A new report by Visiongain predicts the global medical devices market will reach $398.0bn in 2017. That industry generated $321.0bn in 2012, and its revenues will show strong growth to 2023. That revenue forecast and others appear in Medical Devices Industry and Market Prospects 2013-2023. Visiongain is a business information provider based in London, UK.
The medical devices industry will witness significant opportunities for growth in the coming decade. Visiongain believes that market expansion will be driven by the introduction of innovative devices into the market and also by the demand generated by illnesses associated with the aging global population. Cardiac and respiratory diseases generally affect people above the age of 65, and with the global over-65 population expected to rise up to 1 billion by 2020, devices used in the treatment of age-related illnesses will see significant growth in their revenues.
In 2012, the top twelve companies in the medical devices industry controlled 45.9% of the global market. This dominance is however being challenged by companies with intentions to enter the medical devices market. Samsung, for example, has been implementing a growth through acquisition strategy in order to compete with other leading electronic companies who have also recently invested in the medical devices market.
Moses Akintomide-Akinwamide, a pharmaceutical and medical devices industry analyst in visiongain said: “Growth in the medical devices industry will be driven by the rapid expansion of the emerging markets, allied with steady growth in mature markets as the effects of the economic crisis begin to fade. The expansion of the middle class income group in emerging economies will result in a larger proportion of the population being able to afford procedures and treatments that were previously deemed too expensive.
“We expect the increasing move towards personalised therapy to contribute to the expansion of the medical devices market, particularly between 2017 and 2023. Innovations in the field of diagnostics will propel the launch of devices which incorporate biomarkers; leading to swifter patient diagnosis and monitoring. Reimbursement will remain a major issue for the medical devices industry in the coming years, as rates in established markets such as the US and Europe will most likely continue to drop. Competition within some of the currently fast growing sectors, such as the cardiology and neurological sectors, will intensify due to the expected launch of innovative products by major companies in mature markets. Moreover, medical device manufacturers will be required to display a high level of cost-effectiveness for their products due to tighter regulatory and reimbursement policies, especially in the emerging economies.
“Nevertheless we expect the increase in demand for medical devices used in the treatment of chronic illnesses to offset pricing declines caused by increased competition between manufacturers, particularly in emerging markets like India and China.”
The study includes trends and revenue forecasts to 2023 for the leading national markets. It analyses the US, Japan, Germany, France, the UK, Spain, Italy (EU5), Brazil, Russia, India and China (BRIC nations). Also, the work shows interviews with KOLs and other experts from the industry.
Medical Devices Industry and Market Prospects 2013-2023 adds to visiongain’s range of analytical reports on industries and markets in healthcare.
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