According to a new report by Expert Market Research, ‘Global Medical Devices Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, the global medical devices market was valued at approximately USD 1533.97 Billion in 2019 and is projected to reach USD 6170.72 Billion by 2025 at a healthy CAGR of 22% over the forecast period.
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The medical devices market consists of sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical equipment or devices which are used in the diagnosis, treatment and monitoring of medical conditions. The medical device industry includes establishments that manufacture medical equipment or devices such as in-vitro diagnostic devices, diagnostic imaging equipment, dental equipment and supplies, ophthalmic devices, cardiovascular devices, hospital supplies and other medical devices.
Medical devices are classified in one of three regulatory classes, the classification is dependent on the intended use of the device and indications for use. The US accounts for approximately 38% of the global medical device market. China, Japan, Russia and Brazil have the most stringent regulatory compliance for medical devices. Research can be found within market research industry reports which will further outline economic industry trends, device regulation globally and challenges facing medical device leaders.
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The key factors driving the market growth are increasing patient population suffering from various diseases, increasing incidences of accidents, and increasing research and development in the healthcare industry to develop technologically advanced medical devices drive the market growth. Moreover, the rising prevalence of cardiac diseases and the increasing geriatric population with different health problems boost the medical devices market.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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