ALBANY, New York, July 17, 2017 /PRNewswire/ --
Hoffmann-La Roche Ltd, Siemens Healthineers, and Abbott Laboratoriesthat are involved in the manufacture of in vitro diagnostic devices dominate the global medical device technologies market in terms of market share, says a recent report by Transparency Market Research (TMR). Some other prominent names in the market
A noticeable trend observed in the market is high product differentiation that determines the market position of players. While the market is currently largely steered by global players, small players, especially from emerging economies seeking entry into the market to cater to the rising medical tourism in these regions, will alter the scenario in the upcoming years.
As per a report by TMR, the global Medical Device Technologies Market is projected to expand at a CAGR of 4.6% between 2017 and 2025. If the figure holds true, the market will become worth US$563,886.5 mn by the end of 2025 increasing from US$377,562.4 mn in 2016.
In Vitro Diagnostics Device Type Segment Expected to Stay Dominant in Future
In vitro diagnostic devices and others held the dominating share in the global medical device technologies market in 2016 revenue-wise amongst other device type segments. The segment of in vitro diagnostic devices is predicted to display notable growth in the coming years on account of rising incidence of infectious and chronic diseases along with the rising popularity of non-invasive diagnostic practices. The others segment of the market is treading growth due to increased use of technology for devising devices such as in drug delivery systems. North America held command over the global medical device technologies market in 2015 in terms of market share.
Increased Focus to Deliver Patient-centric Services Boosts Adoption
The medical device technologies market is set to display promising growth in near future to serve the vast unmet medical needs. At present, several hospitals and clinics are deploying automated processes in order to minimize errors that may have implications for patient safety. Some other benefits of workflow automation include speedy and consistent data analysis. These are some key factors stoking growth of medical device technologies market.
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"Breakthroughs in disease diagnosis and treatment of diseases are some of the boons of evolution of medical device technologies," says a TMR analyst. For instance, blood glucose testing and overall diabetes management have been revolutionized with the availability of advanced products such as glucose test strips, and continuous glucose monitoring systems amongst others. Medical device manufacturers are investing heavily for product enhancement for an array of applications which includes medical imaging devices, respiratory products, vascular drug-eluting stents, orthopedic implants, microelectronics, bio-materials etc.
Concerns of Technology Piracy Hamper Market
Acting as a major hindrance to the growth of global medical device technologies market is the rising incidence of technology piracy, wherein non-licensed technology is employed in the integration of biomedical devices. However, technical complexities and high costs of few medical technologies are anticipated to hamper the demand for medical device technologies. Furthermore, need to adhere to regulatory compliances is another crucial factor that may challenge the growth of medical device technologies market.
The information presented here is based on the findings of a report by Transparency Market Research, titled "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."
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and bevserages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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