Medical Device Markets in America Expected to Reach $133B
April 6, 2016 | MarketwiredEstimated reading time: 1 minute
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.
United States market is the major market for medical devices with contribution 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 percent 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. These industries are 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.
The tax not placed from U.S. medical device producers promotes firms to decrease resources for manufacturing expansion and is a shortcoming against foreign competitors. In addition, cost of compliance for manufactures has increased owing to rising regulatory scrutiny in the region.
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets.
Suggested Items
iNEMI Names Grace O'Malley CTO
05/02/2024 | iNEMIThe Board of Directors of the International Electronics Manufacturing Initiative (iNEMI) has named Grace O'Malley Chief Technical Officer (CTO).
Intel Takes Next Step Toward Building Scalable Silicon-Based Quantum Processors
05/02/2024 | BUSINESS WIRENature published an Intel research paper, “Probing single electrons across 300-mm spin qubit wafers,” demonstrating state-of-the-art uniformity, fidelity and measurement statistics of spin qubits.
ZESTRON Academy Launches 2024 Advanced Packaging & Power Electronics Webinar Series
05/01/2024 | ZESTRONZESTRON, the leading global provider of high-precision cleaning products, services, and training solutions in the electronics manufacturing and semiconductor industries, proudly announces the launch of its highly anticipated webinar series on Advanced Packaging & Power Electronics, a webinar series on the latest innovations, cleaning, and corrosion challenges.
NextFlex Convenes the Hybrid Electronics Community at Binghamton University
05/01/2024 | NextFlexBinghamton University hosted the NextFlex hybrid electronics community on April 18 for a day of expert presentations, breakout sessions on technology and manufacturing topics, and networking.
HQ NextPCB of HQ Electronics Debut on the International Stage for Electronics Manufacture at IPC APEX 2024
05/01/2024 | PRNewswireHQ NextPCB of HQ Electronics, a leading Chinese-based multilayer PCB manufacturer and assembly house showcased its industrial prowess on the international stage for the first time at the IPC APEX Expo 2024.