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% from 2020 to 2027.
Growth Boosters and Deterrents
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.
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The extensive use of different medical devices can be accredited to the surging availability of favorable medical and reimbursement schemes. Meanwhile, the alarming rise in lifestyle-based disorders, accidents, and sports injuries has also been raising the market demand worldwide.
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.
The Medical Devices Market 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.
The American market for medical devices has taken the lead, thanks to the mounting cases of cancer, diabetes, and neurological disorders. The United States experiences a large number of surgical procedures, which utilizes a number of innovative medical devices. Reports confirm plastic surgeries are extremely common in the country, with significant preference for minimally invasive cosmetic surgeries. This has been highly favorable for the medical devices market in the region.
APAC is on track to be one of the most lucrative markets in the next few years, and even attain the fastest growth rate over the given period. The rapidly soaring elderly patient base, rise in technical advancements and the escalating awareness about the latest medical devices also create a favorable business scenario in the region.
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.
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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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