The global top 10 medical device technologies market is estimated to reach USD 428.97 Billion by 2020, growing at a CAGR of 5.5%. This market is mainly driven by the rising prevalence of chronic diseases and related increase in disability-adjusted life years (DALYs), technological advancements in medical devices, and growing aging population. The increasing investments from government bodies and private players in healthcare sectors in emerging economies and growing focus of key players on emerging countries are expected to offer significant growth opportunities for the top 10 medical device technologies market in the coming years. However, factors such as uncertainty in reimbursement and excise tax on medical devices in the U.S. are restraining the growth of the market.
In this report, the top 10 medical device technologies market is segmented on the basis of type and region. The research report discusses the key market drivers, restraints, opportunities, and challenges in the global market and its submarkets.
Based on type, the top 10 medical device technologies market is segmented into in vitro diagnostic (IVD) devices, cardiology devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, and anesthesia & respiratory care devices. The IVD devices segment accounted for the largest share of approximately 17.1% of the top 10 medical device technologies market, owing to the increase in the prevalence of diabetes, cardiovascular diseases, and cancer.
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The orthopedic devices segment accounted for the second largest share 16.1% of the global market in 2014. The high share of this segment is attributed to the increasing demand from the elderly for orthopedic treatments, rising incidences of osteoarthritis, and increasing number of joint replacement surgeries as a consequence of obesity.
In this report, the global top 10 medical device technologies market is studied at regional and country levels. In 2014, North America commanded the largest share of the top 10 medical device technologies market, and this region is poised to continue to dominate the top 10 medical device technologies market during the forecast period. However, the Asia-Pacific region is expected to be the fastest-growing regional market in the coming years. Growth in this region is attributed to the increasing population in countries like China and India, rapid growth in geriatric population, improving healthcare infrastructure, growing per capita income, and rising focus of key market players on this region.
Major players in the global top 10 medical device technologies market are Johnson & Johnson (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Medtronic (U.S.), Philips Healthcare (Netherlands), Roche Diagnostics (Switzerland), Abbott Laboratories Inc. (U.S.), Smith & Nephew plc (U.K.), Stryker Corporation (U.S.), and Boston Scientific Corporation (U.S.).
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