Medical device markets to $133 billion

San Francisco, California - Medical device is any software, instrument, material, apparatus or appliance whether it is used in combination or alone including the software intended by its manufacturer to be used specifically for therapeutic purposes. According to the classification of the device, medical device manufacturing needs a level of process control. Furthermore, the manufacturing work is now growing much faster coupled with the support of modeling platforms.

The United States is the major market for medical devices with contributions of $110 million. This industry is anticipated to reach out $133 billion by 2016. In 2012, the U.S. market value signifies around 38% of the total demand. This will impact the growth of medical devices market in America.

Department of commerce identified that U.S. exports of medical devices is the major product category. The segment exceeded over $44 billion in the year 2012. There are over 6,500 medical device firms in the U.S. These are mostly medium and small sized enterprises. In addition, almost 80% of medical device firms have less than 50 employees. These firms have little or no sales revenue which indirectly affects the market.

Medical device companies are mostly rigorous in areas known for biotechnology and microelectronics. In addition, Georgia, Florida, Minnesota, New York Illinois and California are the states with highest number of medical device companies. The regions also hold competitive benefits in many industries that the medical device depends on, such as biotechnology, microelectronics, instrumentation, and telecommunications.

Collaborations have resulted in recent advances such as biomarkers, neuro-stimulators, implantable electronic devices, and stent technologies. The medical devices market in Americas is projected to be fueled by diagnosing and treating medical problems.

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Source: Radiant Insights