DALLAS, Oct. 29, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global medical device market looks good with opportunities in public and private hospitals. The global medical device market is expected to reach an estimated $409.5 billion by 2023, and it is forecast to grow at a CAGR of 4.5% from 2018 to 2023. The major drivers for the growth of this market are healthcare expenditure, technological development, aging population, and chronic diseases.

Browse 53 market data tables and 78 figures spread through 161 pages and in-depth TOC on “Global Medical Device Market" at https://www.lucintel.com/medical-device-market-2018.aspx

In this market, surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices, home healthcare devices, and other devices are used for medical device manufacturing for application. On the basis of comprehensive research, Lucintel forecasts that the orthopedic device segment will show above average growth during the forecast period.

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North America is expected to remain the largest market during the forecast period mainly due to a large target patient pool coupled with a high adoption rates for advanced treatments in this region.

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Emerging trends which have a direct impact on the dynamics of the medical device industry include the changing medical technology landscape, software as a differentiator in medical devices, and design and manufacturing of patient portable and smaller devices. Medtronic Public Limited Company, Johnson & Johnson, General Electric Company, Siemens AG, and Cardinal Health Inc. and others are among the major suppliers of medical device.

Lucintel, a leading global market research firm has analyzed growth opportunities in the global medical device market by application, function, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Medical Device Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global medical device market by application, function, and region.

For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.