Medical Devices Market Size, Trends and Insights By Therapeutic Application (Gastrointestinal Surgery, General Surgery and Diagnostic Imaging), End User (Hospitals & Clinics, Diagnostic Centers and Research Laboratory), Product Type (Cardiac Monitoring, Diagnostic and Drug Delivery) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2027
Medical Devices Market Overview
According to the latest research report, the medical devices market size and is expected to grow at a CAGR of 23.20 percent to USD 63.42 billion by 2027. The global market is growing due to factors such as the growing medical device industry and the rising prevalence of chronic diseases. Increased need for medical equipment to diagnose and treat chronic diseases include cardiovascular disease (CVD), cancer, diabetes, stroke, and renal disease. Some of the major factors driving the medical devices market are the aging population and rising life expectancy, rising adoption of IoT-based smart medical devices, rising demand for portable medical devices and wearable medical device market, rising use of radiation therapy in disease diagnosis and treatment, and favorable healthcare reforms and government financial assistance for senior citizens.
An increase in the number of people suffering from various diseases, an increase in the number of accidents, and an increase in healthcare sector research & development to manufacture technologically complex medical equipment are driving the market. The medical equipment industry is further boosted by the increased prevalence of cardiac diseases and the growing older population with a variety of health problems. However, market expansion is expected to be stifled by factors such as the high cost of medical equipment and the additional expenditures associated with professional maintenance training.
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Furthermore, rising demand for advanced activity monitors to track overall health, rising demand for smart watches among sports and fitness enthusiasts, rising demand for remote patient monitoring devices to send communication between providers and patients, and rising demand for therapeutic devices in developed countries are all expected to drive the growth of the telecommunications industry.
Medical Devices Market Segmental Analysis
The worldwide medical devices market is categorized by product type, therapeutic application, end-users, and geography, according to the studies.
Monitoring devices, diagnostic devices, drug delivery devices, surgical devices, bioimplants and stimulation devices, therapeutic equipment, and others are among the product kinds that make up the global market.
The monitoring devices that have been classified include cardiovascular monitoring devices, neuromonitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, hemodynamic monitoring devices, fetal and neonatal monitoring devices, temperature monitoring devices, and weight monitoring devices.
Surgical ENT devices, endoscopes, imaging equipment, and other diagnostic instruments are further subdivided.
On the basis of end-user, the global medical devices market has been segmented into hospitals and clinics, diagnostic centers, research laboratories, and pharmaceutical companies.
The worldwide medical devices market is divided into four regions, according to the reports: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas are predicted to lead the global medical devices market share due to the increased frequency of chronic illnesses, cancer, diabetes, and neurological disorders, which increases the need for medical equipment for diagnosis and treatment. The spectroscope, microscope, and chromatograph are the most commonly used medical devices for illness diagnosis.
Europe is expected to be the world’s second-largest market for medical equipment. The region’s market expansion is aided by the presence of a large number of medical device manufacturing units, a growing economy, and increased government funding on medical device development. Furthermore, as pharmaceutical companies innovate to manufacture new treatments, the demand for medical equipment to test product quality is increasing.
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Asia-Pacific is expected to be the fastest-growing regional market due to rising demand for healthcare items; also, the growing older population with health difficulties is driving market expansion. The Middle East and Africa are expected to have the weakest market share during the projection period. The Middle East is expected to hold the majority of the market share due to an increase in government activities in the healthcare sector in this area.
The notable players of the market are 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).
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