The world medical device technologies market is mostly propelled by prominent international market players. A few of those players which are engaged with the production of in vitro diagnostic devices account for a very large share of the overall market. The small market players are, however, predominantly hailing from various emerging economies thereby looking for entry into the market. Such moves are anticipated to alter the future scenario of the said market in the years to come.
The evolution in the technologies of medical device has resulted in the breakthroughs in the diagnosis of disease and further in treatment of diseases. Technologies pertaining to the medical industry have brought forth efficiency, sustainability, and efficacy in the healthcare systems. It comes with various hi-tech, cutting edge gadgets like systems of constant glucose monitoring, ultrasounds, and many others. These are a few of the prime growth promoting factors of the world market for medical device technologies.
Some of the major market players that adorn the international market for medical device technologies are Baxter International Inc., Koninklijke Philips N.V., Medtronic plc, Abbott Laboratories, GE Healthcare, Boston Scientific Corporation, Stryker Corporation, Johnson & Johnson, Siemens Healthineers, Cardinal Health Inc., Smith & Nephew plc. and F. Hoffmann-La Roche Ltd.
A recent market intelligence study by Transparency Market Research forecasts that the world market for medical device technologies to expand at a steady CAGR of around 4.6% over the forecast period that extends from the year 2017 to 2025. The said market is expected to attain a market value of around US$ 563,886.5 mn by the year 2025 rising from a market valuation of US$ 377,562.4 mn in the year 2016.
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