustainability, efficacy, and effectiveness in healthcare frameworks with advanced devices. For example, ultrasounds and constant glucose monitoring frameworks are a couple of these advancements. These are among the key development factors of the medical device technologies market.
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However, filling in as an impediment to the market is the rising frequency of utilization of non-licensed innovations for integrating the biomedical devices.
According to a recent report by Transparency Market Research, the global medical device technologies market is foreseen to expand at a steady CAGR of 4.6% within the forecast period from 2017 to 2025 for the market to reach an anticipated worth of US$563,886.5 mn by the end of 2025, increasing from US$377,562.4 mn in 2016.
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Presence of Several Payers in North America makes it a Leading Region
In 2015, North America region dominated the global medical device technologies market among other key regions. This was a result of rising cases of metabolic diseases, chronic diseases, tumors, and cardiovascular ailments. Some of these healthcare scenarios require pivotal diagnosis and treatments, thus promoting the market’s expansion in North America. Moreover, North America witnesses a rising demand for automated medical procedures coupled with the presence of notable players. These factors are likewise contributing enormously toward the regional medical device technologies market. In 2016, based on revenue, North America was trailed by Europe in the global medical device technologies market. In vitro diagnosis devices are significantly boosting the development of this regional market by virtue of high predominance of cardiovascular ailments, stroke, and tumors.
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Advent of Small Players to Change Market Scenario
Major players working in the global medical device technologies market are Boston Scientific Corporation, Abbott Laboratories, Medtronic plc, and Baxter International Inc. The medical device technologies market is to a great extent dominated by international players, of which just a handful are involved with the manufacturing of in-vitro analytic devices holding the major share. But, small players, prevalently from developing nations, looking for entry into the market will modify the situation in the upcoming years.
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The information presented in this review is based on a TMR report, titled, “Medical Device Technologies Market (Device Type - In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Kidney/Dialysis Devices, Anesthesia and Respiratory Care Devices; End-users - Academics and Research, Hospitals, Clinics, Diagnostic Centers, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
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