Medical Devices Market Outlook
Market Research Future (MRFR) reveals in its new extensive study that the medical devices market would be capturing a valuation of nearly USD 63,423.6 Million by 2027-end. The market size should continue to soar at a tremendous pace of 23.20 percentage from 2020 to 2027. Medical devices are used to diagnose, prevent, or treat diseases. There is a huge variety of medical devices available in the global market. The global medical devices market has been witnessed massive growth over recent times owing to the factors such as government financial assistance, good healthcare reforms, rising adoption of radiation therapy in diagnosis and treatment, rising demand for portable medical devices, increase in the use of IoT-based smart medical devices, and aging population and rising life expectancy. However, the factors such as growing concerns regarding data security breaches and the high costs associated with the devices are likely to hamper the market’s growth.
The medical devices market will make substantial progress over the evaluation period, thanks to the rising government support and the surging preference for elective procedures. The latest trend in the global industry is the increasing preference for non or minimally invasive procedures, augmenting the adoption of cutting-edge medical devices. The extensive use of different medical devices can be accredited to the surging availability of favourable medical and reimbursement schemes. Meanwhile, the alarming rise in lifestyle-based disorders, accidents, and sports injuries has also been raising the market demand worldwide.
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Leading manufacturers will be presented with attractive opportunities in the form of the huge demand for medical devices that can be used in at-home settings for monitoring and diagnosing multiple medical conditions. Technological advances in devices such as oxygen concentrators, nebulizers, glucose monitors, and insulin delivery devices enhance their accuracy levels, therefore, elevating their demand.
Medical Devices Market Leading Firms
The well-known medical device developers highlighted in the MRFR research report are Angiodynamics Inc. (US), Medtronic (Ireland), Stryker (US), Becton Dickinson (US), Bio Rad Laboratories Inc. (US), Johnson & Johnson (US), GE Healthcare (US), Boston Scientific Corp. (US), Siemens (Germany), Fresenius (Germany), Baxter International Inc. (US), Accuray Inc. (US), Abbott Laboratories (US), Abiomed Inc. (US), Biotelemetry Inc. (US), and more.
The firms’ research & development efforts are mounting rapidly, along with the surge in investments aimed at product innovation and launches for higher brand awareness. Some other strategical moves the company make include FDA approvals, acquisitions, joint ventures, collaborations, expansions, to list a few.
Medical Devices Market Segmentation
The medical devices industry can be split into product type, therapeutic application, as well as end users.
Some of the key product types considered in the report include bioimplants and stimulation devices, diagnostic devices, surgical devices, monitoring devices, treatment equipment, drug delivery devices, and others.
With respect to therapeutic application, the global market caters to nephrology and urology, general surgery, ophthalmology, respiratory, gastrointestinal surgery, diagnostic imaging, cardiovascular, ear-nose-throat (ENT), orthopedics, dental, neurology, and others.
Diagnostic centers, pharmaceutical companies, research laboratory, and hospitals & clinics are the industry end-users profiled in the report.
Medical Devices Market Regional Analysis
The global medical devices market is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The North American regional medical devices market is likely to dominate globally. The regional market’s growth is being driven by the rising incidence of chronic illnesses, neurological disorders, diabetes, and cancer that causes the need for medical equipment for diagnosis and treatment. The most frequently used medical instruments for illness diagnostics include the chromatograph, microscope, spectroscope.
The European medical devices market is likely to secure the send position in the global market for medical devices. The regional market’s growth is being driven by increased government spending on medical device development, a growing economy, and the presence of a significant number of medical device manufacturing units. Moreover, the growing need for medical equipment to validating product quality is also likely to boost the growth of the regional market.
The rising demand for healthcare goods propels the Asia-Pacific regional medical device market. The Asia-Pacific is anticipated to be the fastest-growing regional market owing to the growing elderly population with health issues is driving market expansion.
The medical devices market for the Middle East & African region is projected to grow over the review timeframe gradually. This is due to the increase in the number of government initiatives in the healthcare sector.
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Abbott introduces its latest advanced insertable cardiac monitor called Jot Dx in the US market. The medical device helps facilitate precise and accurate detection of abnormal heart rhythms, which are hardly detectable. To allow the doctors manage the data flow, Jot Dx ICM possesses a feature to note either every abnormal heart rhythm data or choose irregular heart rhythms that needs to be recorded with the use of a ‘key episodes’ option. The device effectively and remotely detects cardiac arrhythmia and elevates the diagnosis preciseness.
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