Global top-10 medical device technologies market would reach USD 428,970 million by 2020
The global top-10 medical device technologies market is expected to reach USD 428,970.7 million by 2020, according to a market research report published by Market Reports World. The market would grow at a CAGR of 5.5% over the forecast period 2015-2020. The key factors driving the market growth include increasing prevalence of chronic ailments and related increase in disability-adjusted life years (DALYs), technological progresses in medical devices and a growing aging population. In vitro diagnostics (IVD) devices form the top market segment, which captured the largest share of approximately 17.1% of the total market in 2014 followed by cardiology devices, diagnostic imaging devices, orthopedic devices, ophthalmology devices, endoscopy devices, diabetes care devices, wound management devices, kidney/dialysis devices, and anesthesia & respiratory care devices. However, certain barriers such as uncertain reimbursement policies and taxes on medical devices may restrict the growth of the market.
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