Medical devices offer numerous benefits to the patients by supporting healthcare providers treat and cure the patients and supporting the patients in developing their quality of life. Increasing geriatric populace, the increasing prevalence of the chronic situations, along with the growth in the surgical processes and complex surgeries are predicted to boom the worldwide medical devices throughout the review duration.
In addition, the effective growth in the interest of medical technology corporates for the participation in the several research and development of the new generation medical devices, and the green signal by the regulatory authorities for the acceptance are probable to boost the medical devices industry in the review duration. Based on the, medical devices market future outlook technological improvement and increasing requirement for the innovative therapies to overcome the unmet requirement in the healthcare field considered to be another aspect helping growth in the medical device market throughout the forthcoming years.
Not only has this, the smartphones play a prominent role in the healthcare industry. The prominent growth in the implementation of the smartphones across the globe, increment in the requirement for the wireless and smartphone-compatible medical devices, growing awareness and aim on the health and fitness and increasing requirement for the home healthcare are aspects predicted to influence the market growth.
Dependent on the, medical devices market forecast increasing health concerns across the globe, growing pervasiveness of chronic diseases, augmenting expenditure on healthcare, and rising requirement for wearable devices are also projected to boost the market. Corporates such as Apple, Inc.; Fitbit, Inc.; and Medtronic have been beginning innovative products, which are also predicted to facilitate market growth. In addition, the Smart clothing and smart blood pressure monitors are projected to garner a wide market share over the review period.
Although, North America hold a prominent share across the worldwide medical devices market throughout the review duration. The medical device market growth observed in the region is probable to be propelled by the well-developed healthcare infrastructure and speedy implementation of the fresh medical technologies. In addition, the Asia Pacific is an emerging market, exhibiting the great market growth potential owing the prominent growth in the per capita income, increasing aging populace, growing disease awareness and developing health infrastructure.
Foremost players likewise Medtronic adheres to the business enlargement policies in the developing regions such as China, India and several others. This will further propel the market across the Asia Pacific over the review duration. Whereas, the medical devices industry in Europe is projected to enlarge at a relatively lower CAGR throughout the coming years, attributed to a comparatively mature market and the lower patient pool equaled to Asia Pacific region.
Moreover, the existence of numerous players at the worldwide as well as region levels has rendered the worldwide medical devices market greatly fragmented. Amongst such corporates, it is predicted that the Medtronic has developed as the leading player controlling the greatest share across the worldwide market during the recent past years. The corporates has a diversified product portfolio, established brand existence, and robust research and development aim, which has allowed it to be generate a stronghold across the medical devices industry. The corporate also has a robust existence around the world, through a connection of the distributions and subsidiaries across the Asia Pacific, Africa and Latin America. Therefore, in the near years, it is anticipated that the market of medical devices will increase around the globe more significantly over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications