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U.S. Medical Device Market Reaches $156 Billion Mark
March 4, 2019 | PRNewswireEstimated reading time: 1 minute
Medical technology is an area where the U.S. companies are at the forefront. In fact, according to recent industry publication, U.S. remains the largest medical device market in the world, with a market size of around $156 billion as well as representing about 40% of the global medical device market last year alone.
Compared to several other industries including automotive, defense, and telecommunications, the medical device industry invests a higher percentage of yearly revenues into product innovation, reflecting the competitive nature of the industry and constant innovation and improvement of existing technologies.
The medical device industry relies on several industries where the United States holds a competitive advantage, including microelectronics, telecommunications, instrumentation, biotechnology, and software development. Collaborations have led to recent advances including neuro-stimulators, stent technologies, biomarkers, robotic assistance, and implantable electronic devices.
Since innovation fuels the medical device sector's ongoing quest for better ways to treat and diagnose medical conditions, when coupled with patient life expectancy increasing and aging populations globally, the medical device sector should continue growing at a positive rate in the future." Active Healthcare companies in the markets this week include: Soliton, Inc., Bio-Path Holdings, Inc., TG Therapeutics, Inc., Puma Biotechnology, Inc., Amarin Corporation plc.
FORBES calls the medical device market a: "A disruptive market of $410 billion until 2023… Software plays a big part in this shift as a differentiator in medical devices as well as the manufacturing of portable devices used by the end user."
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