GLOBAL SURGICAL AND MEDICAL DEVICE MARKET TO HIT A CAGR OF 5.93% BETWEEN 2017 AND 2026
“The Global Surgical and Medical device market is anticipated to grow from $ 466.5 billion in 2016 to $828.6 billion by 2026, at a CAGR of 5.93% between 2017 and 2026.”
“Browse 43 market data Tables and 57 Figures spread through 248 Pages and in-depth TOC on Gold Surgical and Medical device market Forecast 2017-2026.”
Prolonged life expectancy, legislative alterations and other ingenuities, and increase in demand for medical device technologies are factors driving the surgical and medical market globally.
Drug Delivery Devices Captures A Major Market Share In Terms Of Technology
Drug delivery refers to the approaches, formulations and technologies regarding the delivery of a particular pharmaceutical agent to the target site of the body for therapeutic effects. Drug delivery technologies operate by modifying drug release profiles, distribution and an absorption to achieve maximum efficacy. Technology plays an essential role in the implantable drug delivery device market by promoting the invention of new and advanced products that better suit the preferences of patients and medical practitioners. Recent technological advancements that will present the market with future opportunities include MicroChips, which are drug delivering chips invented by a U.S. based company called Microchips.
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Legislative Alterations and Other Ingenuities in Global Surgical and Medical Device Market
There have been changes in legislation about diagnostic imaging services that have helped to drive the market for imaging devices. Australia’s Health Insurance Act of 1973 made amendments so that Medicare could fund diagnostic imaging services and become accessible to patients. The Medicare Benefits Schedule also allows rebates on such services. In the U.S. and U.K., funds are provided to hospitals for the purchase of imaging devices. Imaging device technology manufacturers are facing some restraints in the growth of the market as they grapple with stringent regulations across the globe, along with other factors which include high manufacturing costs, local competitors in developing countries and the pressure of cost-based outcomes.
The Asia Pacific Withholds its position as a Global leader in the Surgical and Medical Device Market
The Asia-Pacific region holds several growth opportunities for medical device technology manufacturers and is primarily driven by growing demand for surgical and medical equipment. This is further propelled by substantial growth of the healthcare sector and increasing annual reusable income. The rising incidence of age-related diseases and growing middle-class population are some other factors that boost the Asia-Pacific surgical and medical device technology market’s growth. China and India are emerging economies with a still decent growth rate and together form a lucrative market.
The key established players in the global surgical and medical device market are 3M Company, Ge Healthcare, Bayer, Abbott Laboratories and Boston Scientific.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.