Global Medical Devices Market with Focus on Korea: Industry Analysis &
Outlook (2017-2021)
Medical device is an instrument, implant, contrivance or a machine used in prevention, diagnosis
and treatment of illness, or detecting, restoring or modifying the structure or function of the body
for health purpose. Medical devices come with numerous varieties, ranging from simple tongue
depressors and bedpans to complex programmable pacemakers with micro-chip technology and
laser surgical devices. Medical devices also include in-vitro diagnostic products such as reagents,
test kits and lab equipments. Electronic radiation emitting products like X-Ray machines,
diagnostic ultrasound machines and medical lasers also come under the medical devices segment.
The Americas region is a major contributor to the global medical device market supported by
technological innovation and higher concentration of major medical devices and manufacturing
companies. The Americas region is likely to experience further growth of medical device market
with technological advancements in medical devices, growing cases of cardiovascular diseases and
rising adoption of medical implants.
Cardiology and In-vitro segments were significant in the growth of medical device market because
of increased cases of heart related diseases and increased need of lab testing for diagnosis of
diseases.
The global medical device market is expected to grow in future due to increasing ageing
population, obese population, rise in health expenditure and rising diabetic prevalence. Key trends
of this market include adoption of minimally invasive devices, changing lifestyle, increasing
awareness towards diagnosis and treatment. However, there are some factors which can hinder
the market growth including safety, quality & security control and changing regulations for safety
control.
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