The global medical devices market is anticipated to grow significantly owing to the rise in geriatric population. According to the study, the IVD segment covered a share of 12.9% in the global medical devices market in the year 2018. The medical device market is projected to expand at a CAGR of 5.4% between 2019 and 2025. In 2018, the market accounted for a value of USD 425.5 Bn and is likely to reach USD 612.7 Bn by 2025.
In-vitro diagnostics help in the testing of diseases such as malaria, diabetes, cancer, STDs, and AIDS/HIV. These devices provide accurate information, which is a key factor fueling their demand worldwide. Fortune Business Insights predicts this to be a key factor creating growth opportunities in the segment during the forecast period. However, growth of this segment may get hampered by delayed approvals by regulatory authorities.
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The rapid adoption of medical devices across hospitals is driving the medical devices market. Fortune Business Insights predicts hospitals and surgical centers to remain dominant in the coming years. Increasing expenditure on healthcare and expansion of healthcare infrastructure, especially in emerging nations sare anticipated to drive this segment between 2019 and 2025.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• DePuy Synthes
• Fresenius Medical care
• Philips Healthcare
• GE Healthcare
• Ethicon LLC.
• Siemens Healthineers
• Cardinal Health
• Baxter International Inc.
“Companies are Adopting Innovative Strategies to Stay Ahead of Competition”
In December 2017, Siemens Healthineers acquired Fast Track Diagnostics with an aim to ensure improved patient care and safety. Such growth strategies adopted by leading companies will enable growth in the market. Some of the other players present in the global medical devices market include GE Healthcare, DePuy Synthes, Ethicon LLC., Baxter International Inc., Medtronic, and Philips Healthcare. Companies are adopting strategies to improve their revenue shares in the medical devices market.
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“Rising Prevalence of Chronic Disorders and Demand for Preventive Healthcare to Spur Growth”
The rising incidence of chronic diseases such as diabetes, cancer, heart diseases is fueling the demand for various medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), around six in every 10 people in the U.S live with one of the above mentioned chronic diseases.
This further increases demand for medical devices and encourages several companies to introduce innovative technologies in the field. With the rising prevalence of chronic diseases, the need for preventive healthcare will increase exponentially. This is another factor driving the medical devices market. Medical device manufacturers around the world are likely to invest in the development of new medical devices and update the existing ones.
• Orthopedic Devices
• Cardiovascular Devices
• Diagnostic Imaging
• Wound Management
• Diabetes Care
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Table of Contents for Medical Devices Market:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Recent industry developments such as mergers & acquisitions
4.2 Overview of healthcare expenditure by key countries
4.3 Technological advancements
4.4 Key industry trends
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