There has been positive growth in the medical devices industry over the course of recent years, which is attributed to technological advancements made in development of devices for unmet medical needs. According to Transparency Market Research the global medical device technology market has showcased significant growth over the past few years and is anticipated is projected to grow at a robust CAGR of 4.6% over the forecast period of 2017 to 2025. At this growth rate the market is projected to reach a value of $563,886.5 million by 2025, from $377,562.4 million in 2016. The report points out important market related factors, such as increase in prevalence of cancer and rare diseases, as well as rise in demand for regenerative and cell-based therapies. ORHUB, Inc. (OTC: ORHB), Tabula Rasa HealthCare, Inc. (NASDAQ: TRHC), Simulations Plus, Inc. (NASDAQ: SLP), Fluidigm Corporation (NASDAQ: FLDM), Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX)

A pharmaceutical and medical devices industry analyst in Visiongain, Moses Akintomide-Akinwamide, explained: “We expect the increasing move towards personalised therapy to contribute to the expansion of the medical devices market, particularly between 2017 and 2023. Innovations in the field of diagnostics will propel the launch of devices which incorporate biomarkers; leading to swifter patient diagnosis and monitoring… Competition within some of the currently fast growing sectors, such as the cardiology and neurological sectors, will intensify due to the expected launch of innovative products by major companies in mature markets. Moreover, medical device manufacturers will be required to display a high level of cost-effectiveness for their products due to tighter regulatory and reimbursement policies, especially in the emerging economies.”