Increasing geriatric population in U.S. is one of the major factors driving demand for various medical devices, thereby attracting new entrants into the market. This is anticipated to create a positive environment for entry of new players. They are highly capital intensive in some segments, such as cardiac monitors and oxygen equipment. A significant amount of seed capital is required to set up a manufacturing facility.
In recent years, the imaging equipment segment has witnessed a large number of new product launches and currently has a significant number of products in pipeline. Diagnostic imaging is an important tool for diagnosis of a wide range of chronic as well as acute diseases. Early diagnosis leads to detection of chronic diseases at earlier stages, which helps decrease total healthcare costs.
Product launches, mergers, and acquisitions are anticipated to aid companies in expanding their client base, leading toward market growth. For instance, in March 2017, GE Healthcare acquired Monica Healthcare.In April 2017, Abbott and Alere amended the terms of their merger agreement for the former’s acquisition of the latter. The acquisition is expected to aid in the expansion of Abott’s presence in the global diagnostics industry.
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Further key findings from the report suggest:
- The diagnostic imaging segment captured the largest market share in 2017 owing to growing demand for accurate diagnostic solutions
- The patient aids segment is anticipated to grow at the fastest rate over the forecast period
- Some of the key players in the market are 3M, Abbott Laboratories, Baxter International, Boston Scientific Corporation, B. Braun Melsungen, GE Healthcare, Johnson and Johnson, and Medtronic.
- Product launches, mergers, and acquisitions are expected to help companies increase their client base, leading toward market growth.