Medical Device Technology Market Size l GLobal Industry Report 2023

(PharmaNewsWire.Com, August 13, 2018 ) In the year 2018 Global Medical Device Technology Market was valued at USD 539.34 billion. By the year 2023, it is predicted to reach USD 708.24 billion with pace of 5.6% CAGR.

Medical device is defined as an instrument, implant or apparatus which is used in the treatment or diagnose of health condition in the patient body. Technology used in the medical device is called as Medical Device Technology. The medical device technology used in the treatment or diagnosis of chronic diseases are saving countless lives and gaining continuous improvement in the quality of life. In the recent years, there has been a positive growth acquired in the medical industry, which is also expected to have promising growth in the global medical device technology market during the forecast period.

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Factors affecting market growth:

· Increasing healthcare expenditure across the globe. (+)

· Rising prevalence of chronic diseases globally. (+)

· Increasing of aging population. (+)

· Growing demand for advanced technology medical devices. (+)

· Introduction new medical devices or instruments. (+)

· Increasing investments by government and private organization for the development of medical device technologies. (+)

· Stringent regulations for approval of medical device technology. (-)

· Huge investment to adopt medical technology. (-)

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Market Segmentation

The Global Medical Device Technology is segmented on the basis of

Type

· Electro medical equipment

· Irradiation Apparatus

· Dental Equipment and Supplies

· Cardiology Devices

· In Vitro Diagnostics (IVD) Devices

· Kidney/dialysis Devices

· Diagnostic Imaging Devices

· Ophthalmology Devices

· Orthopedic Devices

· Endoscopy Devices

· Diabetes Care Devices

· Anesthesia & Respiratory Care Devices

· Wound Management Devices

End User

· Clinics & Hospitals

· Medical Device Industries

· Research and Pharmaceutical Entities

Based on type segment, the Diagnostic Imaging Devices holds the largest market share in the Global Medical Device Technology.

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Key players:

Leading companies for Global Medical Device Technology are Biomerica, Inc., Johnson and Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., Zenith Healthcare Ltd., Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Novartis Diagnostics, and BioMerieux, Inc.

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Medical Device Technology Market Size l GLobal Industry Report 2023