According to a recent study released by ResearchAndMarkets.com, the global medical device market is expected to reach $409.5 billion by 2023, increasing at a compound annual growth rate of 4.5%. Key factors driving this growth include the rapidly aging global population, innovations in technology, and the rising prevalence of cardiovascular diseases and other chronic ailments.
The increase in cardiovascular diseases is particularly affecting the cardiology equipment sector, with advancements in electrocardiographic technologies dominating headlines lately. Globally speaking, the U.S. cardiovascular market is particularly hot—due, in large part, to the nation’s propensity to adopt new technologies, as well as increasing research activities pertaining to the development of new cardiac technologies.
It’s a good thing, indeed, researchers say, since although healthcare professionals know very well that life expectancy and emerging economies are increasing expenditures on healthcare, one glaring fact persists: Advanced medical devices are needed more now than ever.