Blog Tag: Medical Device Consumers
Medical Device Market to Reach $361 Billion
According to an article in Medical Design Technology, Kalorama Information’s 2014 report on The Global Market for Medical Devices estimated that the global market for medical devices was expected to reach $361 billion by year’s end, reflecting somewhat slower than expected growth in the industry. Looking forward, the article projects that at an average growth rate of 3%, the global medical device market should grow to $427 billion in 2018.
According to the article, there are many competitors in the global market due to the wide variety of types of medical devices; however, only eighteen companies are responsible for most of the global revenue. Those companies include Johnson & Johnson, GE Healthcare, Siemens, and Medtronic (including Covidien).
The article cites the report as noting that hospitals are the key customer of medical devices with respiratory equipment, catheters, patient monitoring, and dental equipment being the largest categories of medical devices.
The article states that the report notes that areas outside of the U.S., Europe, and Asia represent almost a fifth of the global medical device market. Growth in the market was driven by healthcare spending in countries such as Brazil, Turkey, South Africa, Chile, and Mexico. These import-heavy markets are expected to be a focus of medical device companies in the coming years.
A 2015 Medical Device Industry Survey conducted by the Emergo Group provides additional insight on 2015 medical technology forecasting. The survey indicated that 75% of the 5,400+ survey participants are positive about prospects for the industry in 2015, and that companies expect China and the US markets to perform well in 2015 compared to others. Interestingly, the survey noted that China, Japan, Russia, and Brazil have become more difficult from a regulatory compliance perspective.