6 Predictions on Device Market Growth in the Next Five Years
Becker's ASC Review
January 21, 2011
By Rachel Fields
Here are six predictions on the growth of device and equipment markets over the next five years, according to various reports and studies.
1. Endoscopy device market — $6.5 billion by 2016. According to GBI Research, the global market for endoscopy devices is predicted to exceed $6.5 billion by 2016 with a compounded annual growth rate of 4 percent spanning from 2009-2016. The global endoscopy market is driven by an emphasis and increased focus on minimally invasive surgeries, such as natural orifice transluminal endoscopic surgery and medical robotics-assisted surgery. Individuals are shown to have an increased preference for outpatient minimally invasive surgeries due to fewer tissue traumas and faster recovery.
2. Ultrasound equipment market — $5.6 billion by 2015. The global medical ultrasound equipment market, which has fallen on hard times recently due to economic downturn and limited hospital finances, is expected to reach $5.6 billion by 2015, according to a report by Global Industry Analysts. Substantial growth in handheld and portable devices and demand from clinical applications that require point-of-care imaging, as well as the aging population and an increase in chronic disease rates, are expected to bolster the market.
3. Pre-packaged medical kits and trays market — $19.9 billion by 2015. A new report released by Global Industry Analysts forecasts the pre-packaged medical kits and trays market will reach $19.9 billion by 2015. According to the report, the market will be largely driven by an aging baby boomer population, an increased awareness for infection control and demand for infection control products, as well as increased focus on standardizing products across specialties.
4. Orthopedic extremity market — $4.6 billion by 2015. The U.S. orthopedic extremity market is projected to generate $4.6 billion by 2015, growing at a compound annual growth rate in excess of 10 percent, according to analysis by Millennium Research Group. Despite the current economic conditions and the impending regulatory changes imposed by healthcare reform, an MRG report shows that the market will continue growing. The orthopedic extremities market was dominated by Arthrex, DePuy, Smith & Nephew, Stryker, Synthes and Zimmer Holdings in 2010.
5. Hospital supply market — $37 billion by 2016. The global market for hospital supplies is predicted to exceed $37 billion by 2016, according to a report published by GBI Research. The key drivers behind the hospital supplies market are an increasing population of elderly people and an increased awareness of preventing and controlling hospital-acquired infections, according to the report.
6. Global medical device market — $312 billion by 2011. Experts are predicting revenue from the global medical device market will surge to $312 billion in 2011, according to Kalorama Information. Key drivers for the surge in the global medical device market include demand for healthcare services in emerging nations, the need to reduce hospital stays and the aging work population. Although market growth has been slow in preceding years due to the global recession, experts predict market revenue will grow as the economy recovers and the demand for improved healthcare services increases.
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