Global Medical Devices: Technologies Market Research Report Forecast 2025
The Global Market For Medical Device Technologies was valued at $REDACTED billion in 2019. The market is expected to grow at a compound annual growth rate (CAGR) of REDACTED% to reach approximately $REDACTED billion by 2025. The global market's growth is attributed to the growing prevalence of chronic diseases, arise in the world’s geriatric population, growing demand for minimally-invasive procedures, rising COVID-19 cases and an increasing number of product launches.
Various governments are looking at medical device technology companies in efforts to make healthcare more affordable. Some governments in Western Europe encourage older adults to stay in their homes for longer periods in order to trim budgets. There is considerable pressure on medical device technology firms to ensure compliance with different varying regulatory standards. Governments of various regions have framed rules and regulations in order to ensure that these companies meet safety and efficacy criteria for their devices.
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Regionally, growth is expected in the developing countries of the Asia-Pacific region for various reasons, including the growing number of medical procedures being covered by insurance companies, increased government spending on healthcare, growing geriatric populations, rising awareness among people concerning healthcare and a rise in disposable income. India and China are lucrative markets, with populations of over one billion each and favorable economic growth rates despite the recent global downturn. Companies have not completely exploited these markets, facing problems with distribution, competition from low-cost products manufactured locally and an inability to introduce products that meet patient needs in these countries.
The rapid spread of COVID-19 has thrown countless businesses into a frenzy. The medical device industry, in particular, is facing growing pressure to rapidly-produce tests and ventilators needed in nearly every region of the world.
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