Competitive Medical Device Market to Reach Close to $8 Billion

Value-Based Has Increased Scrutiny and Competition in Medical Device Market

Medical Devices
Medical devices designed for people with diabetes.

WELLESLEY, Mass. - February 5, 2021 - (Newswire.com)

Increased healthcare spending, longer life expectancy and emerging economies are factors driving demand for medical devices, according to the BCC Research report, Medical Devices: Technologies and Global Markets.

Adding to the growth of the market is the shift from fee-based to value-based care, where price and purchase decisions are based on health outcomes. This shift has forced medical device manufacturers to launch advanced devices that include new materials, focus on in-depth indications and produce additional new data. To stay competitive, manufacturers will also need to answer the industry's call for medical devices that can be used by individuals without healthcare experience.

Report Highlights

• The global market for medical device technologies should grow from USD 605.7 billion in 2020 to USD 796.9 billion by 2025 with a compound annual growth rate (CAGR) of 5.6%.
• Drug delivery devices market should grow from USD 239 billion in 2020 to USD 302 billion by 2025 with a CAGR of 4.8%.
• Analysis of key market players: 3M, Abbott and Medtronic.

Read the full report here: https://corporate.bccresearch.com/market-research/healthcare/medical-devices-technologies-and-global-markets.html

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Original Source: Competitive Medical Device Market to Reach Close to $8 Billion