As per the TMR report, the global medical device technologies market is anticipated to earn US3.8 bn by the end of 2025. The market is estimated to expand with a CAGR of 4.6% within the forecast period of 2017 to 2025. Based on end user, academics and hospitals and research segment is seen to be leading the market share. From a geographical perspective, the market is seen to be dominated by North America followed by Europe.
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- North America to Dominate Market with Critical Therapeutic Treatment
The market for medical device technologies is mainly dominated by the regions of North America, Middle East and Africa, Asia Pacific, Europe and Latin America. Among these, the market in North America is seen to be holding the lion’s share owing to the increase in the number of patients of both metabolic as well as chronic diseases like cancer, and cardiovascular diseases. These kind of diseases demand both critical therapeutic treatment and diagnosis along with extra care of the patient. The presence of numerous manufacturers in the region is also drawing more revenue generation of the North American region. Apart from that, automated medical processes demand is also expected to fuel the medical device technologies market in the years to come.
Medical sector technologies have also brought out to be sustainable, productive as well as efficient in terms of healthcare facilities. It is also accompanied by smart gadgets like ultrasound systems, and constant glucose monitoring system along with other medical devices. At present, many clinics and hospitals are focusing more on installation of automated processes and implementing them in order to lower the possibility of errors as it is concerned with the patient’s wellbeing. This is further adding to draw more revenue share into the overall market, hence boosting the market growth. Other factors anticipated to boost the demand for medical device technologies in the market are quick and steady data analysis along with workflow automation.
