Significant growth has been witnessed within the global medical device market over the past five years and this is expected to carry on in to the future, with the industry set to increase at a compound annual growth rate (CAGR) of 6.1% during the next six years, to be worth $302 billion by 2017.
Growth within the global medical device market is set to be fuelled by infrastructural development such as the construction of hospitals and clinics, urbanization, technological advancements and the aging population.
The industry does however still face numerous challenges including an increase in global competitiveness, government regulation and a lack of qualified manpower related to medical devices.
Segment wise, the cardiovascular sector is anticipated to witness strong growth due to an increase in the number of heart patients.
At an estimated $105.8 billion in 2011, the US medical device market is the world's largest. However, APAC is projected to lead the market and grow at the highest CAGR through to 2017 with India and China expected to be the driving countries.
The US is home to many of the world's leading medical device manufacturers, such as Johnson & Johnson, General Electric, Baxter, Covidien and Medtronic. Seven out of the world's top ten medical device manufacturers are US companies.
For more information on the global medical device market, see the latest research: Global Medical Device Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.