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The Medical Device Technologies Market is Segmented by Device Area (In Vitro Diagnostics (IVD), Cardiology Devices, Diagnostic Imaging, Orthopedic Devices, Ophthalmology Devices, Endoscopy Devices, Diabetes Care Devices, Wound Management Devices, Dialysis Devices, Anesthesia, and Respiratory Care Devices, and Other Device Areas) and Geography.
Fastest Growing Market:
The medical device technologies market is estimated to witness a CAGR of around 7.5% over the forecast period. Certain factors that are driving the market growth include rising prevalence of chronic diseases and related increase in disability-adjusted life years, technological advancements in medical devices, and consistent increase in the ageing population.
Globally, the disease burden is shifting from infectious diseases to chronic conditions, with a corresponding escalation in the burden of cancer. Chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis, are long-lasting in their effects. Cancer and cardiovascular diseases are the two most common causes of mortality. According to the World Health Organisation (WHO), globally, chronic diseases kill more than 38 million people each year. Moreover, cardiovascular diseases account for most of the chronic disease-related deaths in 2016 (17.5 million people annually), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million). These four groups account for 82% of all chronic disorder deaths. The rise in the incidences of chronic diseases has increased the demand for medical devices. The other factors, such as investment in R&D and the need for preventive healthcare, are driving the medical device technologies market.
However, strict FDA regulations are bound to be present in the field of healthcare. The regulatory framework for medical devices is not standardized in many countries across the world. The other factors, such as uncertainty in reimbursement and an increase in the cost of services, are also hindering the growth of the market studied.
As per the scope of the report, medical devices are intended for use in the diagnosis, monitoring, treatment, and prevention of diseases or other medical conditions. The medical device technologies market is segmented by device area and geography.
|In Vitro Diagnostics (IVD)|
|Diagnostic Imaging Devices|
|Drug Delivery Devices|
|Wound Management Devices|
|Other Device Areas|
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According to the American Heart Association Research, approximately 2,300 Americans die due to cardiovascular diseases each day, an average of one death every 38 seconds. Lifestyle related change, eating habits and stress leads to several heart diseases and this is the foremost cause of deaths across the world and need of cardiac devices for the treatment. In addition, as per World Heart Federation, coronary heart disease is now the leading cause of death worldwide. An estimated 3.8 million men and 3.4 million women die each year from coronary heart disease. In addition, 80% of the deaths occur in low- and middle-income countries.
Moreover, innovations are leading the early part of the 21st century, and the effect on cardiovascular devices has been specifically significant. Keeping up and determining the relevance of these inventions and their role in patient care is a relentless challenge and opportunity for providers, as well as scientists. Thus, high prevalence of cardiocascular diseases across the world cardiology devices segment is expected to show growth over the forecast period.
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The primary growth driver of the medical device technologies market is a higher investment of the yearly revenues into product innovation and constant improvement of existing technologies. Mobile health and telemedicine have been growing in the United States, with an increasing rate of adoption.
In July 2018, Netsmart, one of the largest providers of behavioural health electronic health records (EHRs) in the United States, finalized its acquisition of the home care and hospice solutions of Change Healthcare. This type of collaborative activity is likely to expand the existing medical technology market.
According to the Centers for Disease Control and Prevention, in the year 2017, coronary heart disease is the most common type of heart disease, killing approximately 365,914 people in the United States. Moreover, about 18.2 million adults age 20 and older have coronary heart disease (CAD), 2 in 10 deaths from Coronary heart disease happen in adults less than 65 years old.
Furthermore, continuous R&D, to develop technologies that benefit the human race, is one of the major driving factors for the US medial device technologies market. The US bio-implant market is also driven by advanced technologies, including 3D printing, nanotechnology, and laser technology.
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The medical device technologies market is fragmented competitive and consists of a number of major players. Companies, like Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Philips Healthcare, Siemens Healthcare, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, Smith & Nephew PLC, and GE Healthcare, among others, hold the substantial share in the market studied.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Chronic Diseases and Related Increase in Disability-adjusted Life Years
4.2.2 Technological Advancements in Medical Devices
4.2.3 Rapidly Increasing Aging Population
4.3 Market Restraints
4.3.1 Uncertainty in Reimbursement
4.3.2 Strict FDA Regulations
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Device Area
5.1.1 In Vitro Diagnostics (IVD)
5.1.2 Cardiology Devices
5.1.3 Orthopedic Devices
5.1.4 Diagnostic Imaging Devices
5.1.5 Endoscopy Devices
5.1.6 Ophthalmology Devices
5.1.7 Drug Delivery Devices
5.1.8 Wound Management Devices
5.1.9 Other Device Areas
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.4 Middle-East & Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East & Africa
5.2.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories Inc
6.1.2 Boston Scientific Corporation
6.1.3 F. Hoffmann-La Roche Ltd
6.1.4 GE Healthcare (GE Company)
6.1.5 Johnson & Johnson
6.1.6 Medtronic PLC
6.1.7 Philips Healthcare
6.1.8 Siemens Healthcare
6.1.9 Smith & Nephew PLC
6.1.10 Stryker Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments