The Medical Devices Market is anticipated to grow significantly owing to the rise in geriatric population. Fortune Business Insights in a new study, titled “Medical Devices Market Size, Share and Global Trend by Type (Orthopedic Devices, Cardiovascular Devices, Diagnostic Imaging, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic Devices, Dental & Nephrology), End User (Hospitals & Ambulatory Surgical Centers and Clinics) and Geography Forecast till 2025” finds that in-vitro diagnostics is likely to dominate the medical devices market. According to the study, the segment covered a share of 14.6% in the global medical devices market in the year 2017.
The medical device market is projected to expand at a CAGR of 5.3% between 2017 and 2025. In 2017, the market accounted for a value of US$ 397.5 Bn and is likely to reach US$ 602.1 Bn by 2025.
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The medical device industry is currently witnessing high growth due to increasing demand in hospitals and surgical centers. The rapid adoption of medical devices across hospitals is driving the global medical device market. Fortune Business Insights predicts hospitals and surgical centers to remain dominant in the coming years. Increasing expenditure on healthcare and expansion of healthcare infrastructure, especially in emerging nationsare anticipated to drive this segment between 2017 and 2025.
Rising Prevalence of Chronic Disorders and Demand for Preventive Healthcare to Spur Growth
The rising incidence of chronic diseases such as diabetes, cancer, heart diseases is fueling the demand for various medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), around six in every 10 people in the U.S live with one of the above mentioned chronic diseases.
Companies are Adopting Innovative Strategies to Stay Ahead of Competition
In December 2017, Siemens Healthineers acquired Fast Track Diagnostics with an aim to ensure improved patient care and safety. Such growth strategies adopted by leading companies will enable growth in the market. Some of the other players present in the global medical devices market include GE Healthcare, DePuy Synthes, Ethicon LLC., Baxter International Inc., Medtronic, and Philips Healthcare. Companies are adopting strategies to improve their revenue shares in the medical devices market.
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4.1 Recent industry developments such as mergers & acquisitions
4.2 Overview of healthcare expenditure by key countries
4.3 Technological advancements
4.4 Key industry trends
Stringent FDA Regulations on the Approval of Medical Devices May Hamper the Growth
The global medical devices market is expected to grow, but there are certain factors restricting the market. Time taken to attain regulatory approvals may limit the growth of the market to an extent.
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