The demographic trends are a great market opportunity for the medical device industry. Indeed, in both developed and emerging countries, demographic trends have lead to a growth in the biomedical industry. These include an aging population leading to an increase in life expectancy, a growing population and rising wealth, and finally an increase in chronic diseases. All are favorable factors to the medical device industry, which increase its global market share.
The aging population impacts positively the demand for medical devices in order to treat elderly related diseases that elderly people tend to have. According to a source from UNPD, in developed countries, population over 60 years old will increase from around 24% of total population in 2015 to 32% of total population in 2050 (Appendix A). In emerging countries, population over 60 years old will increase from 10% of total population in 2015 to 22% of total population in 2050 (Badkar, 2014). Because of the medical industry development, the life expectancy has been rising since years. According to UN, by 2050, there will be two billion people aged over 60 years old, and around 400 million over 80 years old.
Increasing population and rising wealth in emerging markets, especially in China and …show more content…
It is actually the most important source of revenue for the industry. Indeed, with new capabilities and trends such as interoperability, the multi-functional, big data, low-cost alternate and Nano-technology, the medical device industry has been able to keep innovating (Pennic, 2013). Also, the rise of the 3D printing, new technologies with software development and the flexible automation has put the biotech industry in a good position by offering innovative and greater products. Thus, the technology breakthrough has been a key of innovation for the development of the biotech and medical device
The aging population impacts positively the demand for medical devices in order to treat elderly related diseases that elderly people tend to have. According to a source from UNPD, in developed countries, population over 60 years old will increase from around 24% of total population in 2015 to 32% of total population in 2050 (Appendix A). In emerging countries, population over 60 years old will increase from 10% of total population in 2015 to 22% of total population in 2050 (Badkar, 2014). Because of the medical industry development, the life expectancy has been rising since years. According to UN, by 2050, there will be two billion people aged over 60 years old, and around 400 million over 80 years old.
Increasing population and rising wealth in emerging markets, especially in China and …show more content…
It is actually the most important source of revenue for the industry. Indeed, with new capabilities and trends such as interoperability, the multi-functional, big data, low-cost alternate and Nano-technology, the medical device industry has been able to keep innovating (Pennic, 2013). Also, the rise of the 3D printing, new technologies with software development and the flexible automation has put the biotech industry in a good position by offering innovative and greater products. Thus, the technology breakthrough has been a key of innovation for the development of the biotech and medical device