Report: Device Market Reaches $361 Billion in 2014, Growth Moderate
NEW YORK, Dec. 8, 2014 /PRNewswire/ -- The global medical device market reached The global market for medical devices was estimated to reach 361 billion dollars by year's end. While that's a lot of revenue, the report says it reflects slower growth than many in the industry would have liked to see. With 3% average growth, the healthcare market researcher expects that the market should grow to $427 billion in 2018. The finding was made in Kalorama Information's report The Global Market for Medical Devices, 5th Edition.
The report can be obtained at: http://www.kaloramainformation.com/Global-Medical-Devices-8186981/.
"It's a challenging market with mild growth for standard products, but there are opportunities for companies that can innovate and there's been considerable amount of value placed on companies that are acquired." said Bruce Carlson, Publisher of Kalorama Information.
The report says that because of the variety of types of medical devices, there are many competitors. Still eighteen companies earn most of the global revenue in the device market. Most companies operate in just a few markets, though the top companies such as J&J, GE Healthcare, Siemens and Medtronic are multi-billion dollar companies that operate in several categories.
"There are hundreds of companies in the market, though most of revenue in the market is earned by eighteen," said Carlson. "That being said, there are hundreds of smaller companies that develop innovative single products or services."
The key customer of medical devices is hospitals, the report says, and so to some degree their success will determine the success of the device market. Revenues are growing at both of the top hospital chains in the US (HCA, Community), albeit slowly, but at the same time salary expense and bad debt are also growing.
The report indicated that respiratory equipment, catheters, patient monitoring and dental equipment are the largest categories of medical devices.
The report says that "Rest of World" market (all areas outside of the US, Europe and Asia) represents almost a fifth of the world device market. Growth in healthcare spending in countries such as Brazil, Turkey, South Africa, Chile, Mexico and others drove the market. Expect more device companies to focus on these import-heavy markets.
The report: Global Market for Medical Devices, 5th Edition contains company profiles, indexes of company performance compared, global market breakouts and more. The report can be found at: http://www.kaloramainformation.com/Global-Medical-Devices-8186981/.
About Kalorama Information -- Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
Contact:
Bruce Carlson
(212) 807-2622
[email protected]
www.KaloramaInformation.com
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SOURCE Kalorama Information
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