Top 10 medical device technologies market to $428.97B by 2020

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Pune, India – According to a new market research report, "Top 10 Medical Device Technologies Market by Type (IVD, Cardiology, Diagnostic Imaging, Orthopedics, Ophthalmology, Endoscopy, Diabetes Care, Wound Management, Kidney/Dialysis, and Anesthesia & Respiratory Care Devices) - Global Forecast to 2020", the global top 10 medical device technologies market is poised to reach $428.97 billion by 2020, at a CAGR of 5.5% from 2015 to 2020.

According to the report published by MarketsandMarkets, the growth in the top 10 medical devices industry is mainly driven by the rising prevalence of chronic lifestyle diseases like cardiovascular, diabetes, hypertension, cancer, and respiratory problems. Similarly, the rising acceptance of newer technologies by physicians & hospitals and growing geriatric population are also driving the overall growth of the top 10 medical devices market. However, factors such as uncertainty in reimbursement and the imposition of the medical device excise tax in the U.S. are restraining the growth of this market.

In this report, the top 10 medical device technologies market is segmented on the basis of type and region. On the basis of type, the market is segmented into IVD devices, cardiology devices, diagnostic imaging devices, orthopaedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, and anesthesia & respiratory care devices. In 2014, the IVD devices segment accounted for the largest share – 17.1%-of the global top 10 medical device technologies market, and is poised to grow at a CAGR of 5.8% during the forecast period. The large share of this segment is mainly attributed to the prevalence of diabetes, cardiovascular diseases, and cancer. Similarly, the rising incidence of respiratory infections, hospital-acquired infections, other infectious diseases, and sexually transmitted diseases are also driving the growth of this market.

However, anesthesia and respiratory care devices is the fastest-growing segment during the forecast period, growing at a CAGR of 8.7%. This segment accounted for a share of 6.7% of the global top 10 medical device technologies market in 2014.

Geographically, North America accounted for the largest share of ~39.7% of the top 10 medical device technologies market in 2014, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of North America in the global top 10 medical device technologies market is mainly attributed to greater accessibility to advanced technologies, rising prevalence of chronic lifestyle diseases, rising geriatric population, increasing number of surgical procedures, increasing acceptance of personalized medicine, and established distribution channels in this region as compared to Europe and APAC. However, the Asia-Pacific region is expected to be the fastest-growing top 10 medical device technologies market during the forecast period. Growing population in countries like China and India, rapid growth in geriatric population, improving healthcare infrastructure, growing per capita income, and rising focus of key market players on this region are contributing to the growth of the top 10 medical device technologies market in the APAC region during the forecast period.

The global top 10 medical device technologies market is fragmented in nature. Prominent players in this market include Johnson & Johnson (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Medtronic (U.S.), Philips Healthcare (Netherlands), Roche Diagnostics (Switzerland), Abbott Laboratories Inc. (U.S.), Smith & Nephew plc (U.K.), Stryker Corp. (U.S.), and Boston Scientific Corp. (U.S.). The leading players in this market have built a strong market position over the years by focusing on new product launches; agreements, collaborations, and partnerships; and expanding their geographic presence in emerging markets in order to widen their revenue streams. These still remain the actively adopted strategies by leading players in this market, in order to achieve sustainable revenue growth in the competitive top 10 medical devices market.

Source: MarketsandMarkets