WELLESLEY, Mass., March 19, 2018 (GLOBE NEWSWIRE) -- Longer life expectancy and higher rates of healthcare spending in emerging economies are pushing demand for medical devices. In a new report Medical Devices: Technologies and Global Markets, BCC Research estimates this market will grow from $521.2 billion in 2017 to $674.5 billion by 2022, indicating a compound annual growth rate (CAGR) of 5.3%.
Companies are also striving toward new markets, new revenue streams and innovative products while expanding upon their current offerings to stay competitive. A major industry focus is designing products for use in minimally invasive surgeries – essential to improving the quality of healthcare. Companies are also using the internet and other technologies to enable patients to receive care at home instead of hospitals, which aligns with the industry’s goal of making healthcare services more affordable.
Stringent regulations account for a key growth factor that is specific to the mature markets in the U.S. and Europe. Regulations have compelled medical device manufacturers in these regions to launch sophisticated devices that incorporate new materials, provide in-depth indications and generate new kinds of data. In addition, clinical research continually demands more technically sophisticated medical devices in this highly competitive market. As such, companies are constantly reinventing their product portfolios to enter new markets and position themselves as major players in the healthcare system.
Research Highlights
- Drug delivery devices dominated the market, totaling $200.1 billion in 2016, and will continue to dominate through 2022.
- Cardiovascular devices as a segment should reach $43.5 billion by 2022, achieving the highest 5-year CAGR.
- The medical device technology industry filed 12,263 patents in 2016.
“We have observed the popularity of extremely specialized devices has declined recently, as they are more costly to maintain,” said Robert G. Hunter, BCC Research senior editor, life sciences. “Likewise, the demand for multifunctional devices is rising, which means the cost savings achieved can then be passed along to the end users or patients. Even patients who depend on devices for self-care are preferring those that can perform multiple functions.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.