Like most of the other global markets, Medical Device market is no shyer towards the economic rise in the market. As per medical device market reports, the global medical device industry is growing rapidly. Maintaining a CAGR of 7% according to medical device industry analysis, the global medical device market is expected to witness a considerable growth in the coming years, with various investment and development opportunities. Advancements in areas such as cardiovascular devices, orthopedic devices, diagnostic imaging devices, ENT devices, healthcare IT and wound care devices will assert a positive impact on the CAGR.
The global medical technologies market is expected to grow at a CAGR of 10.5% during the forecast period to reach 4.44 Billion in 2020. The driving factors of the industry growth are rising incidence/prevalence of chronic diseases such as cancer, technological advancements, growing demand for procedures, and fast growth in the population and higher risk of target diseases.
Key Players & Regional Markets
Medical devices market is the fastest increasing global industry due to its extensive use in hospitals, research and development centres, educational institutes and laboratories. Medical devices market is classified into seven categories which are:
Corporation such as Johnson & Johnson, Philips Healthcare, Siemens Healthcare, GE Healthcare, Toshiba Medical Systems, Boston Scientific Corporation, St. Jude Medical, Inc., Biomet, Inc. and Smith and Nephew are the top key players in the industry. As per the data of Centres for Disease Control and Prevention, following are the key International Markets.
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Latin America
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Western Europe
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Eastern Europe
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Asia Pacific
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Japan
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Middle East and Africa
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GCC Countries
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Other Middle East
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North Africa
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South Africa
Medical Device market Outlook:
Central governments are now promoting the medical device market all over the world. Multiple governments are expected to develop a regulatory structure leading to manufacturing of quality products. However, the current regulatory structure lacks active participation from the government but with the increasing competition the growth is certain in near future. Domestic market of manufacturing medical equipment is on a rapid increase. With momentum of Indian government schemes, India is beginning to look forward to being recognized as a manufacturing destination for sophisticated medical technology.
Various factors are increasingly driving the medical device market growth that can be very helpful in providing the forecast that will help investors in improving better market strategies.
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Economic growth leading to higher disposable incomes
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Increased Public Spending in Healthcare
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Increased Private Investment in Healthcare
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Increased Penetration of Health Insurance
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Emergence of new models of healthcare delivery
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Public Private Partnership (PPP) route to Innovation
