Market Research Future has published a new report titled as “Global Medical Device & Accessories Market” explores Key Market Driver, market size, growth rate, opportunities, market Dynamics and Overall Analysis up to 2023.
Medical Device & Accessories Market - Scenario
The Medical Device & Accessories Market is expected to grow at a CAGR of 6.53% during the forecast period, 2017-2023. Medical device & accessories are products, intended to support, supplement or augment the performance of one or more parent devices.
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These devices are used for diagnosis, monitoring, and treatment of different diseases. Now a day, most of the companies are involved in mergers, acquisitions, and collateral activities to introduce better and effective treatment procedures.
In this regards, Koninklijke Philips N.V, in June 2017, acquired CardioProlific Inc. which is a U.S.-based, privately-held company that develops catheter-based thrombectomy approaches to treat peripheral vascular disease. Also in October 2015, Medtronic acquired the Coronary & Structural Heart division of Twelve, Inc. These mergers and acquisitions help them to develop pipeline and network of their product around the globe. Whereas few companies are continuously involved in research and development to introduce advanced products, such as in January 2017, Stryker Corporation launched Altrix, a next-generation precision temperature management system. Also in April 2016, Medtronic launched new endoscopic ablation catheter for Barrett's Esophagus.
Segmentation:
The global medical device & accessories market is segmented on the basis of the types of devices. On the basis the types of devices, it is segmented into cardiovascular application, coronary pressure monitors, catheters, therapeutic medical guide, dental implant, cochlear implant, global nerve stimulator market, global diabetes monitors market, and global suture needles market.
Furthermore, the cardiovascular application segment is sub-segmented into cardiac monitors, cardiac pacemaker, cardiac defibrillators, and others.
The coronary pressure monitor segment is sub-segmented into sphygmomanometer, automated blood pressure monitor, BP transducers, ambulatory blood pressure monitor, and instruments & accessories.
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The catheter segment is sub-segmented into cardiovascular catheters, specialty catheters, intravenous catheters, urinary catheters, neurological catheters. The therapeutic medical guidewire segment is sub-segmented into solid guidewire and wrapped guidewire. The nerve stimulator is further sub-segmented into deep brain stimulator, vagus nerve stimulator, and spinal cord stimulator.
Competitive Dashboard:
Boston Scientific Corporation
Medtronic
Johnson & Johnson Services
Stryker Corporation
koninklijke philips n.v
And more.
Regional Analysis:
The Americas dominate the global medical device & accessories market owing to well-developed technology, high healthcare expenditure and the presence of the leading players, and focus of research institutions on updating technology for new and advanced medical device & accessories devices.
Europe holds the second position in the market owing to the increasing support from the government, increasing the prevalence of chronic diseases, and high healthcare spending. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion.
Asia Pacific is the fastest growing market owing to increasing need for better monitoring devices, rapidly improving technology, and presence of huge patient pool. Moreover, government bodies in this region are more focused to get a better treatment option to improve the lifestyle of their citizen.
The Middle East & Africa is expected to hold the least market share due to less availability of medical facilities, and poor development in the healthcare domain.
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