Changing Trends in Medical Device Technologies to Drive Global Medical Equipment Market


Published Date : Dec 23, 2015

The global medical equipment market is expected to expand rapidly due to factors such as changing trends in medical devices, advanced technologies in medical imaging procedures, and the introduction of innovative devices by the leading players. The increasing prevalence of chronic diseases is expected to propel the global medical equipment market in the years to come. Growing aging population is predicted to contribute towards the growth of the global medical equipment market. 

Government bodies are focusing on investing in leading players from the healthcare sector to improve the medical equipment and surgical procedures. Growing focus of the leading players on new entrants, increasing number of mergers and acquisitions will further influence the global market for medical equipment in the years to come. Excess tax on the medical devices and uncertain reimbursement climate in various markets are two of the factors predicted to hamper the growth of the global medical equipment market. Orthopedic devices segment is expected to be the largest segment, contributing majorly towards the growth of the global market for medical equipment and devices in the coming few years. 

Market leading players are focusing on introducing new technology equipment such as X-ray, computed tomography, magnetic resonance imaging, ultrasound, and nuclear imaging equipment. Developments in 3D imaging technology and increase in the incidence of diseases such as orthopedic, respiratory, and cardiovascular are expected to propel the global medical equipment market in the years to come. North America is expected to be the dominating region in the global market for medical equipment in the coming few years. 

The medical imaging equipment market has been a major contributor towards the success of the global medical equipment market over the past few years. The global medical imaging equipment market was valued at US$27.7 bn in 2014 and is expected to reach US$45.3 bn by 2023 at a 5.60% CAGR. Advancements in radiology have led to the growth of the global medical imaging equipment market. Ultrasound systems segment is expected to be the fastest growing segment in the global medical equipment market in the years to come. The global medical equipment market is highly competitive and fragmented. Entry of new companies is expected to make the global market highly competitive for the leading players in the years to come.