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Medical Devices Market to Progress at 5.3% CAGR, Advancements in Medical Imaging to Impel Growth, says Fortune Business Insights

Medical Devices Market 2019 - Global Key Leaders Analysis, Growth, Gross Margin, , Future Trends Demands, Segmentation, by Regional Forecast to 2025

The Global Medical Devices Market is anticipated to expand on account of the rising demand for in-vitro diagnostic devices (IVD). As per a report by Fortune Business Insights, among types the IVD segment covered 14.6% of the overall market in 2017.

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Key players leading the global market include

  • Baxter International Inc.,
  • DePuy Synthes,
  • Philips Healthcare,
  • Medtronic,
  • Fresenius Medical care,
  • Ethicon LLC.,
  • Cardinal Health,
  • Siemens Healthineers,
  • Stryker,
  • GE Healthcare,
  • BD

The report is 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.” IVD devices help to detect diseases and effectively monitor a person’s health to diagnose diseases and prevent them from occurring. These devices efficiently and precisely diagnose diseases such as malaria, diabetes, cancer among others.  As per the World Health Organization (WHO), around 47% of people suffered from new infections of HIV/AIDS in the year 2017. This will further increase demand for in-vitro diagnostic devices in the forthcoming years.

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The medical devices market is likely to transform owing to significant advancements in neurology, cardiology, medical imaging, oncology, and orthopaedics. Over the past few years, pacemakers have been undergoing new advancements which include implantation techniques, miniaturization, and long battery life. Similarly, neurology sees significant improvements in advanced brain monitoring devices, which contributes to the growth of the market. Driven by these advancements, the global market is expected to rise at a CAGR of 5.3% between 2017 and 2025. In 2027, the global market was valued at US$ 397.5 Bn and is anticipated to reach US$ 602.1 Bn by 2025.

Booming Economic Condition Propels Growth of the Market in Asia Pacific

The market in North America is expected to grow considerably in the forecast years. Furthermore, the market was worth US$ 159.0 Bn in the year 2017. The growth witnessed is ascribable to the higher adoption of novel medical technologies and presence of well-established healthcare infrastructure. Apart from North America, Asia Pacific is likely to witness high growth in the market. The rising aging population leads to rising prevalence of diseases, which in turn, will fuel demand for medical device treatment. The medical devices market share in Asia Pacific is expected to increase owing to rising disposable income. In addition to this, people are increasingly becoming aware of diseases.  This, coupled with improving healthcare facilities, is expected to drive the medical devices market growth by 2025. The economic landscape of healthcare industry has evolved over the years, especially in India. This is expected to create promising opportunities for medical device manufactures.

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Segmentation:

By End User

  • Hospitals & Ambulatory Surgical Centers
  • Clinics

By Type

  • Orthopedic Devices
  • Cardiovascular Devices
  • Diagnostic Imaging
  • IVD
  • MIS
  • Wound Management
  • Diabetes Care
  • Ophthalmic Devices
  • Dental
  • Nephrology

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