Welcome back to a new appointment with the updates on the Dispotech blog, your disposable excellence. Today we'll tell you about the growth of the medical device market in the world (thanks to an article published on machinedesign.com): an unprecedented boom that has had strong repercussions all over the world. Enjoy reading!
The medical device market is experiencing unabated growth in recent years - growth largely due to demographic changes in the world population. Many industry analysts have predicted a peak in sales, with annual growth estimated at between 4.5% and 6.3%.
Don't these percentages seem very high? Well, keep in mind that there is talk of a market that is worth hundreds of billions of dollars: there is no need for enormous growth to create extraordinary opportunities for companies operating in the sector.
After the Second World War, the population of the whole world has experienced a surge of births - those born in that period are called, in fact, the baby boom generation. The gradual improvement in living conditions meant that these people could be cured, educated, and have easy access to medicines, medical care (thanks to infrastructure and service improvement policies that, after the war, were operated throughout the Western world to promote its re-population). Now the baby boom generation is an army of pensioners that obviously has an increasing need for treatment - especially for chronic diseases. The exact cause of this increase in chronic diseases has been the subject of discussion for years in the scientific community: some blame environmental factors and the increasingly stressful lifestyle we lead, while others look on the positive side, emphasising the presence of cutting-edge diagnostic tools that help treat the sick.
The point, however, is that this high incidence exists and is a problem - in addition to dramatically raising the demand for cutting-edge tools suitable for diagnosing and applying therapies: medical devices.
A few figures
The global medical device market is expected to expand by 4.5% over the next 4 years, reaching a total value of 409.5 billion dollars by 2023: this is what the new Lucintel report says. "The future of the medical device business is more than rosy, with opportunities for both public and private hospitals," says the research. "The field of surgical medical devices should remain the largest, while more and more space is expected for portable mini-devices".
At the moment, the US market dominates over all others, with a health expenditure of around 45%; Europe, the Middle East and Africa follow, to conclude with the Asia-Pacific area. Growth in the latter part of the world will be the highest (according to analysts), followed closely by Africa - a fact that makes these continents interesting for investors.
This growth is mainly due to the fact that there is an increase in the number of hospitals in developing countries - especially in the Asian region, where even economic growth has contributed to the increase in health infrastructure.
What do you think of this article and the growth of the medical device market? Have your say by contacting Dispotech, your disposable excellence.