NEW YORK, Oct. 13, 2016 /PRNewswire/ -- This BCC Research report provides analyses of emerging technologies and devices within the medical devices and diagnostics market. This includes information about new emerging technologies, medical devices, market players, issues and trends, and other information affecting the medical device and diagnostics industry. Forecast provided from 2016 through 2021.
Use this report to:
- Analyze current and future emerging medical device technologies by market segments.
- Assess the long-term outlook for emerging medical device technologies and market opportunities, as well as technological, demographic, financial and economic factors.
- Forecast the disease population targeted for treatment by the probabilities that future demand will be higher or lower than the baseline forecast.
- Evaluate the impact of demographic, economic and other factors that will drive future demand for the medical device and diagnostics market.
Highlights
- The global market for emerging medical device technologies should reach $90.8 billion by 2021 from $55.9 billion in 2016 at a compound annual growth rate (CAGR) of 10.2%, from 2016 to 2021.
- The professional POC technology market should reach $14.1 billion by 2021 from $8.5 billion in 2016 at a CAGR of 10.5%, from 2016 to 2021.
- The companion diagnostics technology market should reach $6.6 billion by 2021 from $2.4 billion in 2016 at a CAGR of 22.0%, from 2016 to 2021.
MEDICAL TECHNOLOGY
The term medical technology is used to describe a broad range of products used in the diagnosis, prevention, treatment and the management of disease and disability. Minimally invasive surgery (MIS), robotic surgery, aesthetics, remote health monitoring devices, medical imaging technologies, covered devices (balloons, stents, grafts), heart failure devices, electrophysiology, interventional cardiology, transcatheter heart valve therapy, endovascular aortic repair (EVAR), peripheral vascular devices, subcutaneous ICD (S-ICD), soft tissue fixation and repair, extremity joint reconstruction, neuromodulation devices, neurovascular devices, point of care (POC) diagnostics, companion diagnostics, advanced cancer molecular diagnostics, continuous glucose monitoring (CGM) systems, insulin pump, smart pills (e.g., capsule endoscopy), bariatric devices (e.g., intragastric balloons), advanced wound management (AWM), intraocular lens (IOL), needle-free drug delivery technologies and other advanced implantable and bioresorbable devices are some of the key emerging technologies which have changed the face of the medical device and diagnostics industry in the last two decades.
Apart from hospital-based devices, demand for self-medication and home-based treatment is also increasing due to an increased awareness about lifestyle disorders and familiarity with new technologies through use of the internet and consumer devices (e.g., small-size music players, gaming devices, smartphones, etc.). People are likely to adopt more sophisticated devices to self-monitor their health conditions. Remote communication technology allows healthcare professionals to support home-based patients. This technological change means a lot for those who take greater responsibility for their own health.
It is a game changer for both patients and doctors, because it offers convenient and efficient diagnosis or treatment at reduced healthcare costs. Moreover, increasing investments from government bodies and private players in healthcare sectors in emerging economies and increasing focus of key players on emerging countries are creating new growth opportunities for this market. However, uncertainty in the reimbursement and excise tax on the medical devices in the U.S. are restraining the growth of the market.
STUDY BACKGROUND
Emerging segments within cardiovascular, orthopedic, diabetes care, gastroenterology, nephrology and urology, medical imaging/visualization, in vitro diagnostics, neurology, ophthalmology, drug delivery/pain management, surgical/wound care and patient management/monitoring are leading the growth of the market. This growth is mainly driven by factors such as the rising prevalence of chronic diseases and a related increase in the disability-adjusted life years, technological advancements in the medical devices, and the growing elderly population.
Developed nations are undergoing a strategic change with the focus of the industry moving from diagnosis to prevention. A large elderly population and the increasing incidence of lifestyle and chronic diseases are the key growth drivers. Additionally, increased focus on preventive care is forcing growing investments in the products/solutions for home care, remote monitoring, telehealth and self-monitoring. The U.S. dominates the global emerging technologies market followed by Europe, Asia and ROW (rest of the world). The large share of the U.S. and Europe can be attributed to greater accessibility to advanced technologies, improved healthcare infrastructure, established distribution channels, and the presence of a large number of leading market players such as Johnson & Johnson, Medtronic, Siemens Healthcare, Abbott Laboratories and Stryker.
Increasing population and rising healthcare needs, increased spending capabilities of consumers on healthcare, improving healthcare infrastructure, and increasing investments by leading players and respective government agencies in the U.S. and Europe are contributing to the growth of medical device technologies during the forecast period. This report is the first edition to cover the key emerging technologies of the medical device and diagnostics market, key growth areas, and quantitative market projections for technologies and devices. Elderly population, lifestyle disorders and the rising concern of patients toward their health are boosting the growth and development of new technologies within the medical device and diagnostics market. This study attempts to provide the reader the information and analysis pertaining to emerging technologies and their applications to deal with current challenges.
STUDY GOALS AND OBJECTIVES
This study, Global Markets for Emerging Medical Device Technologies, provides an overview of emerging technologies and devices within the medical devices and diagnostics market and detailed analyses of granular segments and competitive environments. This area covers a wide variety of medical device technologies that predominantly accelerate diagnosis and treatment.
This study includes information about new emerging technologies, medical devices, market players, issues and trends, and other information affecting the medical device and diagnostics industry. Our study meets these needs by analyzing the global medical device and diagnostics industry (see the section "Scope" for a definition of these) in light of the most recently available information. In addition to looking at current and future markets, the study will analyze technological, demographic and economic developments that may have a long-term impact on the size and structure of the medical device and diagnostics market. The future of emerging medical technologies also will be discussed with forecasts.
More specific objectives are to:
- Identify and segment the key emerging medical device technologies used for diagnosis, treatment and prevention of various diseases.
- Analyze current and future technologies by market segments.
- Identify and evaluate the impact of demographic, economic and other factors that will drive future demand for the medical device and diagnostics market.
- Forecast the disease population targeted for treatment by the probabilities that future demand will be higher or lower than the baseline forecast.
- Identify promising new medical device technologies still in the development and testing stage and assess the probability they will be commercialized successfully in the next five years.
- Forecast the potential market based on the devices in the pipeline, taking into account the estimated probability they will be commercialized.
- Identify leading device manufacturers and analyze the structure of the medical device and diagnostics industry (e.g., market shares, concentration, and recent merger and acquisition activity).
- Assess the long-term outlook for emerging medical device technologies, taking into account market opportunities, as well as technological, demographic, financial and economic factors.
This study will provide the reader with the knowledge to adequately view and assess the emerging medical technologies and provide insights into the market potential.
INTENDED AUDIENCE
The report has been written for the vendors of advanced medical equipment seeking to understand the potential market for their products and competitors' products in key markets, as well as governmental and international agencies seeking to understand the commercial and medical potential of these technologies.
This especially includes readers in the:
- Pharmaceutical and medical industry.
- Executive management and marketing community.
- Medical research institutions.
- Investment community.
- Financial and analyst community.
SCOPE OF THE REPORT
Traditional medical devices include devices (e.g., metallic stents, heart valves, open procedures, general instruments, non-drug coated implantables, large endoscopes, needle based drug delivery, lab based diagnostics etc.) that have been in use over the last two to three decades for the treatment and management of various diseases.
Emerging medical device technologies include devices and technologies (e.g., bioresorbable implants, coated implants and balloons, transcatheter heart valves (TAVR, TMVR), electrophysiology, S-ICDs, cardioMEMS, wireless monitoring, wearable devices, needle-free drug delivery, capsule endoscopes, POC tests, companion diagnostics, etc.), which are relatively new (in practice over the last two to 10 years), advanced and have better outcomes in the treatment and management of world's deadly and chronic diseases. This report is an analytical business tool whose primary purpose is to describe the thorough evaluation of the global market for emerging medical device technologies.
The format of the study is organized around the following topics:
- Detailed study around emerging medical device technologies within general surgery, cardiovascular, diabetes care, gastroenterology, medical imaging/visualization, in vitro diagnostics, neurology, ophthalmology, orthopedic, drug delivery/pain management, surgical/wound care and patient monitoring.
- Target disease demographics and cost burden.
- Regulatory structure.
- Market characterization, unmet need, market size and segmentation.
- Market drivers and restraints.
- Detailed market projections through 2021.
- Competition and market shares.
- Pricing and reimbursement.
- Marketed and pipeline (R&D) products along with descriptions, regulatory status and clinical trials.
- Observations and conclusions regarding the future of medical device technologies.
- Profiles of market participants and associations.
METHODOLOGY AND INFORMATION SOURCES
The findings and conclusions of this report are based on information gathered through primary and secondary data collection methods. Primary methods included interviews with key executives, product managers, clinical specialists and other related key personnel involved in the medical device and diagnostics industry. Secondary sources included published literature, investment reports, trade publications, trade associations, company literature and online databases, and various business journals that have an emphasis on medical devices and diagnostics related areas to produce the market estimates contained in this report.
With 2016 as a baseline, market projections were developed for 2016 to 2021. These projections are based on a consensus of primary contacts combined with BCC Research's understanding of the key market drivers and their impact from a historical and analytical perspective. The analytical methodologies used to generate the market estimates are described in detail in the section on detailed market projections. All dollar projections presented in this report are in 2016 constant dollars.
Read the full report: http://www.reportlinker.com/p04223472-summary/view-report.html
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