The demand within the global market for medical device technologies has been rising on account of advancements in the worldwide healthcare industry.
The demand within the global market for medical device technologies has been rising on account of advancements in the worldwide healthcare industry. Medical devices are used across multiple domains within healthcare, and this is a key consideration while gauging the growth rate of the global medical device technologies market. The use of artificial intelligence, automation, and internet of things (IoT) in the healthcare sector is a prominent trend. The aforementioned technologies are synced together with medical devices in order to develop a robust infrastructural framework across hospitals and healthcare centers. Hence, the global market for medical device technologies is projected to expand at a healthy CAGR over the coming years.
The global market for medical device technologies is expected to expand at a steady CAGR of 4.6% over the period between 2017 and 2025, predicts Transparency Market Research (TMR). Furthermore, the global medical device technologies market is expected to accumulate revenues worth US$563,886.5 mn by 2025, rising up from a value of US$377,562.4 mn in 2016.
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This blog by Transparency Market Research on the global market for medical device technologies is a balanced approach to elucidating market growth. The blog considers the extrinsic forces of demand and supply pertaining to the global medical device technologies market. Moreover, the blog also provides an indiscriminate description of the factors that have propelled market demand in recent times.
Changing Dynamics of the Healthcare Sector
The healthcare sector is a key industry from the perspective of national growth and development. Hence, governments and regional leaders have shown steadfastness in developing a spotless healthcare sector across rural and urban areas. This has in turn led to the inflow of voluminous investments across public hospitals and healthcare centers. Therefore, the demand within the global medical device technologies market is expected to become a haven of investment in the years to follow. Besides, private hospitals have also emerged as prominent consumers within the global medical device technologies market. The fields of oncology, ophthalmology, and radiology within healthcare are prolific consumer of medical devices. The indispensable need for high-end medical devices in these domains has also propelled market demand.
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Availability of Medical Devices at Subsidized Rates
The quest of global and national leaders to make healthcare facilities more accessible and economical has led to fundamental changes across the medical device market. The availability of medical device technologies at subsidized rates is a key reason behind the greater uptake of these technologies in rural centers. Furthermore, the spending of private hospitals towards procuring the latest devices has significantly increased in the past few years. This factor has also accelerated the growth rate of the global medical device technologies market in recent times.
North America Dominates other Regional Segments
Although the market for medical device technologies has expanded at a stellar rate across multiple regions, the growth in North America has been outstanding. This majorly owes to the early adoption of key medical technologies in the US and Canada. Furthermore, most of the nascent medical technologies were conceptualised and executed across the US. The market for medical device technologies in Asia Pacific is also expanding due to an unusual increase in medical tourism to India and China.
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Some of the key vendors in the global medical device technologies market are Boston Scientific Corporation, Medtronic plc, Baxter International Inc., Cardinal Health Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, and GE Healthcare.
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