The Global Medical device Technology Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Medical device Technology is estimated to be USD 483.6 Billion in 2016 and predicted to rise to USD 634.5 Billion by 2021 with a CAGR of 5.6%. The market is segmented by type (Electro Medical Equipment, Irradiation Apparatus, Dental Equipment and Supplies wound management devices, in vitro diagnostics (IVD) devices, orthopedic devices, diagnostic imaging devices, ophthalmology devices, kidney/dialysis devices, endoscopy devices, diabetes care devices, anesthesia & respiratory care devices, ) by End User(Clinics and Hospitals, Medical Device Industries and Research and pharmaceutical industries) and by region – Global Industry Analysis, Size, Share, Growth, Trends and forecasts(2016-2021).Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Instrument, implant, or apparatus used in treating an illness is called Medical Devices. Technologies used in those medical devices are called Medical Device Technology. Technology innovation is the major driving factor in this market. Advancement in Technology has led to the development of many new devices which increases the level of sophistication and superiority of the industry. These technologies are used to diagnose or treat the life-threatening diseases with ease which is a big advantage for human. There are some major restraints to the market like technological piracy, Technical complexity, high price for some technologies and regulatory compliance for approval of medical device technologies.
The Invitro diagnostics market accounted for largest share in medical device technology market owing to the pervasiveness of cancer, diabetes, and cardiovascular diseases. The rising frequency of persistent lifestyle diseases, increase in the number of private diagnostic centers are major factors driving the market.
Geographically, North America dominates the Global market by 2016 followed by Europe and Asia-Pacific. The large of North America can be attributed to greater availability of advanced technology, better healthcare infrastructure and presence of leading key players in this region. However, Asia-Pacific is expected to be fastest growing market because of Large Population and growing health consciousness, increased expenditure of people on healthcare and increase in investments of key players in this region.
Major key players in Global Medical device technologies are Abbott Laboratories, Inc., Becton, Dickinson and Company, GE Healthcare, Novartis Diagnostics , bioMerieux, Inc., Biomerica, Inc., Johnson and Johnson Diagnostics, Inc., Olympus Corporation, Qiagen N.V., Siemens AG, Thermo Fischer Scientific, Inc., and Zenith Healthcare Ltd.
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