Development of Medical Devices Leaning More Towards Patient-centric Care

The healthcare industry recognizes medical device as all equipment and tools that are used either individually or together for diagnostics or therapy. This spectrum includes medical instruments, materials, devices, software, and electronic devices. The competitive landscape of the global medical device technologies market is currently hinged around the top players, with the likes of Abbott Laboratories, Medtronic Plc., and GE Healthcare being among the list. Most of the players are focusing heavily on the enhancement of existing technologies while still dedicating a huge chunk of their resources for product innovation. The nature of the market is such that entry for newer players can be difficult, but not impossible due to the desperate need for newer technologies and innovative patents in the market.

The global Medical Device Technologies Market is expected to reach US$563.88 bn by the end of 2025. The market was valued at US$377.56 bn in 2016 and is expected to expand at an optimistic CAGR of 4.6% from 2017 to 2025.

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One of the key trends currently molding the flow of the global medical device technologies market for now and for the immediate future, is the rise of the patient-centric treatment concept. This is more prevalent in developed economies from North America and Europe, where the healthcare and medical infrastructures are advanced enough to streamline their processes for a consistent and successful patient diagnostics, monitoring, and treatment.

The global medical device technologies market holds a core aspect of its demand scales on the rate of patients falling ill or suffering trauma or injuries. Of these, the accelerating spread of infectious diseases is the top factor driving the demand for medical devices. A more specific device type segment of the global medical device technologies market being affected by this rise is in vitro diagnostic devices. Among the number of device types classified in the market, in vitro diagnostic devices are among the leading ones dominating the market. This is partly due to the growing demand for noninvasive diagnostic practices, of which in vitro devices form a key part of, and partly due to the significantly higher rate of development and advancement of technologies in this segment.

Recently, the FDA cleared the use of a new test that can help detect multiple forms of hematologic malignancies. The new test makes use of fluorescent dyes that can mark proteins on the cell surface. The development of similar tests and diagnostics is what is driving the rate of incorporation of in vitro diagnostics into most healthcare organizations and their processes.

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Name: Rohit Bhisey
Organization: Transparency Market Research
Website: http://www.transparencymarketresearch.com/pressrelease/medical-device-technologies-market.htm

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