Medical Device Technologies Market (Device Type - In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Kidney/Dialysis Devices, Anesthesia and Respiratory Care Devices; End-users - Academics and Research, Hospitals, Clinics, Diagnostic Centers, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 07/18/2017 -- Machines have been synonymous with innovation and the progression of the human race for centuries, and the way they interact with human lives is even more symbiotic. The development of medical devices with unconventional materials requires essential understanding of materials used, their properties and their contact with the body for any given application researchers, designers, engineers and quality managers must have access to better materials evaluation information for informed decision making on material selection, replacement, and quality assurance programs, to fulfil biocompatibility requirements and regulations of the industry.
The global Medical Device Technologies Market was valued at US$ 377,562.4 Mn in 2016 and is expected to propagate at a CAGR of 4.6 % during the forecast period from 2017 to 2025 to reach US$ 563,886.5 Mn in 2025.
The evolution of medical device technologies has helped improve diagnosis and treatment for the patients. For instance, prior to the blood glucose test, urine testing was the technique used to determine if the blood sugar was high. Blood glucose testing method and overall diabetes management is transformed with availability of advanced products such as glucose test strips, analog glucose meter, continuous glucose monitoring systems, insulin delivery systems, m-health and lancets & lancing devices. Many such examples are pioneers of increasing development of medical device technologies over the centuries which serve to benefit people with better and more reliable healthcare systems and services. Medical device manufacturers have invested in product enhancing innovations for a various applications, including medical imaging, respiratory products, cardiovascular products, orthopedic implants, vascular drug-eluting stents, microelectronics, bio-materials etc.
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The global medical device technologies market by products is classified into three categories, namely by device type, by end-user and by region. By device type the medical device technologies market is categorized into, in vitro diagnostic (IVD) devices, cardiology devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, anesthesia and respiratory care devices, and other devices. The others segment includes hospital supply devices, drug delivery systems, and dental devices The in-vitro diagnostic (IVD) devices and other devices held major share in medical device technologies market in 2016, in terms of revenue. In-vitro diagnostic (IVD) devices segment is expected to forecast a lucrative growth owing to the rising incidence rates of infectious and chronic diseases as well as due to increase popularity and demand for rapid, minimally invasive, and non-invasive diagnostic systems worldwide. The others devices segment is expected to propel the medical device technologies market, owing to the advancement and increasing adoption of technologies such as drug delivery systems and dentals implants.
On the basis of end user the market is segmented in to into six types, viz. academics and research, hospitals, clinics, diagnostic centers, ambulatory surgical centers, and others. The hospitals and academic research & institutes, accounts for the major market share in the end-user segment. On the basis of geography, the overall medical device technologies market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. The North America medical device technologies market held majority of the market share in 2015. It was followed by Europe with a market share in 2015. Asia Pacific is anticipated to be the most promising region globally due to due to rising incidence of cancer, aging population, geographic expansion of medical device industries, and also due to are rapidly growing medical tourism.
Global medical device technologies market comprises of players such as Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc. Medtronic plc, Cardinal Health Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Smith & Nephew plc, Stryker Corporation, Koninklijke Philips N.V., and other prominent players.
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