WELLESLEY, Massachusetts, January 23, 2017 /PRNewswire/ --
Longer life expectancy and rising healthcare expenditure in developing countries are factors driving solid growth in the global market for medical device technologies. BCC Research reveals in its new report that markets in developing countries, particularly in the Asia-Pacific region, should see strong growth due to rising government healthcare spending, increased levels of healthcare insurance coverage, and rising disposable incomes.
A medical device is an instrument, apparatus, implant, in vitro reagent or similar device used to diagnose, prevent or treat disease or other conditions. Several medical device technologies enhance the functions of medical devices, including highly sophisticated scanners and technologically complicated implantable products, like artificial cochlear devices, as well as the most basic laboratory equipment.
The global market for medical device technologies should reach $483.5 billion and $634.5 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 5.6%. The North America region, the largest market, should total $216.1 billion in 2021, up from 175.6 billion in 2016, growing at a five-year CAGR of 4.2% from 2016 to 2021. The Asia-Pacific region market should grow from $108.9 billion in 2016 to $156.6 billion by 2021, demonstrating a five-year CAGR of 7.1%.
In this highly competitive market, companies must constantly reinvent their product portfolios to enter new markets and position themselves as major players in the healthcare system. The industry is undergoing a shift toward a value-based market in which price and purchase decisions are based on outcomes. This has increased scrutiny of the technology of devices, leading to increased competition.
"China and India are lucrative markets due to their enormous populations. Despite the recent global downturn, their economic growth rates are still positive," says BCC Research analyst Vijay Laxmi. "Companies which have yet to fully exploit these markets are beset by problems of distribution, competition from low-cost products manufactured locally, and their own inability to introduce products that meet patient needs in these countries."
Medical Devices: Technologies and Global Markets (HLC170B) analyzes the definitions, evolution and types of devices, regulations and legislations. The report also examines the refurbished and replacement market, mergers and acquisitions, market shares for key players. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
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.
SOURCE BCC Research LLC