Medical Device Market Updates: IVD and Ophthalmic Devices Dominate China's $30.5 bn Medical Device Market; Invisible Hearing Aids Set to Make Big Noise
FARMINGTON, Conn., Nov. 20, 2012 /PRNewswire-iReach/ -- Big innovations are emerging in the global market for medical devices. New market research forecasts medical devices in China to reach $30.4 billion by 2018, while the global market for hearing aid devices is expected to hit $11.3 billion in that same time, and surgical equipment is currently on pace to reach $7 billion.
Against this backdrop, Global Information Inc (GII) is pleased to present three strategic market research reports from our premium market research partner GBI Research for executives operating in the global markets for medical devices, surgical equipment and hearing aids.
Medical Devices Market in China to 2018
The medical devices market in China is forecast to grow at a Compound Annual Growth Rate (CAGR) of 11%, from $14.3 billion in 2011 to reach $30.4 billion in 2018. China's medical devices market is dominated by the ophthalmic devices and In Vitro Diagnostics (IVD) sectors. The IVD market in China is driven by a large patient pool that requires large volumes of tests. With the implementation of the government-backed insurance schemes, and a subsequent increase in the reimbursement ratio (the ratio of the total amount reimbursed) there is expected to be a significant demand for the adoption of ophthalmic surgery devices.
The establishment of healthcare reforms through an initiative called Opinions on Deepening the Health Care System Reform, also known as the New Health Care Reform Plan, by the Chinese State Council and the Communist Party of China (CPC) Central Committee, is the major driving factor for the healthcare sector in China. The series of initiatives planned by the government were aimed towards providing a health service system for both the urban and rural population. These initiatives work towards addressing the limitations of the market-oriented Chinese economy and strengthening the country's healthcare system.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/gbi254538-medical-devices-market-china-government-reforms.html
Hearing Aid Devices Market to 2018
The global market for hearing aid devices was valued at $7.2 billion in 2011 and is forecast to grow to $11.3 billion by 2018 at a Compound Annual Growth Rate (CAGR) of 7%.
Hearing aids are set to make big noise in the medical devices market, as innovative new technologies shrink hearing aids to turn up their cosmetic appeal. Miniature behind-the-ear (BTE) devices, and other miniature hearing aid devices such as in-the-canal (ITC) and completely-in-the-canal (CIC) are nearly invisible, and are witnessing growing global demand. Companies are investing in R&D for these hearing aids, which are attracting customer attention as they meet the need for better speech intelligibility, improved sound quality and enhanced aesthetics, while also being robust and comfortable. A wide range of deep-fitting, invisible hearing aids offering aesthetic benefits are currently available in the market, including the iMini by Siemens, the Lyric and Phonak nano by Phonak, and the Oticon Intiga by Oticon.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/gbi250351-hearing-aid-devices-market-cosmetic-audiological.html
Surgical Equipment Market to 2018
The increasing volume of surgical procedures being carried out is creating higher demand for surgical equipment such as surgical sutures, electrosurgical devices and hand instruments. The global market for surgical equipment is therefore forecast to exceed $7 billion by 2018, following growth at a Compound Annual Growth Rate (CAGR) of 4.2% during 2011-2018.
This report provides market landscape, competitive landscape and market trends information on the three surgical equipment market categories: surgical sutures, hand instruments and electrosurgical devices. It gives comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, giving a detailed analysis of the pipeline products in each category, and also reviews details regarding important merger and acquisition deals that have taken place in the global surgical equipment market.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/gbi124640-surgical-equipment.html
About Global Information Inc. Global Information (GII) (http://www.giiresearch.com) is an information service company partnering with over 300 research companies around the world. Global Information has been in the business of distributing technical and market research for more than 25 years. Expanded from its original headquarters in Japan, Global Information now has offices in Korea, Taiwan, Singapore, Europe and the United States.
SOURCE Global Information Inc.
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