The global market for Medical Device Technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022

NEW YORK, Feb. 26, 2018 /PRNewswire/ -- The global market for Medical Device Technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022.


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-- Drug delivery devices as a segment reached $207.8 billion in 2017 and should reach $243.4 billion by 2022 at a CAGR of 3.2% through 2022.
-- Cardiovascular devices as a segment reached nearly $29.7 billion in 2017 and should reach $43.5 billion by 2022 at a CAGR of 8.8% through 2022.

Chapter 1: Introduction
This report discusses the medical device technology industry in terms of major players' market shares, market growth and size, and opportunities for different devices and regions.

The report includes forecasts for market trends and revenue through 2022. Major players, innovative products and technologies, trends and market dynamics, competitive intelligence, and regional trends are wellresearched and analyzed.

Study Goals and Objectives

The goals and objectives of the study include:
-- Defining and discussing the global medical device technologies market.
-- Analyzing market structure, including segments and subsegments.
-- Estimating market revenues of the global medical device technology industry by segment, region and products.
-- Identifying market trends, issues and factors impacting medical device technologies.
-- Studying various submarkets with respect to growth drivers and inhibitors of the medical device technology market.
-- Explaining opportunities in the medical device technology market with respect to region and products.
-- Profiling major players and analyzing their market shares, core competencies and strategies in the medical device technology market.
-- Tracking alliances, joint ventures, mergers and acquisitions, new product developments, and research and development in the global medical device technology market.

Reasons for Doing This Study
With long life expectancy and emerging economies' increasing expenditure on healthcare, there is an increased demand for technologically superior medical devices. Additionally, an introduction of more stringent regulations, specifically in the mature markets of the U.S. and Europe, has compelled medical device manufacturers to launch sophisticated devices that incorporate new materials, focus on in-depth indications and generate additional new data.

Moreover, technically sophisticated medical devices are needed for clinical research, as the market is highly competitive, and companies must constantly reinvent their product portfolios to enter new markets and position themselves as major players in the healthcare system. There is currently a shift toward a value-based healthcare market in which price and purchase decisions are based on outcomes. This has resulted in increased scrutiny of the technology of devices, and consequently the degree of competition has risen.

The above reasons are compelling enough to research and analyze the medical devices market, as the market has tremendous growth potential.

Scope of Report
This research report incorporates an in-depth analysis of the medical device technology market, including market estimations and trends through 2018. Major players, competitive intelligence, innovative technologies, market dynamics and regional opportunities are discussed in detail. The report also examines recent developments and product portfolios of the major players, along with their market shares.

Patent analysis focuses on technological trends in recent years in regions such as the U.S., Europe and Japan. The report presents a market analysis and estimates the compound annual growth rate (CAGR) for medical device technologies.

The scope of the report extends to only those medical device technologies that generate the most global revenue. Dental device technologies and some imaging devices used in dentistry overlap with other devices already covered under the imaging device technologies segments, so they have been excluded.

Information Sources
The primary data collection methodology for this report focused on information provided by industry personnel through Web-based sources or interviews, government agencies, industry observers and industry professional organizations. In addition to these primary data sources, secondary data research techniques included a literature search of medical, government and business sources.

Methodology
A top-down approach was taken to estimate the market size of medical device technologies. Revenues from the medical device technology market were determined through primary and secondary research including a study of the annual reports of listed market players.

Secondary research was carried out with a general search of keywords through paid sources such as Factiva and One Source, and other publicly available websites, including company websites. Estimation of micro-markets was done through primary and secondary sources, and then validated through primary sources. Forecasts were based on the analysis of market trends, market dynamics and strategies of key players. Regional estimates were determined by using secondary sources verified through primary sources.

Geographic Breakdown

In this report, the geographic regions considered for market analysis include, and only include:
North America
-- United States
-- Mexico
-- Canada Europe
-- France
-- Germany
-- Italy

Asia
-- China
-- India

Medical Devices: Technologies and Global Markets, by Segment
Drug delivery devices
Urology and renal
In vitro diagnostics
Orthopedics and spine
Imaging devices
Cardiovascular devices
Endoscopy

Chapter 2: Summary and Highlights
Several governments are looking at medical device technology companies in their efforts to make healthcare more affordable. Many governments have instituted budgetary cuts to contain the spiraling costs of healthcare.

Italy announced cuts in healthcare to the tune of REDACTED billion in 2015. Some governments in Western Europe encourage the elderly to stay in their homes for longer periods to trim their budgets. In addition, there is considerable pressure on medical device technology companies to ensure that they comply with different regulatory standards. Governments have framed rules and regulations to ensure that these companies meet safety and efficacy criteria for their products.

Regionally, growth is foreseen in the developing countries of the Asia-Pacific region for several reasons, including increases in government spending on healthcare, an increasing number of medical procedures being covered by insurance companies, an increasing geriatric population, awareness among people concerning their healthcare needs and a rise in disposable incomes.

China and India are lucrative markets, as they have populations of more than 1 billion each, and their economic growth rates are still positive despite the recent global downturn. Companies have not fully exploited these markets, as they face problems of distribution, competition from low-cost products manufactured locally and their own inability to introduce products that meet patient needs in these countries.

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