Global medical devices market to reach $397B by 2016

LONDON – A new report by visiongain predicts that the global medical device market will be worth $397.1 billion by 2016. The market generated $309 billion in 2011, according to "Medical Devices Industry and Markets Prospects 2011-2022", published in July 2012.

According to the visiongain report, the industry will benefit from emerging markets and from extensive research that will produce new and innovative products in the neurological and cardiology sectors. The report also predicts steady growth to 2022.

Healthcare industry analyst Rodrigo Gutierrez Gamboa notes, "The medical device industry will experience growth in the next decade, primarily due to a global aging population and an increase in the prevalence of chronic diseases, particularly in emerging markets like China and India. The expected approval of innovative devices in fast growing sectors of the market, such the neurological sector, will also help drive growth in the coming years."