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Industry News: Medical Devices Market Worth $63.43 Billion by 2023
The global market for medical devices is projected to reach USD 63.43 billion by 2023 from USD 20.59 billion in 2018 at a CAGR of compound annual growth rate (CAGR) of 25.2%. This is according to a recent a new market research report published by MarketsandMarkets™, a global market research and consulting firm that provides research on high-impact industries including pharmaceuticals, energy and power, biotechnology and medical devices, among many others.
Based on the report, different factors play a crucial role in this recent development. These include increasing initiatives by governments of both developed and emerging countries for promoting digital health and the evolution of high-speed networking technologies and increasing penetration of smartphones, tablets, and other mobile platforms in healthcare services are expected to drive the growth of this market during the forecast period.
The report also highlights the following insights:
1. Wearable medical devices segment is expected to grow the fastest. Based on the type of medical devices, the wearable medical devices segment is projected to grow at the highest CAGR due to increasing health awareness, preference for preventive care, rising need for the prolonged home health monitoring of patients owing to the rising geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in home care settings.
2. Blood glucose monitoring devices segment shall remain to have the largest market share. Increasing adoption of smartphones and changing lifestyles have boosted the medical devices market in recent years. In 2017, in fact, the blood glucose monitoring devices segment held the largest market share among all devices, followed by monitoring devices including blood pressure monitors, blood glucose monitors, ECG/heart rate monitors, oximeters, and multiparameter monitors.