Albany, NY -- (SBWIRE) -- 09/07/2018 -- The global medical device technologies market is anticipated to be boosted by various well-known players in the market. Some of these players that are dealing with the manufacturing of in vitro diagnostic devices hold a significant share in the global market. Whereas, the small market players are emerging from several developing nations, looking to set their foot in the market. Such measures are foreseen to change the market scenario in future.

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The advancement in the technologies of medical gadgets is resulting into a significant development in the diagnosis of the ailments and in further treatment of illness. Technologies relating to the medical sector have delivered efficiency, productivity, and sustainability in the healthcare frameworks. It accompanies various high-end smart gadgets such as constant glucose monitoring system, ultrasounds, and numerous others. These are a couple of key factors supporting the growth in the global market for medical device technologies.

The major players that lead the global medical device technologies market are Koninklijke Philips N.V., Baxter International Inc., Medtronic plc, GE Healthcare, Abbott Laboratories, Boston Scientific Corporation, Johnson and Johnson, Stryker Corporation, Siemens Healthineers, Smith Nephew plc., Cardinal Health Inc., and F. Hoffmann-La Roche Ltd.

Construction of Several Hospitals to make Hospitals a Leading Segment

A recent market study by Transparency Market Research (TMR) forecasts that the global medical device technologies market are likely to expand at a robust CAGR of 4.6% within the forecast period from 2017 to 2025. The market is anticipated to grow at a value of worth US$ 563,886.5 mn by the end of 2025 from a market value of US$ 377,562.4 mn in 2016.

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Based on end-user, the market is divided into hospitals, academics and research, clinics, ambulatory surgical centers, diagnostic centers, and so on. Among these, academics and research segment and hospitals segment are the leading end-use segments in the medical device technologies market. The hospitals segment accounted for major shares in the global market, in 2016, due to construction of several hospitals in various nations, along with government support regarding the improvement of the healthcare industry. Geographically, in 2015, North America dominated the market among other regional segments due to increase in cases of cancer, metabolic illnesses, and an increased number of individuals suffering from chronic illnesses and heart diseases that need efficient therapies and diagnosis.

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Quick Analysis of Information to Bolster Growth of Medical Device Technologies

The global medical device technologies market is prognosticated to represent a promising growth in the forthcoming years in order to fulfil the long pending unmet medical requirements. Currently, several hospitals and clinics are implementing and installing automated processes so as to reduce errors which are likely to have on the safety of patient. Some other advantages include workflow automation along with steady and quick analysis of data. These are among the key factors surging the demand for growth of the global market for medical device technologies.