With the global economy on a rising trend, the global medical equipment market is witnessing significant growth with new investments and acquisitions taking place. The medical device industry is one of the most vibrant industries of any economy. Despite the recent global meltdown, the medical device industry continues to grow and receive wide attention from industry players.
Modernization of healthcare facilities and technology advancement is expected to drive the global medical equipment market. Emerging markets are witnessing growth in healthcare industry due to increase in healthcare spending and rising concern towards healthcare. Rising ageing population, which requires long term medication and latest technological innovation, is expected to drive the healthcare medical devices market in the developed nations. Cutting healthcare expenditure and thus reducing the reimbursement is considered to be the most important factor affecting the growth of the medical devices market.
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The North American region still accounts for majority of the market followed by Western Europe; however Asian economies and East European nations have spurred the growth of medical device industry in the last few years.
With continuous developments and innovation, imaging modalities have wider applications and procedures such as MRI spectroscopy, which helps in differentiating malignant from benign lesions and MRI angiography, which helps in producing three-dimensional images of body parts and assesses the status of blood vessels.
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During the last decade the major thrust was on developing a product which can produce harmless imaging and also reduce hazards. Equipment manufacturers are putting in continuous efforts to develop cost effective and less risky equipment. This has led to a wider acceptance of medical equipment among the players.
Many developed nations, especially the ones in Europe, are facing tough times with respect to public debt, thereby resulting in worsening fiscal deficit. In order to bring the fiscal deficit under control many Governments are now focusing on cutting the healthcare expenditure by various means such as reduction in reimbursement of medical bills.
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