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CST: 10/12/2019 03:14:51   

Increasing Focus Towards Technology-driven Patient Care Inspires Sales of Medical Device Technologies Industry - TMR

159 Days ago

Improvement in Disease Diagnosis and Treatment Uptakes Medical Device Technologies Market

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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  • Apart from this, rise in investment by the key players for the research and development of advanced medical device is another factor expected to fuel the global medical device technologies market.
  • However, one factor which is expected to hamper growth in the global medical device technologies market is stringent regulation by the regulatory bodies. Moreover, the regulatory  polices of different government differ from each other and in such situations it become extremely difficult for manufacturers to match up their requirement and this result in delayed government approval . These has been many medical devices which as pending for FDA approval. This is expected to impede adoption of advanced medical device technologies.
  • Further, uncertainty in reimbursement and excise tax on medical devices in the developed economy regions is restraining the growth of the global medical devices technologies market.
  • Nevertheless, surge in acceptance of newer medical technologies by physicians & hospital especially in emerging economies is a anticipated to fuel the global medical devices technologies.
  • Additionally, rise in geriatric population across the globe is expected to increase the demand for advanced technology medical equipment for faster and accurate diagnosis of diseases. This could rise the global medical devices technologies market in the coming few years.

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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s 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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