Over the past few years, the global medical devices market has been successful in registering consistent growth. Besides rise in geriatric population, the market has gained considerably from the innovations, changing lifestyle, higher disposable income, and growing awareness about chronic ailments and their potential treatments. Transparency Market Research’s (TMR’s) new report, titled “Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024” forecasts strong growth for the market.
While opportunities witnessed in traditional markets will remain somewhat stagnant due to pricing pressure and toughening regulatory scrutiny, prospects across emerging nations are poised to surge between 2016 and 2024. Decelerating growth witnessed in the healthcare industry of Latin America and Eastern Europe will pose challenge to enterprises seeking to explore opportunities therein. However, despite remaining difficult to access, Asia Pacific will continue exhibiting lucrative opportunities for enterprises to gain new markets through the course of the forecast period.
Based on type, the most common types of medical devices available in the market at present includes molecular diagnostic devices, diagnostic imaging devices, drug delivery devices, monitoring and surgical devices, neurostimulation devices, bioimpants, and others such as syringes, gloves, surgical and medical sterilizers, and needles.
The global healthcare industry is currently undergoing massive transformation and the market for medical devices is at the center of the healthcare revolution. With practices such as DIY (do-it-yourself) healthcare, mobile healthcare, and decentralized healthcare making headway, vendors are expected to be treated with myriad opportunities as well as challenges in the near future.
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For instance, the adoption of health and fitness-related applications for smartphones has significantly increased over the past few years. This is indicative of the healthcare sector’s intent of going mobile to ensure better access and improved patient care. Furthermore, consumers have become significantly aware of the user-friendliness of DIY medical devices, which is expected to aid the market’s expansion in the coming years. The increasing demand for minimally-invasive surgeries is also expected to pave way for innovations in the market thus supporting its growth.
In addition, the growing importance of wireless connectivity in comparison to face-to-face communications is witnessed in the medical device market. Doctors nowadays see wireless communication as an effective medium to monitor patients better. Besides this, the trend of take-home medical devices is on the rise. These factors are expected to boost the global medical devices market in the coming years. The rising demand for remote healthcare services will also aid the market’s expansion.
Some of the companies gaining from the recent market developments are Toshiba Medical Systems, Johnson & Johnson, Smith and Nephew, Siemens Healthcare, GE Healthcare, St. Jude Medical, Inc., Stryker Corporation, Boston Scientific Corporation, Philips Healthcare, and Biomet, Inc.
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