Market Research Report
Medical Device Technologies Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390814|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Medical Device Technologies Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 114 Pages||
Global Medical Device Technologies market is estimated to witness a CAGR of around 7.0% over the forecast period. Certain factors that are driving the market growth include rising prevalence of chronic diseases and related increase in disability-adjusted life years, technological advancements in medical devices, and consistent increase in the aging population.
Globally, the disease burden is shifting from infectious diseases to chronic conditions, with a corresponding escalation in the burden of cancer. Chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis are long lasting in their effects. Cancer and cardiovascular diseases are the two most common causes of mortality. Globally, chronic diseases kill more than 38 million people each year. Cardiovascular diseases account for most of the chronic diseases related deaths (17.5 million people annually), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million). These four groups account for 82% of all chronic disorder deaths. The rise in incidences of chronic diseases has increased the demand for medical devices. The other factors such as investment in R&D and the need for preventive healthcare are driving the medical device technologies market.
However, Strict FDA regulations are bound to be present in the field of healthcare. The regulatory framework for medical devices is not standardized in many countries across the globe. The other factors such as uncertainty in reimbursement and an increase in the cost of services are also hindering the growth of the market.
Medical devices are intended for use in the diagnosis, monitoring, treatment, and prevention of diseases or other medical conditions. Medical technology companies are focusing more on products that deliver cheaper, faster and more efficient patient care. The scope of the market includes devices shares across multiple major application areas, mentioned below.
According to the American College of Cardiology, cardiovascular disease (CVD) accounted for about 800,000 deaths in the United States in 2016. Among Americans, an average of one person dies from cardiovascular disease, every 40 seconds. Coronary heart disease (CHD) accounts for the majority of CVD deaths, followed by stroke and heart failure. Moreover, innovations are leading the early part of the 21st century and the effect on cardiovascular devices has been specifically significant. Keeping up and determining the relevance of these inventions and the role in patient care is a relentless challenge and opportunity for providers as well as scientists alike.
The primary growth driver of the medical device technology market is the higher investment of the yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States with an increasing rate of adoption. In July 2018, Netsmart, one of the largest providers of behavioral health electronic health records (EHRs) in the United States, has finalized its acquisition of the home care and hospice solutions of Change Healthcare. This type of collaboration activities is likely to expand the existing medical technology market. Continuous R&D, to develop technologies that benefit the entire mankind, is one of the major driving factors for the US medical device technology market. The US bio-implant market is also driven by advanced technologies, including 3D printing, nanotechnology, and laser technology.
The global Medical Device Technologies market is highly competitive and consists of a number of major players. Companies like Abbott Laboratories, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthcare, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, GE Healthcare, among others, hold the substantial market share in the Medical Device Technologies market.