Research and Markets released key trends for the top medical device technologies heading into next year.
Here are five things to know:
1. The global top 10 medical device technologies market will likely reach $428.9 billion by 2020. The market will grow at a 5.5 percent compound annual growth rate.
2. The chronic disease prevalence and increase in disability-adjusted life years are two factors driving the market growth. Additional factors include technological advancements in medical devices and a growing aging population.
3. There is a growing investment from governing bodies in private players in the healthcare sectors, especially in emerging economies. The growing focus of these key players on emerging companies is expected to offer significant growth opportunities over the next few years.
4. An uncertain reimbursement climate in many markets and the excise tax on medical devices in the United States will stunt the market's growth.
5. In vitro diagnostic devices were the largest segment, at 17.1 percent. Orthopedic devices accounted for the second largest segment in 2014 at 16.1 percent. Other top markets include cardiology devices, diagnostic imaging, wound management devices and anesthesia.