The global medical device technology market is expected to grow at a CAGR of 5.5 percent during the 2015 to 2020 forecast period with IVD and orthopedic devices leading the way, according to a Markets and Markets report written about in Whatech.
Many different companies, device types and patient needs have impacted the market's growth and should be expected to continue to do so in the future.
Here are six takeaways:
1. Rising rates of patients suffering from chronic diseases and disabilities drive the market.
2. In several countries with emerging economies, governments and private players have begun prioritizing healthcare, a factor that is expected to attract the device technology market and ultimately benefit citizens requiring better healthcare services.
3. The report segments the top market into in vitro diagnostics (IVD), cardiology, diagnostic imaging, orthopedic, ophthalmology, endoscopy, diabetes care, wound management, kidney/dialysis and anesthesia and respiratory care devices.
4. At 17.1 percent, IVD devices have accounted for the largest share of the market due to the rising prevalence of diabetes, cancer and cardiovascular diseases.
5. Orthopedic devices checked in with the second largest share of the market at 16.1 percent of the market in 2014, with the aging population's growing demand for orthopedic treatments, more cases of osteoarthritis, and the increasing number of joint replacement surgeries caused by obesity.
6. The market's key players are Johnson & Johnson, GE Healthcare, Siemens Healthcare, Medtronic, Philips Healthcare, Roche Diagnostics, Abbott Laboratories, Stryker Corp., Smith & Nephew and Boston Scientific Corp.
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