The approval and adoption of new medical devices technologies is gathering pace, particularly in developed markets, finds a study by Transparency Market Research (TMR). The report, titled “Medical Device Technologies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024,” studies the groundbreaking technologies that have overlapped traditional medical devices in the recent past. As a result, the global market for medical device technologies is projected for a robust CAGR during the forecast period of 2016 to 2024.
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The TMR study notes that the United States Food and Drug Administration (FDA) has approved several new technologies in the medical devices sector since 2013, such as the electronic aspirin and an optical instrument called MelaFind. Electronic aspirin helps patients with migraine whereas MelaFind is used to cut cancerous cells that cause malignant melanoma. A needle-free blood glucose level monitor has also received the FDA nod in the past few years, while other novel products such as health check-up robots are in the pipeline.
The global market for medical device technologies can be segmented on the basis of end user, type, and geography. By end user, the market has been segmented into clinics and hospitals, med device industries, and research and pharmaceutical entities. On the basis of type, the market can be segmented into mobility aid technologies, diagnostic imaging, drug delivery, molecular diagnostics, biomaterials, telemedicine, diagnostic imaging, minimally invasive/non-invasive surgery, bio-implants, and micro-fluids and MEMS.
The report estimates that the segment of diagnostic devices will exhibit the most robust growth rate during the forecast period, owing to breakthroughs reported by companies in the category. As per the TMR study, the sub-segments that are primed to excel in the near future include mammography instruments, x-ray systems, ultrasound systems, and MRI systems. The report also observes positive developments in the segment of drug delivery technologies due to widespread outreach of the internet. This, as a result, will further propel the market. Geographically, the report studies the regional markets of North America, Asia Pacific, Europe, and Rest of the World. Due to robust healthcare infrastructure, North America, followed by Europe, are the top markets for medical device technologies.
This report has been developed with the sole goal to serve as an asset for players wanting to make informed decisions for growth in the global or regional market for medical device technologies. It has been prepared after extensive primary and secondary research and contains findings that are both reliable and verifiable.
Some of the prominent players in this global market are: Abbott Laboratories, Inc., Biomerica, Inc., Johnson & Johnson Diagnostics, Inc., Becton, Dickinson and Company, Novartis Diagnostics, Qiagen N.V., and Siemens AG.