A medical device is an instrument, apparatus, implant, in vitro reagent, or related article that act by physical, mechanical, or thermal means and not by chemical action within the body to diagnose, prevent, or treat diseases or other conditions. Technologies which aid the medical devices to perform the diagnosis, monitor, and treatment of medical conditions are called medical device technologies. Technology plays an important role in each and every industry as well as in the personal aspects of lives. Advancements in medical device technology have allowed physicians to better diagnose and treat their patients, saving countless lives and continuous improvement in the quality of life.
Geographically, North America was observed to be the largest medical device technologies market due to extensive technological advancements and major market players located in this region. Investment in medical device technology research and development have surged in the recent past as well as collaborations have led to recent advances including neuro-stimulators, stent technologies, biomarkers, robotic assistance and implantable electronic devices. Europe is the second largest medical device technologies market due to increased geriatric population and government regulations assisting the market growth. Asia-Pacific is considered as an emerging market owing to the advancements in the technology and health care infrastructure. Japan, China and India are the fastest growing economy. Rising population, changing lifestyle and acceptance to newer technology are the factors which act as the market drivers in the region. South American countries such as Brazil and Mexico are the regions that have significant potential for growth due to developing medical infrastructure, and high disposable income.
Various key players contributing to the global medical device technologies market comprises Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Biomerica, Inc., bioMerieux, Inc., Novartis Diagnostics, Johnson & Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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