The global medical device technology market is projected to exhibit a significant growth, at a CAGR of around 5.4%, during the forecast period. The high adoption of technological advancement is one of the major driving factors for the growth of the global medical device technology market. The technology can confirm a diagnosis that provides a practitioner to start treatment much earlier. The medical device technology is advancing at a rapid pace along with the new ablation methods to enhance atrial fibrillation treatments, miniaturized diagnostic system and new implantable rhythm management devices which reduce procedure with less invasive. The technological development has prompted the introduction of new devices and products in the medical device technology market are expected to grow during the forecast period. Economies of Asia-Pacific region such as China and India are amongst the fastest developing countries in the adoption and implementation of new technologies across the globe.
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Technological advancement and new product launches by the key players of medical device technology market are making a major contribution to the growth of the medical device technology market across the globe such as Medtronic plc, Boston Scientific corp., BioSig Technologies Inc., Johnson & Johnson, and Abbott Laboratories. In July 2019, bioSig technologies, Inc., it is a medical device company establish a proprietary biomedical signal processing platform to address an unmet technology need for the electrophysiology has introduced the company has received 510K clearance for its product such as PURE EP system from the US FDA (Food and Drug Administration) approved proprietary signal and processing technology. The device is a computerized system for digitizing, amplifying, calculating, recording, storing, acquiring, filtering and measuring of electrocardiographic for patients undergoing electrophysiology procedure in the laboratory.
Philips introduces its EPD solution, a navigation system, and cardiac mapping that are acquired in 2018. The EPD system is open and the hospital has utilized the brand of catheters and other devices on it. This offers to EP lab manager, physicians, and director’s great flexibility to use the device and it is best for specific procedures. Sentinel Cerebral Embolic Protection System is a device that protects the patient against the risk of stroke in the procedure of TAVR (Transcatheter Aortic Valve Replacement). In October 2018, The Centre for medicare Services has approved a new technology add on payment (NTAP). The medical device technology is significantly growing, and industry leaders are contributing growth with the lucrative pace of development of technology. With the advanced state of technology with a resultant ability that has results in a better outcome. Therefore, such advancement in technology of medical devices can be seen during the forecast period.
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Global Medical Device Technology Market-Segmentation
By Product Type
· In Vitro Diagnostics Devices
· Diagnostic Imaging Devices
· Cardiology Devices
· Ophthalmology Devices
· Orthopedic Devices
· Others (Endoscopy Devices and Respiratory Care Devices)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
