Medical Device Technologies Market Anticipated to Expand at a CAGR of 4.6% during 2020-2025
Players in the medical device technologies market are anticipated to focus on strategies aimed towards decentralized healthcare and minimally invasive devices and treatments for long term growth.
"With growing importance being given to faster diagnostics and patient safety, healthcare facilities are increasingly adopting automation processes for workflow. Consequently, hospitals are investing in the upgradation of IT infrastructure, which will positively influence the medical device technology market," says the FACT.MR report.
Medical Device Technologies Market- Key Takeaways
• In vitro diagnostic technologies account for major market share on the back of investments into cancer, diabetes, and cardiovascular ailments.
• Robotics are anticipated to display a high growth aided by application prosthetics, artificial organs, and organ assistive technology.
• Asia Pacific is a nascent market with positive prospects for medical device technologies, with advancements in healthcare in China, Japan, and India.
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Medical Device Technologies Market- Driving Factors
• Expansion of the global geriatric population, coupled with the higher incidences of chronic ailments are major market drivers.
• Investments by medical technology companies towards research and development support market developments.
• Faster approvals by regulators to bring products into the market support revenue prospects for market players.
Medical Device Technologies Market- Major Restraints
• Technical complexity and prohibitive pricing are challenges for many medical device technologies.
• Strict regulations governing the approval of medical device tech restrains market growth.
COVID-19 Impact on Medical Device Technologies Market
The coronavirus pandemic is having a moderate impact on the worldwide medical device technologies market. On one hand, the demand for PPE, infusion pump and ventilator device technologies has witnessed a substantial increase during the crisis period. On the other, the restrictions imposed on the administration of elective healthcare procedures is expected to hurt demand for associated healthcare technologies in the short term. The market is likely to display strong recovery towards 2021 with potential improvements in the pandemic situation and relaxation on social distancing norms.
Cardinal Health, Medtronic plc, Abbott Laboratories, Johnson & Johnson, Boston Scientific Corp., Siemens Healthineers, Baxter International, GE Healthcare, and Phillips Healthcare, are some of the prominent players in the medical device technologies market.
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