Market Overview
The global Medical Devices Market was accrued at nearly USD 9.87 billion in 2019 and is slated to reach USD 63.42 billion by 2027 at a healthy CAGR of 23.20% over the review period.
Market Dynamics
A rise in the demand for medical devices is expected to fuel the growth of the medical device industry. Medical devices help with disease diagnosis, prevention, and prognosis. The increasing utility of medical devices is expected to drive global market growth. The availability of various types of medical devices, ranging from surgical equipment to wheelchairs, can spur the global medical devices market to grow. Other factors driving the global medical devices market include a rise in the number of patients suffering from different illnesses, an increase in the number of injuries, and a significant investment in RD to develop effective medical solutions. Disruptive technology’s intervention in the healthcare industry’s research and development sector has the potential to boost the demand for medical devices. Furthermore, the rising prevalence of cardiac problems and the increasing geriatric population, both of which increase the demand for medical devices, can boost market growth. On the negative side, high-cost medical devices and other healthcare costs such as skilled maintenance training can stifle the medical device market’s growth.
Medical devices such as wearables are becoming more widespread in the aftermath of the coronavirus pandemic. To contain the spread of COVID-19, the need to diagnose, treat, and track patients without human interaction has increased, resulting in further implementations of medical technology that will enable medical professionals to remotely treat their patients. Artificial intelligence (AI) in human treatment, wearable medical equipment, remote patient tracking systems, electronic health records (EHR), and other technologies are examples. These medical technological solutions allow patients to be monitored in real time, whether at home or in hospitals, which is critical in the fight against COVID-19.
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Segmental Analysis
The global medical devices market has been segmented into product type, therapeutic application, end users, and region.
Based on product type, the global market has been segmented into monitoring devices, diagnostic devices, drug delivery devices, surgical devices, bioimplants and stimulation devices, treatment equipment, and others.
Based on therapeutic application, the global market has been divided into gastrointestinal surgery, general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others.
Based on end user, the global medical devices market has been segmented into hospitals clinics, diagnostic centers, research laboratory, and pharmaceutical companies.
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Regional Analysis
Geographically, the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East Africa.
Driven by the rising prevalence of chronic diseases, cancer, diabetes, and neurological disorders, which increases the demand for medical devices for diagnosis and treatment, the Americas are expected to dominate the global medical devices market. The most commonly used medical instruments for disease diagnosis are the spectroscope, microscope, and chromatograph. The rising prevalence of various health problems in this area is driving up demand for medical devices. The high concentration of reputable medical device developers in North America, especially in the United States and Canada, as well as high export trading activities involving medicine-centric gadgets, may help the medical device market expand in these regions.
Europe is projected to be the second-largest market for medical devices in the world. The presence of a large number of medical device manufacturing units, a growing economy, and increasing government spending on medical device production all contribute to the region’s market growth. Furthermore, the demand for medical instruments to verify the quality of medicines is growing as pharmaceutical companies innovate to produce new drugs.
Due to the demand for healthcare products, Asia-Pacific is projected to be the fastest-growing regional market. Furthermore, the demand is driven by the rising geriatric population with health issues. Japan and China are deploying advanced technology to ensure the medical devices run smoothly.
During the forecast era, the Middle East and Africa is projected to have the smallest market share. Because of the increasing number of government initiatives in the healthcare sector in this area, the Middle East is projected to hold the majority of the market share.
Competitive Analysis
Fresenius (Germany), GE Healthcare (US), Johnson Johnson (US), Medtronic (Ireland), Siemens (Germany), Stryker (US), Abbott Laboratories (US), Abiomed Inc. (US), Accuray Inc. (US), Boston Scientific Corp. (US), Becton Dickinson (US), Bio Rad Laboratories Inc. (US), Baxter International Inc. (US), Biotelemetry Inc. (US), and Angiodynamics Inc. (US) are some of the key players operating in the global medical devices market.
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