US medical device technology market is projected to grow at a significant CAGR of around 2.8% during the forecast period (2020-2026). The medical device technology is growing at a rapid rate in the US, backed by the rising prevalence of chronic diseases, such as CVD, respiratory, and other diseases.
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US medical device technology market is projected to grow at a significant CAGR of around 2.8% during
the forecast period (2020-2026). The medical device technology is growing at a rapid rate in the US,
backed by the rising prevalence of chronic diseases, such as CVD, respiratory, and other diseases.
Realizing this factor, the global key market players are continuously expanding their reach across the
country and the globe. Thermo Fisher Scientific Inc., General Electric Co., Abbott Laboratories, Johnson
& Johnson Services Inc. are headquartered in the US and covers almost one-third of the revenue
generated by the medical device technology market across the globe.
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These market players generate a majority of their revenue from the US, owing to the high spending of
government on the deployment of advanced medical facilities in hospitals, research institutes, and
diagnostic centers. Moreover, the market players are continuously developing advanced medical device
technologies, inbuilt with sensors and automation, which is expected to further gain a huge market
value in the US during the forecast period. This growth is further backed by the rising chronic diseases in
the country, which in turn, will augment the demand for medical device technology during the forecast
period.
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