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Medical Devices Market Research Report Information By Device Type (Cardiac Monitoring, Diagnostic, and Drug Delivery), By Therapeutic Application (Gastrointestinal Surgery, General Surgery, and Diagnostic Imaging), By End User (Hospitals & Clinics and Diagnostic Centers & Research Laboratory), And By Region (Europe, Asia-Pacific, North America, And Rest Of The World) – Market Forecast Till 2032
The medical devices market size was valued USD 492.3 billion in 2021 and is expected to reach USD 995.00 billion by 2032 at CAGR of 5.4% during the forecast period 2022-2032.
The global medical devices market is a dynamic and rapidly evolving sector that encompasses a wide range of products designed to diagnose, monitor, treat, and manage various medical conditions. These devices play a crucial role in healthcare by improving patient outcomes, enhancing the efficiency of healthcare delivery, and contributing to the overall well-being of individuals.
Medical devices are products that are used for the analysis, prevention, or treatment of illnesses, among others. There are numerous types of medical devices on the market, from wheelchairs to surgical equipment.
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Market Segmentation
The global market for medical devices has been segmented into product type, therapeutic application, and end-users.
By product type, the global market has been divided into monitoring devices, diagnostic devices, surgical devices, bioimplants and stimulation devices, drug delivery devices, drug delivery devices, treatment equipment, and others. The segment for monitoring devices has been further divided into cardiac 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. The segment for diagnostic devices is further divided into surgical ENT devices, endoscopes, imaging devices, and others.
By therapeutic application, the 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.
By the end-user, the market has been divided into hospitals & clinics, diagnostic centers, research laboratories, and pharmaceutical companies.
Key Players
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 prominent participants identified by MRFR operating in the global medical devices market.
Regional Analysis
Region-wise, the global medical devices market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
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The Americas are estimated to drive the global market for medical devices attributed to the growing prevalence of chronic diseases, cancer, diabetes, and neurological disorders, which boost medical devices’ growth for diagnosis and treatment. Microscope, spectroscope, and chromatograph are the primary medical devices used to diagnose diseases. The American Cancer Society reported 1,762,450 new cases of cancer in the United States in 2019. Furthermore, in 2017, the Centers for Disease Control and Prevention stated that 30.8 million people had digestive problems in the US. The growing incidence of various health issues is increasing the demand for medical devices in the region.
Europe is set to hold the second-largest spot on the global market for medical devices. The involvement of a large number of medical device manufacturing units, the booming economy, and rising government expenditure on medical device development is fostering market growth in the region. Furthermore, growing innovation in pharmaceutical companies to develop new drugs boosts the market for medical devices to test the quality of the products.
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The Asia Pacific is predicted to be the fastest-growing regional market driven by the rising demand for healthcare products. The growing geriatric population with health issues is boosting the market growth.
The Middle East & Africa is projected to have the lowest market share in the estimated period. The vast majority of the region’s market share is projected to be retained by the Middle East due to the rising number of government initiatives for the healthcare sector in the region.
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