LOS ANGELES, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Medical Devices Market (By Device Type: Orthopedic, Cardiovascular, IVD, MIS, Wound Management, Diabetes Care, Ophthalmic, Dental, Nephrology, Diagnostic Imaging, Others; By End-Use: Hospitals and Clinics, Diagnostic Centers, Homecare) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
The global medical devices market growth is driven by the rising geriatric population, growing incidence of chronic diseases like AIDS, diabetes, cancer, and cardiovascular diseases, complicated surgeries and rise in surgical procedures, growing interest of medical technology organizations are investing in the research and development for the manufacturing of new medical devices, and green signal by government authorities for their approval.
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North America dominated the global medical devices market in the year 2018. The growing investment in research and development of diagnostic devices, collaborating with technology ventures to develop medical devices and to track and monitor the health of a person. Moreover, the increase in purchasing power, fast adoption of medical equipment, and a rise in public & private expenditure for the development of healthcare infrastructures are anticipated to enhance the growth of the medical device market. The European region is anticipated to exhibit the second largest market share in medical devices. Furthermore, the rising occurrence of chronic diseases such as heart diseases, cancer, heart diseases, and sexually transmitted diseases is fueling the demand for different medical devices in North America. According to the National Center for Chronic Disease Prevention and Health Promotion (CDC), approx. 6 in every 10 people in the U.S. live with one of the above mentioned chronic diseases. The USA is the biggest country with private expenditure on medical devices in the forecast period. World Health Organization has estimated that 17 million people die of heart attacks and strokes each year in the US. Therefore, the demand for cardiovascular devices segment is expected to rise throughout the forecast period. Additionally, Top players adopted strategies in the medical devices sector such as innovating product portfolios, through partnerships and collaboration and expanding operations in this region through acquisitions and mergers are further growing the demand for medical devices in the region over the forecast period.
Asia-Pacific is expected to project the highest CAGR throughout the forecast period. The growing medical device industry, rapid global economic growth, rise in geriatric population, increase in wealth of middle class in emerging countries who are ready to pay for high-quality medical devices, and profit margin for medical devices are high in emerging market are anticipated to increase the demand for medical devices in the region throughout the forecast period.
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IVD (Vitro Diagnostic Device) has dominated the device type segment in the year 2018 and the segment is register to maintain its dominance over the forecast period from 2019 to 2026. In this device tests are done on samples such as blood or tissue that have been taken from the human body. It detect diseases or other conditions, and used to monitor a person's overall health to help cure, treat, or prevent diseases. World Health Organization has estimated that 47% of new infections of AIDS/HIV occurred among their partners and key populations. The accurate testing of diseases like diabetes, cancer, HIV/AIDS, sexual transmitted diseases and malaria are expected to raise the segment over the forecast period.
Hospitals and clinics segment dominated the medical devices market on the basis of end-use in the year 2018. The hospitals and clinics segment accounts for the largest share in the market throughout the forecasting period. The major factors that are driving the growth of this segment are the rise in expenditure for the development of healthcare infrastructures, an increase in awareness regarding the diseases, and the adoption of advanced technology. Additionally, increase in the public expenditure for the development of hospitals and clinics, increasing health awareness among people, increase in patients base, rise in health, lucrative reimbursement policy, faster economic growth and increasing access to the health industry in emerging countries, and emerging market encourage investors as compared to a developed market. This expected to enhance the dominance of the hospitals and clinics segment in the global market during the forecast period.
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Some of the leading competitors are, Stryker, Cardinal Health, Medtronic, DePuySynthes, Siemens Healthineers, GE Healthcare, Baxter International Inc., Fresenius Medical care, Ethicon LLC, and Philips Healthcare.
Some of the key observations regarding medical devices industry include:
- In May 2017, Fast Track Diagnostics acquired by Siemens Healthineers to provide enhanced patient care and safety.
- In July 2016, Spartan Bioscience launched a Spartan Cube, the world's smallest DNA-testing system that enables anybody to quickly perform DNA testing. Philips also introduced a new handheld blood test, Handheld Minicare I-20 system used for diagnosing heart attacks in emergency departments which provide output within 10 minutes.
- In June 2019, Medtronic acquired Epix Therapeutics with an estimated amount of $316 million which includes DiamondTemp catheter based radiofrequency cardio ablation system.
- In June 2019, Medtronic has acquired Titan Spine, which is the producer of titanium spine underbody implement. This acquisition has enabled Medtronic to expand its product portfolio in the spinal medical devices sector and developed integrated procedure solutions.
- In June 2019, Boston Scientific Corporation has acquired Vertiflex with a total amount of $465 million, who is the manufacturer of spinal implant maker which has strengthen the company’s position in the medical devices market.
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