Between technological advancements and robust research developments, as well as demand for better infrastructure, the healthcare industry is anticipated to flourish in the coming years.
However, despite the positive outlook, companies are struggling to implement effective ways to enter the market and thrive against the competition. That’s why thorough market knowledge is vital for those in the industry.
In today’s post, we look at the highlights of the following markets, providing you with key insights for your project or report.
- Minimally Invasive Medical Devices
- Hospital Supplies
Minimally Invasive Medical Devices
The market for minimally invasive devices (MIS) is a multibillion-dollar one. It’s a broad market, as it caters to the needs in variety of segments. Some of these different segments include:
- Monitors and imaging equipment
- Electrosurgical devices
- Handheld instruments
- Auxiliary devices and accessories
- The global market for MIS devices and instruments is expected to reach $29.9 billion by 2024, growing at a CAGR of 7.1%.
- Surgical robots are the fastest-growing equipment/device segment, set to reach a CAGR of 13.2% by 2024.
- Outpatient surgery centers make up the fastest-growing user market, with a projected CAGR of 8.8% through 2024, compared with a 6.6% rate for the U.S. market as a whole.
The growing rate of hypertension and cardiovascular related deaths are an increasing concern to organizations around the world. Because of this, we’ve seen the implementation of new hypertension guidelines by governments, and that will have a direct impact on the growth of the global antihypertensives market.
Growth factors within the market are built upon:
- Growing prevalence of hypertension.
- Strong product pipeline for the combination drug segment.
- Strong investment in R&D by key market players.
- The global market for antihypertensives is expected to grow at a CAGR of 1.1% to reach $27.8 billion by 2023.
- Combination drugs as a drug class segment is anticipated to grow at a CAGR of 1.4% by 2023.
- Asia-Pacific is anticipated to achieve the highest CAGR, 1.5% through 2024.
Growing awareness of hospital-acquired infections, as well as their prevention, has led to the rising demand for single-use and disposable hospital supplies. However, the market is facing difficulties that include:
- Highly competitive market
- Pricing pressure
- Increasing trend of home healthcare
That said, the market is also being fueled by a worldwide increase in the growing incidence and prevalence of chronic disease that eventually leads to hospitalization. Governments in many developed and developing countries have established standards that encourage the use of disposable hospital supplies.
- The global hospital supply market is expected to increase at a CAGR of 3.7% through 2023.
- By product type, operating room equipment and mobility and transportation equipment are likely to grow at the higher CAGR (5.5% and 5.2% respectively) through 2023.
- Asia-Pacific is anticipated to grow at the highest CAGR (4.4%) through 2023.
Learn more about the Healthcare Market
For more intel about the healthcare market, check out our full report: 2019 Healthcare Research Review.