Technological advancements in the medical industry have been key pivot for improving healthcare care delivery. Over the past several decades, medical devices technologies have formed an integral role in shaping patient care in hospitals and clinics. In recent years, medical devices technological innovation has made a significant bearing on non-clinical care comprised mainly of home care.

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Integration of New Technologies in Modern Day Clinical Care Opens Up Abundant Prospects

A key factor that has catalysed advances for the medical devices technologies market is rise in venture capitalists. The ecosystem of the medical devices technologies market has thus made strides on the back of expanding avenue in medical device industry. The growing participation of patients, hospitals, and physicians in the ecosystem has helped expand the size of the market valuation. A market survey on medical device technologies has projected the valuation to expand at 4.6% CAGR during the forecast period.

Adopters have been attracted by the safety of new technologies in the medical sector. This is particularly evident in the growing focus of OEMs and healthcare providers on patient safety.

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Increase in Disability-adjusted life years (DALYs) Spurs Medical Device Technologies Companies to Constantly Innovate

Chronic diseases and non-communicable diseases have grown in economic and health burden in various populations worldwide. In particular, the healthcare system has been increasingly concerned about the steady increase in disability-adjusted life years (DALYs). A large part of the trend can be ascribed to rise in elderly populations, coupled with some remarkable advances in healthcare IT infrastructure in various countries. The quality of life has been severely hampered by rise of chronic disease burden across all socioeconomic classes, per a finding by the WHO in a report published in 2014. The concerns drive investments in development of new medical device technologies.

Major diseases posing a considerable burden on population include cardiovascular diseases (CVD), diabetes mellitus, chronic respiratory diseases, and cancer. The recurrent focus of healthcare systems on long-term care is a key trend bolstering the prospects in the medical device technologies market.

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Companion Diagnostics Attracting High Rate of Regulatory Approvals

Developed nations has been seen a marked influx of companion diagnostics. A research report by TMR has observed that the rate of development and launch of in vitro diagnostic (IVD) devices has increased. The segment of IVD devices accounted for a major share in the global market in 2016.

The focus on the troika of efficacy, sustainability, and patient safety has spurred the prospects in the medical devices technologies market. One of the areas where the market has seen a flurry of action is medical device technologies used in continuous glucose monitoring systems. Companion diagnostics for target cancer therapies has attracted considerable investments in the market.

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North America medical device technologies market has witnessed a high degree of technological advancements. The lucrativeness of the market is underpinned by numerous factors. Prevalence of cancer and metabolic diseases, and a large patient base who need cardiovascular diseases management are two seminal factors shaping the demand dynamics of North America market.

The past few decades have seen an extensive launch of innovative devices in the region. The presence of a large number of globally prominent med tech companies in the U.S. has been a key pivot for the expansion of avenues in the regional market. This held the major revenue share in 2016. The U.S. has been at the forefront of automated healthcare solutions. Some of the key players in the global medical device technologies market are Koninklijke Philips N.V., Stryker Corporation, Smith & Nephew plc, Siemens Healthineers, Johnson & Johnson, GE Healthcare, F. Hoffmann-La Roche Ltd., Medtronic plc, Baxter International Inc., Boston Scientific Corporation, and Abbott Laboratories.

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