Growth in the medical devices market always stirs with conflicting emotions. On one hand it stands for the fact that the use of these technologies is becoming more rampant pointing to the rise of chronic and acute diseases. On the other it reflects advancements in medicine and the promise of better care and healing for patients.
The global market for medical device technologies is expanding at a fast pace. By 2020 this space will boast a cumulative value of $428,970 million. Of this the United States lays claim to a large chunk of 39% making it a significant market player.
The Top 10 Medical Device Technologies:
Segmented by type, the following technologies comprise the Top 10 Devices list:
- IVD devices or calibrators, reagents and kits that facilitate medical procedures in receptacles or test tubes outside the patient’s body.
- Cardiology devices related to heart centric medical procedures covering both tests and surgeries.
- Diagnostic imaging devices like X-Rays, CAT and PET scan equipment and MRI set-ups.
- Orthopedic devices that diagnose and treat defects and problems with the musculoskeletal system.
- Ophthalmology devices that cover the gamut from lenses and glasses to lasers and surgical instruments for delicate eye related operations.
- Endoscopy devices that allow surgeons and doctors to probe into the inner cavities and passageways of the human body without surgery.
- Diabetes care devices that help diabetics monitor their blood sugar and glucose levels and administer the required, measured insulin dosages without seeking medical assistance.
- Wound Management devices that help sterilize, treat and heal superficial wounds. These generally come packaged in kits.
- Kidney/dialysis devices that take care of a wide range of nephrology issues.
- Anesthesia & respiratory care devices which include asthma inhalers, bi-pap machines and ventilators.
Why This Growth Spurt?
According to experts there are many reasons that have driven this sudden and phenomenal growth in the medical device technologies market. Stressful lifestyles are leading to an epidemic of hypertension, thyroid, diabetes and other chronic diseases. The ageing, geriatric population requires constant care and attention boosting production of at-home monitoring equipment.
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