Global Medical Devices and Diagnostics Market to Reach US$362 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global outlook on the Medical Devices and Diagnostics Industry. The global market holds significant potential with growth fuelled by an expanding elderly population, increasing incidence of chronic diseases, affordability, rising awareness levels, improving healthcare infrastructure, and introduction of technologically advanced medical devices. Steady economic growth, expanding personal incomes, improving public healthcare services, and rising incidence of chronic illnesses favor growth in the developing countries.

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Medical Devices and Diagnostics: A Global Outlook

San Jose, California (PRWEB) February 13, 2012

Follow us on LinkedIn – The increasing incidence of chronic diseases such as diabetes, cardiovascular disease, chronic wounds, immobility, pulmonary and vascular diseases is enhancing the need for patient care in hospitals, homes and other care facilities, thereby contributing to the demand for medical devices and diagnostics that are capable of enhancing the overall quality of life. The US leads the high-technology medical devices market, but faces fierce competition from emerging economies. Despite being way behind the US in terms of expertise or innovation, these countries compete on basis of production of low cost medical devices. Demand for medical devices in developing countries, especially China and India, is expected to grow at a faster rate than developed countries owing to factors such as rising disposable incomes, increase in patient population, growing healthcare awareness, improvements in healthcare infrastructure and increase in healthcare spending. In majority of the Asian, Latin America and the Middle East countries, government efforts are focused on improving healthcare services and infrastructure facilities, which is expected to fuel the demand for medical equipment.

The medical device industry has not been totally insulated from the adverse economic conditions, as evident by the decline in admissions across healthcare facilities and hospitals. Owing to the high levels of unemployment, elective, orthopedic, and cosmetic procedures witnessed a significant decline, thereby affecting profitability of hospitals. Additionally, rising capital costs, declining patient volumes, and unfavorable reimbursement scenario affected revenue generation. With most surgical systems and equipment being capital heavy investments, tight liquidity, lack of credit availability, capital shortages, and high borrowing rates, triggered by the recession, forced hospitals and healthcare facilities to reduce capital expenditures on new equipment. Though developed countries such as North America, Japan and Western and Northern Europe witnessed subdued spending on healthcare services, level of healthcare expenditure in developing markets continued to increase thereby fuelling the demand for medical technologies, products and services. However, mounting healthcare expenditure presents a considerable challenge for most countries, particularly in developed countries that are already grappling with the volatile economic environment.

In the post-recession scenario, development of high-end devices such as ultra high field MRI scanners and 64-slice CT scanners is expected to boost prospects in the respective markets. Rising incidence of chronic illnesses such as diabetes and asthma, and an aging global population continue to drive the demand for advanced technology-based medical devices. Technological advancements have also allowed medical equipment to be directly used by consumers. Continuous reforms in the healthcare sector are also expected to fuel growth in the medical market, as enhanced emphasis is placed on taking preventative and proactive healthcare measures for cutting costs. Consequently, the demand for miniaturized patient monitoring equipment with portability features is likely to increase. In the future, technologies capable of facilitating changes in clinical pathways, lowering healthcare expenditure, eliminating non-essential diagnostic procedures, and enhancing accuracy of diagnostic procedures are expected to gain popularity in the medical equipment market. Focus would also be on technologies that can reduce patients’ exposure to radiation and limit the amount of contrast dosage to be administered.

The research report titled “Medical Devices and Diagnostics: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with fact-rich market data tables. Regional markets elaborated upon include United States, Canada, Japan, France, Germany, UK, Russia, China, India, and Brazil, among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Medical_Devices_and_Diagnostics_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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