WELLESLEY, MA--(Marketwired - October 12, 2016) - The rising prevalence of chronic diseases, the increase in the disability-adjusted life years, and advancements in medical device technology are among key growth factors of the global market for emerging medical device technologies. BCC Research reveals in its new report that in high-growth segments such as the GI endoscopy, cardiovascular markets, and others should achieve double-digit growth rates.
The global market for emerging medical device technologies should grow from $55.9 billion in 2016 to $90.8 billion by 2021, reflecting a five-year compound annual growth rate (CAGR) of 10.2%. As a segment, professional POC technology should reach $14.1 billion by 2021, up from $8.5 billion in 2016, demonstrating a five-year CAGR of 10.5%. Companion diagnostics technology as a segment should reach $2.4 billion and $6.6 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 22%.
Consumer adoption of more sophisticated devices to self-monitor health conditions is growing demand for self-medication and home-based treatment. Also, remote communication technology allows healthcare professionals to support home-based patients. These technological changes are growing the market because they offers convenient and efficient diagnosis or treatment at reduced healthcare costs.
Meanwhile, emerging economies are seeing increasing investments from government bodies and private players in healthcare sectors, which is creating growth opportunities. However, uncertainty in the reimbursement and excise tax on the medical devices in the U.S. are restraining growth in those markets.
Other growth factors include an increasing global population and rising healthcare needs, the increased health care spending capability of consumers, an improving healthcare infrastructure, and expanding investments by leading players and respective government agencies in the U.S. and Europe.
High-growth segments include electrophysiology, bioresorbable vascular scaffold (BVS), transcatheter heart valve therapy and drug-coated balloons, point of care diagnostics (POCs), companion diagnostics and advanced cancer molecular diagnostics.
"Most of the high-growth segments are expected to grow at a double-digit growth rate in next five years," says BCC Research analyst Rita Thakur. "The increasing burden of diseases such as cardiovascular diseases, diabetes and cancer, and the adoption of advanced medical technologies are their key drivers."
Global Markets for Emerging Medical Device Technologies (HLC191A) analyzes the emerging technologies and devices within the medical devices and diagnostics market, along with detailed analyses of granular segments and competitive environments. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.