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The market for medical devices is being aided by the integration of various technologies in medical devices by the leading companies. The use of the Internet of things (IoT) and Bluetooth, among others to enable machine-to-machine communication to allow the usage of cloud platforms. This aids in storing, capturing, and analysing medical data, hence enabling the development of smart medical devices. Moreover, the increasing merger and acquisitions of tech companies and the key players of the market are increasing technological integration in medical devices, which is fuelling the industry growth. Innovations in the industry to create cost-effective, personalised, and efficient medical devices to cater to specific patients’ demands are anticipated to propel the market growth in the forecast period.
Philips Healthcare (AMS: PHIA), one of the leading companies in the market, announced its newest solution for precision diagnosis by introducing Spectral Compound Tomography (CT) 7500 in May 2021. The product delivers high-quality spectral images for every scan to aid in improving disease characterisation while reducing re-scans and follow-ups at the same dose levels as conventional scans. It is fully integrated, thereby enabling the technologist to get the patient on and off the table quickly and saving overall time. It enables spectral chest scans and head scans within a second and full upper body spectral scan within two seconds to deliver high-quality imaging for an effective treatment plan. Moreover, the device sets a new standard of care by delivering valuable insights by using spectral technology and demonstrating a higher sensitivity to detect malignant findings. Such innovative devices are expected to aid the market growth.
Market Analysis by Medical Machine, Medical Instrument, Application, Function, End Use, and Region:
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The major players in the global market for medical devices are Medtronic Plc, Johnson & Johnson Services, Inc., Siemens Healthcare Private Limited, GE Healthcare, Philips Healthcare, F. Hoffmann-La Roche Ltd, and Boston Scientific Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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