(PharmaNewsWire.Com, December 16, 2017 ) According to the report North America Medical Device Technologies Market, published by Market Data Forecast, market was estimated to be USD 180 billion in 2016 and is predicted to reach USD 235.51 billion by 2021 at a CAGR of 5.51% from 2016 to 2021.
Medical device is an instrument, implant, contrivance or a machine used in prevention, diagnosis and treatment of illness, or detecting, restoring or modifying the structure or function of the body for health purpose. Medical devices come with numerous varieties, ranging from simple tongue depressors and bedpans to complex programmable pacemakers with micro-chip technology and laser surgical devices.
Technologies used with Medical Devices are called Medical Device Technology. The Advancement in technology has changed ways in which medical Devices are used to treat patients. Electronic aspirin used for relief from migraines, robotic health check-up instrument, needle free diabetes care instrument to find the glucose level are some of these Technologies. Medical Device Technology is a broad field where innovation is the major driving factor. MRI Systems, Ultrasound systems, x ray systems and mammography instruments are on demand for the diagnosis of disease and disorder.
Medical Device Technologies Market: Drivers & Restraints Cardiology and In-vitro segments were significant in the growth of medical device market because of increased cases of heart related diseases and increased need of lab testing for diagnosis of diseases. The North America medical device market is expected to grow in future due to increasing ageing population, obese population, rise in health expenditure and rising diabetic prevalence. Key trends of this market include adoption of minimally invasive devices, changing lifestyle, increasing awareness towards diagnosis and treatment. With the growing occurrence of technology piracy, it is hard to avert the misuse of non-licensed technology in biomedical device integration. This is a major restraint for medical device technology industry. However, there are some factors which can hinder the market growth including safety, quality & security control and changing regulations for safety control.
Medical Device Technologies Market: Segmentation • By Type o Electro medical equipment o Irradiation Apparatus o Dental Equipment and Supplies • By End User o Clinics & Hospitals o Medical Device Industries o Research and Pharmaceutical Entities
Medical Device Technologies Market: Overview A medical device is an instrument, apparatus, implant, in vitro reagent or similar device used to diagnose, prevent or treat disease or other conditions. Several medical device technologies enhance the functions of medical devices, including highly sophisticated scanners and technologically complicated implantable products, such as artificial cochlear devices, as well as the most basic laboratory equipment.
According to estimates, there are more than 500,000 medical technologies currently available in roughly 20,000 generic groups. According to the World Health Organization (WHO), there are an estimated 1.5 million different medical devices, in more than 10,000 types of generic device groups available globally. The Global Medical Devices Nomenclature (GMDN) Agency has classified these into 16 product categories. The primary aim of any medical technology is to improve medical care, making it easier to improve the overall health of users or patients. With life spans increasing over the last few decades, the importance of better care and improved quality of life has become paramount.
Medical Device Technologies Market: Region-wise Outlook North America region is divided geographically into United states and Canada. This region has highest Share of market because of greater accessibility of technology, rise of chronic diseases and rising geriatric population. North America has a share of 38% of the global medical device technologies market. The North America Medical Device Technologies Market has a CAGR of 5.51% and estimated to be $ 235.51 billion in 2021.
Key Questions Answered • This report provides pin-point analysis for changing competitive dynamics of North America Medical Device Technologies. • It provides a six-year forecast assessed on the basis of how the market is predicted to grow. • It provides a forward-looking perspective on different factors driving or restraining North America Medical Device Technologies market growth. • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors. • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments • It helps in understanding the key product segments and their future Medical Device Technologies Market: Key Players Major key players in North America Medical device technologies are Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Novartis Diagnostics, bioMerieux, Inc., Biomerica, Inc., Johnson and Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
Reasons to buy Medical Device Technologies Market Report: • Regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering • Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics • Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses • A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies • Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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