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The global medical devices market is expected to rise with the CAGR of about 5.3% during the forecast period 2017-2024.
Increasing prevalance of chronic diseases is one of the major factors which contributes to the growth of global medical devices market during the forecast period.
Also, increasing geriatric population across the globe and technological advancements in medical devices promotes the market growth. However, product failures and recalls pertaining to medical devices and high cost of medical devices are some of the major factors restraining the growth of global medical devices market during forecast period.
Geographically, global medical devices market report has been segmented in North America, Asia Pacific, Europe, and Rest of World. North America held the largest market revenue share for medical devices market in 2017 and is expected to dominate the market during forecast period due to growth in healthcare infrastructure, prevalence of chronic diseases, etc. However, Asia Pacific is expected to be the fastest growing region in medical devices market during forecast period owing to rise in geriatric population, growth in healthcare sector.
Cardiovascular devices technology is expected to emerge as the fastest growing segment in global medical devices market during forecast period due to increasing prevalence of cardiovascular diseases, high adoption of cardiovascular devices for the treatment of cardiovascular diseases.
The growth in global medical devices market is also influenced by presence of major players such as Baxter international (United States), GE Healthcare (United Kingdom), Baxter International (United States), Siemens Healthcare (Germany), Thermofisher Scientific (United States).
