Kalorama Information predicts that the medical device market will hit the $312 billion in 2011, driven by device innovations and an aging population. That's up from $290 billion in 2009. And although the growth of the device market has slowed in recent years due to the recession, Kalorama expects it to grow up to 6 percent annually over the next several years.
"There are many drivers on the upside for medical devices," said Kalorama Information's publisher, Bruce Carlson. "Demand for healthcare services in emerging nations, the need for reducing hospital stays and the aging world population are the key ones."
He adds that patient monitoring, oxygen systems, home dialysis--examples of devices that can reduce hospital stays and keep patients at home with their family--will continue to see faster revenue growth.
According to Kalorama, there are hundreds of companies operating in the global medical device market, but the majority of revenues will be earned by 30 of the top companies, which include Johnson & Johnson, Siemens Healthcare, Medtronic, GE Healthcare and Baxter.
- here's the Kalorama release
ALSO: The global market for medical apps for mobile phones look set to have doubled last year to reach $84.1 million, according to market research firm Kalorama, which attributes the rise to greater use of smartphones by healthcare professionals. Story