The global market for medical device technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022, according to ReportLinker.

This report discusses the medical device technology industry in terms of major players’ market shares, market growth and size, and opportunities for different devices and regions. The report includes forecasts for market trends and revenue through 2022.

With long life expectancy and emerging economies’ increasing expenditure on healthcare, there is an increased demand for technologically superior medical devices. Additionally, an introduction of more stringent regulations, specifically in the mature markets of the U.S. and Europe, has compelled medical device manufacturers to launch sophisticated devices that incorporate new materials, focus on in-depth indications, and generate additional new data.

Several governments are looking at medical device technology companies in their efforts to make healthcare more affordable. Many governments have instituted budgetary cuts to contain the spiraling costs of healthcare. Governments have framed rules and regulations to ensure that companies meet safety and efficacy criteria for their products, the report found.

Regionally, growth is anticipated in the developing countries of the Asia-Pacific region for several reasons, including increases in government spending on healthcare, an increasing number of medical procedures being covered by insurance companies, an increasing geriatric population, awareness among people concerning their healthcare needs, and a rise in disposable incomes.

China and India are lucrative markets, as they have populations of more than 1 billion each, and their economic growth rates are still positive despite the recent global downturn. According to the report, companies have not fully exploited these markets, as they face problems of distribution, competition from low-cost products manufactured locally, and their own inability to introduce products that meet patient needs in these countries.